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Clockwork Regular Saver Issue 2


Interest rate

1.60% Gross/AER

The interest is paid annually and will be credited to your account after close of business on 1 January.

Can the interest rate change?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings Service Agreement.

If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.

Estimated balance after 12 months based on a monthly £500 deposit

£6,052.48

This is an example based on the account being opened on 2 January with an initial deposit of £500 and 11 monthly lodgements of £500 at the start of each month, which is the maximum monthly amount allowed, and assumes the interest rate does not vary during the 12 month period.

How do I open or manage my account?

The account is available to existing Members and new customers resident in Northern Ireland only who are aged 18 years and over.

There is a minimum lodgement of £20 required to open this account. The maximum balance for the account is £1 million.

You must save between £20 and £500 each month the account is open. Monthly payments can only be made by electronic transfer.

You can miss one monthly payment per calendar year without loss of interest.

If you miss more than one monthly payment in the same calendar year the account will become an instant access account at the interest rate applicable at that time. We will provide you with 30 days notice of the change.

The account can be opened and operated at any of the Society’s branches, agencies or by post.

Can I withdraw money?

You can make one withdrawal per calendar year without loss of interest.

If you make more than one withdrawal in the same calendar year the account will become an instant access account at the interest rate applicable at the time. We will provide you with 30 days notice of the change

You can withdraw up to £250 in cash and larger amounts must be withdrawn by cheque.

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The AER allows you to easily compare the interest rate on savings accounts. The higher the AER, the better the return on your savings.

Gross rate quoted is the taxable rate of interest without deduction of income tax.

For further information refer to the account terms and conditions below and the terms and conditions contained within the Savings Service Agreement.


Apply Now


Before you apply, please make sure you read the Summary Box, the account terms and conditions and the Savings Service Agreement in full. You can save or print a copy of the PDFs for future reference.

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for postal applications, for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

You can view any charges that relate to our savings accounts in our Tariff of charges leaflet.

It is important that you read the account terms and conditions, Savings Service Agreement and review the account Summary Box carefully as these contain the details of your agreement with us for this account and we will rely on them for our relationship with you.

Branch application


Visit your local branch to open this account.

Find your nearest Progressive branch


Postal application


To open this account by post:

  • review the Summary Box on the previous tab;
  • read the account terms and conditions and the Savings Service Agreement;
  • review the FSCS leaflet for further information or visit fscs.org.uk;
  • download and complete the application form;
  • download and complete the standing order form;
  • return the completed application form and standing order form with your cheque to the branch you want the account opened in.

We recommend that you download a copy of the documents and retain for your records.

Application form  Standing order form Terms and conditions

Savings Service Agreement FSCS Information


Before you apply, please make sure you read the Summary Box, the account terms and conditions and the Savings Service Agreement in full. You can save or print a copy of the PDFs for future reference.

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for postal applications, for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

You can view any charges that relate to our savings accounts in our Tariff of charges leaflet.

It is important that you read the account terms and conditions, Savings Service Agreement and review the account Summary Box carefully as these contain the details of your agreement with us for this account and we will rely on them for our relationship with you.

Branch application


Visit your local branch to open this account.

Find your nearest Progressive branch


Postal application


To open this account by post:

  • review the Summary Box on the previous tab;
  • read the account terms and conditions and the Savings Service Agreement;
  • review the FSCS leaflet for further information or visit fscs.org.uk;
  • download and complete the application form;
  • download and complete the standing order form;
  • return the completed application form and standing order form with your cheque to the branch you want the account opened in.

We recommend that you download a copy of the documents and retain for your records.

Application form  Standing order form Terms and conditions

Savings Service Agreement FSCS Information