Progressive Saver Account

Product details

What is the interest rate?

1.75%

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

Can Progressive change the interest rate?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings General Terms and Conditions.

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

What would the estimated balance be after 12 months based on a £1,000 deposit?

£1,017.50

This example assumes that a deposit of £1,000 is made on the day the account is opened, no further deposits or withdrawals are made throughout the year and the interest rate does not vary during the 12-month period.

How do I open and manage my account?

There are no age restrictions on this account.

The account is available to existing Members and new customers resident in Northern Ireland only.

There is a minimum lodgement of £1 required to open this account.

The minimum balance for the account is £1.

The maximum balance for the account is £5 million.

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

Can I withdraw money?

Yes, this is an instant access account.

You can make up to 4 withdrawals without loss of interest each calendar year.

You can withdraw up to £500 in cash in a branch and £250 in cash in an agency, larger amounts must be withdrawn by cheque.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. This will enable you to compare more easily the return you can expect from your savings over time.

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

We are unable to comment on an individual's tax position. You may need to consider, professional, independent tax advice if you are unsure of your personal circumstances.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HM Revenue & Customs (HMRC) website www.hmrc.gov.uk.

The interest rate is correct as of 1 February 2026.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings General Terms and Conditions. You can obtain a copy of these documents in the 'Useful Information' section below.