Online Regular Saver Account (Issue 2)

Product details

What is the interest rate?

2.50% Gross/AER

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

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 per month?

£12,163.89

This example assumes that the account is opened on 2 January with an initial deposit of £1,000 and 11 monthly lodgements of £1,000 at the start of each month, which is the maximum monthly amount allowed.

This example also assumes the interest rate does not vary during the 12-month period.

How do I open and manage my account?

The account can only be opened and managed online www.theprogressive.com

The account is available to existing Members and new customers resident in the UK, aged 18 or over.

The account must be held in sole name.

Only one Online Regular Saver Account (any issue) can be held per person.

There is a minimum lodgement of £1 required to open this account and the maximum deposit per calendar month is £1,000, meaning you can save up to a maximum of £12,000 per calendar year. The first payment to the account must be made by electronic transfer from a bank account held in your name or by debit card.

Subsequent monthly payments must be made by electronic transfer. If you set up a monthly payment of less than the maximum of £1,000 per month, you may make additional lodgements to the account before the end of the month to make up the maximum monthly limit of £1,000. These can be by debit card or electronic transfer. You cannot make up underpayments for previous months in subsequent months.

Lodgements must reach your account by 25th of the month.

The minimum balance for the account is £1.

Can I withdraw money?

You can make unlimited withdrawals from your account.

All withdrawals must be made to a nominated bank account.

One withdrawal online per day, per account, is permitted.

The nominated bank account must be in the name of the account holder i.e. the individual named on the account.

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.