3.50 %Gross/AER*
- A variable rate of interest
- Invest from £1
- Apply online
- *Gross/AER – See Jargon Buster
- Valid photographic ID required to register
Summary Box
Account name
Online Regular Saver Account (Issue 2)
What is the interest rate?
3.50% 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?
£12,229.47
This example assumes that the account is opened on 2 January with an initial deposit of £,1000 and 11 monthly lodgements of £1,000 at the start of each month, which is the maximum monthly amount allowed, and 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.
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. Lodgements to the account must be made by electronic transfer from a bank account held in your name or by debit card. Lodgements must reach your account by 25th of the month.
The minimum balance for the account is £1.
Monthly payments can be made by by electronic transfer.
Can I withdraw money?
You can make unlimited withdrawals to 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.
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 hmrc.gov.uk
The interest rate is correct as of 10th December 2024.
How to Apply
This account can only be opened and managed online via our website by clicking the above Apply Now button. It only takes a few minutes to complete your application online. Please make sure you read the Summary Box, Account Terms and Conditions, Savings General Terms and Conditions and FSCS Information Sheet in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.
Online Only
Our Online Accounts are only available to those aged 18 years or over. For any account queries, please see our FAQ’s.
