This website uses cookies. Please click "Accept and Close" to accept the use of cookies on our website. By continuing to browse our website you consent to the use of cookies on this website cookie policy.


Clockwork Regular Saver (Issue 2)

How to apply

0.60 %Gross/AER

  • A variable rate of interest
  • Invest from £20
  • Instant access - One withdrawal per calendar year without loss of interest
  • Apply in branch or by post

Summary Box

Account name

Clockwork Regular Saver (Issue 2)

What is the interest rate?

0.60% 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 Service Agreement.

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 £500 deposit?


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 and 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 £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.

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

The interest rate is correct as of 5 March 2021.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. You can obtain a copy of these documents in the ‘Useful Information’ section below.

How to apply

Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings Service Agreement 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.

In branch

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 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 Proving your identity leaflet.

Visit your local branch to open this account.

Find your nearest branch
By Post

To open this account by post:

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

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