A building society is owned by its members (Image: Getty)

For those looking to set aside a few hundred pounds each month as an emergency fund over the course of a year, whilst maintaining access to their money, Progressive Building Society has launched a savings account offering 7% AER.

The Rainy Day Saver Account pays interest annually on the account's opening anniversary, requiring savers to be fairly patient. Monthly deposits are capped at £300.

Based on maximum monthly contributions of £300, the projected balance after 12 months would reach £3,737.68. This calculation assumes the interest rate remains unchanged throughout the year-long term.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, commented: "A regular savings account is a good choice to instil the savings ha

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