Skipton Building Society is offering customers the opportunity to earn 7.5 per cent gross pa/AER on their regular savings.
The Member Regular Saver account is open to members who joined on or before May 31, 2023.
They can save from £1, and deposit up to £250 per calendar month.
There is no minimum monthly deposit for this account.
The regular savings account can be opened and managed online, over the phone, by post or in branch
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Any unused monthly allowances not utilised can be rolled over to future months, up to a maximum of £3,000 over the 12-month period.
The interest rate is fixed for 12 months, but no withdrawals are allowed during this time.
Early closure is allowed, however, so people who really need the money can close the account if they really need to.
Interest is earned daily and paid on the anniversary of the account opening.
If the maximum £250 was deposited into the account on the first day of each of the 12 months, the estimated balance at the end of the fixed term would be £ 3,121.
This includes the £3,000 deposited in the savings account plus £121 of interest.
The account is only available to UK residents who are aged 16 or over, and they must hold a continuous membership with Skipton Building Society, starting on or before May 31 this year, with a minimum balance of £1.
The account can be opened and managed online, over the phone, by post or in branch.
LATEST DEVELOPMENTS:
Skipton Building Society members could earn over £100 in interest over the term
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Elsewhere in savings news, NS&I has released new Issues of two savings accounts.
The new Issue of the one-year fixed rate Guaranteed Growth Bonds pays 6.20 per cent growth/AER while the new Issue of the Guaranteed Income Bonds pays 6.03 per cent gross/6.20 per cent AER.
Economic Secretary to the Treasury Andrew Griffith said: “It’s vital that savers are able to benefit from recent interest rate rises, so I’m delighted that NS&I is releasing new Issues of Guaranteed Growth Bonds and Guaranteed Investment Bonds at over six per cent - the highest rate since they were launched.
“For further peace of mind, the Treasury provides a 100 per cent guarantee on these savings."
