Skipton Building Society launches new ‘best buy’ easy access account but cuts interest rate on regular saver

The new Member Bonus Saver, open to Skipton’s 1.2 million members, is greater than the rate on Skipton’s Bonus Saver, paying 5.04 per cent, which was announced in September last year.

Skipton is also relaunching its Regular Saver for members, with a new rate of seven per cent.

The Member Regular Saver Issue 2 previously paid 7.5 per cent gross pa/AER fixed for 12 months on up to £250 per month.

The relaunched Regular Saver is available to any individual who was a building society member on January 11.

This account cannot be opened by members who already have the previous issue of the Member Regular Saver.

The Member Bonus Saver can be opened with £1. Any amount up to the maximum limit of £3,000 can be deposited at opening.

Interest is accrued daily and will be paid annually, on the day before the anniversary of the account being opened.

To qualify, the Skipton Building Society member must have already held a savings account or mortgage with the building society yesterday, on Thursday January 11.

Alex Sitaras, Head of Savings & Partnership Products at Skipton Building Society, said: “We want being a member at Skipton to really mean something, whether you’re using one of our savings accounts to get set for the future, or you’ve used one of our mortgages to buy your home.

“Launching our new Member Bonus Saver today, alongside the relaunch of our in-demand Member Regular Saver, gives our members more choice and ultimately more value from their association with Skipton.”

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Mr Sitaras added: “It’s no secret that our mission is to help Skipton members to get their money working as hard as it can for them.

“Our new Member Bonus Saver has the best rate of any easy access account out there, so it’s a natural choice for any Skipton member looking for an amazing rate of interest along with flexible access to their cash if they need it.”

Fewer banks and building societies have been announcing increases to interest rates in recent months, after the Bank of England held the base rate at 5.25 per cent for several months in a row.