Skipton BS gives savings account rates a boost | Product News - Moneyfacts

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Skipton BS gives savings account rates a boost

Skipton BS gives savings account rates a boost

Category: Savings
Date: 11/09/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

An extensive fixed rate review from Skipton Building Society has seen some saving account rates increase by up to 0.25%. As a result, the two-year cash ISA has made its mark among the top 10 in the Moneyfacts charts.

The basics…

1 Year Fixed Rate Bond now pays 1.45% per annum (1.44% monthly), while the two-year variant has a rate of 2.00% (1.98% per month). The three-year account now offers a yearly rate of 2.30% per annum (2.28% monthly) and the five-year version pays 3.00% (2.96% per month).

As for the e-bonds, the one-year account now pays a yearly rate of 1.50% (1.49% monthly) and the two-year version pays 2.05% (2.03% per month). Meanwhile, the three-year account has a rate of 2.35% per annum (2.33% monthly) and the five-year variant has a rate of 3.00% (2.96% monthly).

1 Year Fixed Rate ISA has a new rate of 1.45% (1.44% monthly) while the two-year version pays 2.00% per annum (1.98% monthly) – a top 10 rate for its sector. The three-year ISA pays a yearly rate of 2.15% (2.13% per month). Online versions of these ISAs, which pay the same rates, are also available.

The finer details…

All bonds and ISAs require a minimum investment of £500. E-bonds and online ISAs can only be managed over the internet, but all other bonds and ISAs can be managed in branch or by post.

For the bonds, no further additions are allowed and early access is not permitted. Savers must therefore be comfortable with the terms of their investment.

The ISAs offer more flexibility; further additions can be made while the respective issues are still open and transfers into the account can also be made up to 30 days after the issues have closed. An early access facility is available, although this will result in the closure of the account and the loss of 180 days' interest. Transfers out will incur the same penalty.

Why we like them…

This review has given selected accounts a big boost in rates. This is most noticeable in the two-year cash ISA, which has moved into the top 10 for its sector as a result. The option to receive a monthly income gives potential investors added flexibility, and the ability to access funds early, albeit with a sizeable penalty, is a definite bonus.

Four Moneyfacts Stars have been awarded.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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