Building Society Skipton Introduces 5% Easy Access Savings Account: Check Your Eligibility Now
Churning the Gears on Top Savings: Skipton Building Society's 5% Member Bonus Saver
Skipton Building Society recently brought the heat with their new easy access savings account, dishing out a whopping 5% AER variable interest rate. This scorching deal ranks high as one of the juiciest easy access rates in the market, although, it's not a free-for-all. Only lucky ducks who can snag it stand a chance at reeling in the top rate.
The market might be cooling off soon since the Bank of England is brewing another rate cut this year, which means savings accounts will likely sag as well. So, for the chosen few, now's the ideal moment to snatch the plum deal before it's all said and done.
The cherry on top: this account, hardly surprising given the name, rewards loyal Skipton customers. It sports a fixed 2.2% bonus for the first 12 months, on top of the 2.8% variable rate. For deposits up to £5,000, this means you could rake in a potential £250 annual interest.
Access your money whenever you fancy, penalty-free, but keep in mind that taking out cash can affect your overall interest earnings. This is an easy come, easy go deal, since you can withdraw your dough at your leisure.
This is a variable rate account, and as our grandmas would say, change is the only constant. The underlying interest rate could flip-flop, although the 12-month bonus rate isset in stone, so the account will slap down at least a 2.2% rate for the inaugural 12 months.
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Who qualifies for Skipton Building Society's 5% saver account?
Wanna partake in the Member Bonus Saver action? First things first, you gotta be a UK resident aged 16 or over and have a continuous membership with Skipton Building Society before 2 June 2025. If you already had a vegemite jar of savings or mortgage with 'em on that date, and haven't nabbed a Member Bonus Saver already, congrats, you're in! You can only swing one of these babies per eligible member, and joint ventures aren't an option. Pop open this account online, through the app, in branch, or over the phone – your pick!
Interest is served up annually.
Alex Sitaras, the head honcho of savings and partnership products at Skipton, reckons the account "offers a highly competitive rate," and "emphasizes our ongoing commitment to rewarding loyalty and helping our members make their dough dance."
Caitlyn Eastell, the spokesperson for Moneyfactscompare.co.uk, spilled the beans to our website: "It's downright rare to see a fully flexible easy access account paying 5% on deposits as small as one quid. Inflation can make rapid work of savers' stockpiles, so this might twirl up the noses of existing customers eager to get their savings hustling."
While the account presents an alluring headline rate, Eastell recommended savers to, at the very least, take a second glance after the 12-month bonus expires. "If savers are unsure which bag to seize, they should consult a financial guru," she finished.
Where does Skipton's 5% Member Bonus Saver stand against the competition?
The champion easy access savings account accessible to the public masses belongs to Atom Bank's Instant Saver Reward. It bumps and grinds at 4.75% AER variable, although it sports a "reward" rate that drops to 2.5% AER variable if you hurt the drought by withdrawing cash.
Chase offers new customers a 4.5% AER variable rate for half a year. This includes a 1.75% AER bonus rate, which is cemented for half a year. In April, Chase made waves by unveiling a 1.8% fixed bonus offer on their easy access saver account for more than two million existing customers. The enhanced rate was secured for six months.
At the time, it bestowed a 4.8% AER overall rate for the duration, as Chase's standard saver variable rate hovered at 3% AER variable. However, the Chase Saver's variable rate dances to a tune 1.5% below the base rate. After the Bank of England slashed interest rates to 4.25% in May, the account's rate did a little cha-cha and landed at 2.75% AER variable.
This means the sum total interest rate on the beefed-up account now rests at 4.55% AER.
First Direct cranks out current account owners up to 4% AER via their Bonus Savings Account. They can nab the elevated 4% AER rate on balances up to £50,000 for each month they leave their hands off the dough. This rate plummets to 1.35% AER in any month they dip their fingers in the cookie jar.
The interest rate with bonus will be reduced to 3.75% AER on balances up to £50,000 from 21 July 2025. The interest rate without bonus will take a tumble to 1.3% AER at the same time.
When chose-ching-ching-ing the ideal vault for your cash stash, remember to think about whether the Man up top might take a piece of the action. With the ongoing freeze to income tax bands, we dive into the difference between ISAs and traditional savings accounts in a separate article.
These sentences follow from the given text and contain the given words:
- Given the high interest rates offered by savings accounts like Skipton Building Society's 5% Member Bonus Saver, managing personal-finance effectively becomes crucial for business success as high returns could lead to increased savings and investments.
- For those who qualify for Skipton Building Society's 5% saver account, it's essential to closely monitor interest rates in the market, as they can affect the overall returns on savings, which plays a vital role in personal-finance and business finance planning.
