Skipton Building Society offers 3.5 percent interest on savings – are you eligible? | Personal Finance | Finance
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Skipton Building Society offers a number of services people would usually expect from a financial provider, but one of the most popular is savings accounts – of which there are a wide range. When people choose to save money, it is not always just about the security of their cash, and many are hoping to gain a solid return on the sum they have put away to help them advance towards financial goals. As a result, and in the particularly challenging savings environment in the UK at present, many will be looking for the best savings rates they can possibly secure, and even lock these in if they can.
One such option presents itself through Skipton Building Society’s latest launch – the Online Existing Member Regular Saver.
At present, the account offers an interest rate which tops the tables for regular savers at 3.50 percent. This is also fixed for a 12 month period making it even more enticing to savers, especially those who want a guaranteed return.
Interest on this account is earned daily, and will be paid out to savers on the anniversary of the account opening. Unfortunately, there is no option available for monthly interest.
With this account, people will be able to save up to £250 per calendar month, ideal for those who are hoping to build up a lump sum of cash over a period of time.
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The ‘do nothing’ option means a transfer to an online variable easy access account, but others may choose to withdraw some or all of their funds, or transfer the money into another Skipton account.
Withdrawals in part are not permitted throughout the term under the regular saver account rules.
However, savers do have the option to close the account at any time and withdraw the full balance.
There are, however, important eligibility criteria to bear in mind if a person wishes to open this kind of account – and this should be considered before applying.
Britons will be able to save up to £250 per calendar month, and monthly allowances which are not used can be rolled over to future months, up to a maximum of £3,000 over the 12 month term.
Joint accounts, however, are not allowed, and savers can only hold one Online Existing Member Regular Saver account – whether online or offline – in their name.
One of the key benefits of saving with this account is that it is also protected by the Financial Services Compensation Scheme (FSCS).
This means that should the worst happen, eligible deposits are protected up to a value of £85,000.
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