Skipton Building Society has announced the launch of a new Regular Saver account that pays 7.50% interest. Skipton is just one of a number of providers offering a savings accounts that pays over 5% interest. The account, which is available for existing customers only, can be opened with as little as £1 with the interest rate being guaranteed for 12 months.
In this article, we take a look at the new Skipton account including its key features, who is eligible and how it compares to other savings accounts that pay over 5% interest.
What is the new Skipton Regular Saver?
Skipton Building Society has launched a Regular Saver account for existing customers where they can earn up to 7.50% interest for a fixed period of 12 months. The money is locked away for the 12-month duration which means that access to the money is restricted until the account matures. For those needing access to the money, it is possible to withdraw the full balance, however, the account will be closed and no further interest can be earned.
Skipton Building Society uses Barclays banking services and therefore any payments into or out of the account may show as a transaction to or from Barclays. If the Regular Savings account is not suitable for your savings, Skipton also offers a number of other savings products including Easy Access ISAs and Fixed Rate Bonds.
Key features of the Skipton Regular Saver
- 7.50% interest rate fixed for 12 months
- No minimum monthly deposit
- Maximum monthly deposit of £250 which refreshes on the 1st of every month
- Money cannot be withdrawn but the account can be closed at any time
- For existing Skipton Building Society members only
- FSCS protection
Who can get the new Skipton Regular Saver?
The Skipton 7.50% Regular Saver is for existing members only. This means that if you have held a Skipton Building Society personal savings account or mortgage with a minimum balance of £1 prior to 31st May 2023, you can apply for a Skipton Regular Saver.
Alternatives to the Skipton Regular Saver
Skipton's new Regular Saver offers a generous interest rate but how does it compare to other savings accounts on the market? Saffron Building Society also recently announced the launch of a Regular Saver that pays 9% interest and First Direct has been offering a generous rate of 7.00% to existing customers for a while. In the below table, we compare the Skipton Regular Saver to these alternative accounts.
Skipton Building Society vs alternative saving accounts
|Skipton Building Society
|Saffron Building Society
|Member Regular Saver
|Members' Month Loyalty Saver
|Regular Saver Account
|Minimum monthly deposit
|No minimum but must open with a minimum of £1
|Maximum monthly deposit
|Existing account holders only
|Maximum interest earned after 12 months
If you wish to see which other savings accounts are available on the market you can bookmark our article, 'Best savings accounts in the UK' which is updated weekly with the best rates. Additionally, we regularly update our savings best buy tables and summarise the best savings accounts that offer over 5% interest.