Skipton Building Society is introducing new special edition savings products which require a minimum balance of GBP20,000.
The Society is launching a 16 month Fixed Rate Bond and ISA, available in branch and online, paying 1.50 per cent, and a variable rate Special Edition Cash ISA Tracker paying 1.36 per cent.
The Society’s new Special Edition Cash ISA Tracker is designed to track 0.61 per cent above Bank Base Rate until 6 June 2021, after which the product will mature into an easy access Cash ISA account. The account will initially pay 1.36 per cent and is available in branch, by post or online and allows one withdrawal each year. ISA transfers in from other providers are permitted.
The tracker element of the product is a great feature for customers, as every time base rate moves upwards they will receive the full benefit. However, they do carry the risk that base rate could move downwards. If the base rate changes, the customer rate will be changed within 14 days.
Both the 16 month Fixed Rate Bond and ISA and Special Edition Cash ISA Tracker require a minimum balance of GBP20,000.
Skipton has also introduced new tiered accounts across its range of fixed rate Bonds and ISAs and savers who deposit GBP20,000-plus will attract an extra 0.10 per cent above those with the lower tier of GBP500-GBP19,999.
Customers can deposit the annual ISA limit of GBP20,000 into Skipton’s Fixed Rate ISAs. ISAs are an ideal way to stop the taxman eating away at your savings and can be used in addition to the Personal Savings Allowance which allows basic rate tax payers to earn up to GBP1,000 in interest before paying tax.
Maitham Mohsin, Skipton’s Head of Savings and Partnership Products, says: “We’re delighted to add two new special edition savings products to our portfolio and introduce new tiered products for both Skipton Bonds and ISAs. Skipton continues to offer competitive rates with a wide range of choice to enable savers to take full advantage of tax free savings over a period of time which suits them best.”
“We want everyone to feel like they’re in a good place with their savings. Skipton has been helping people to save since 1853 so we know how important it is for people to have flexibility with their savings.”