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Skipton offers 5.5% easy access savings rate – but beware of catches

Skipton offers 5.5% easy access savings rate – but beware of catches
Emma Lunn
Written By:
Emma Lunn

The building society’s Member Bonus Saver offers a top-paying rate, but there are several caveats.

The new Member Bonus Saver is only available to people who already held a savings account or mortgage with the building society as of yesterday (11 January).

The stipulation means about 1.2 million people will be eligible for the account which gives Skipton members a bonus uplift on its standard Easy Access account, adding 1.70% to the starting rate of 3.80%.

However, the bonus rate is only available for 12 months and the maximum you can save in the account is £3,000.

Interest is accrued daily, and will be paid annually, the day before the anniversary of the account being opened.

Skipton: ‘Being a member means something’

Alex Sitaras, head of savings and partnership products at Skipton Building Society, said: “We want being a member to really mean something, whether you’re using one of our savings accounts to get set for the future, or you’ve used one of our mortgages to buy your home. 

“Launching our new Member Bonus Saver today, alongside the relaunch of our in-demand Member Regular Saver, gives our members more choice and ultimately more value from their association with Skipton.”

In addition to launching its brand new Member Bonus Saver, the building society is also relaunching its Regular Saver for members, with a rate of 7%. However, the relaunched Regular Saver is also only available to any individual who was a member of the building society as of yesterday (11 January) and this account can’t be opened by members who already have the previous issue of the Member Regular Saver.

Related: Nationwide and Skipton top best mortgage provider table as building societies beat big banks