Skipton refreshes popular fixed rate ISA and e-bond range
Skipton Building Society has launched a new Fixed Rate ISA range which sees interest rates increase on its three year products.
The Society will also launch a new range of online Fixed Rate Bonds, paying up to 3.00%.
Skipton’s NISA-ready Fixed Rate ISAs are an ideal way to stop the taxman eating away at your savings and can be opened either online or in branch. Our one, two and three year ISAs now offer interest rates at 1.40%, 1.60% and 2.20% respectively.
Full details of Skipton's new Fixed Rate ISA range are:
A minimum opening balance of just £500 by cash (branch only), debit card, cheque, internal transfer from another Skipton Building Society non ISA account or ISA transfer from another provider;
Once opened you can invest your 2014/15 ISA allowance of £5,940 into your account.
From 1 July 2014 the maximum investment for the 2014/2015 tax year will increase to £15,000. The rules are also changing from this date and this will mean you can split your new ISA allowance as you like between a Cash ISA and a Stocks and Shares ISA, as long as you don't subscribe to more than one Cash ISA and more than one Stocks and Shares ISA each year.
Skipton will allow you to top up your Fixed Rate Cash ISA 2014/2015 allowance to £15,000 between 1 July and 31 July 2014. No transfers in will be allowed at this time. This is subject to the Budget announcement becoming law.
Subsequent payments into your account can be made by cash (branch only), debit card, cheque, internal transfer from an existing Skipton Building Society non ISA account or electronic payment from another bank or building society;
Full balance withdrawals, including transfers to other ISA managers, and subsequent closure of your account can be made subject to the loss of 180 days (240 days for the 5 Year term) interest; the loss of interest will be taken from the capital invested if there is insufficient accrued interest on the account. This means that you may get back less than you paid in;
Partial withdrawals and transfers out are not permitted.
The Society is also launching a new Fixed Rate E-Bond range, with rates paying up to 3.00%. Rates differ on branch and online versions.
The Society's Fixed Rate Bonds offer customers the chance to benefit from competitive returns over terms of one, two, three or five years. The minimum investment for each account is £500, up to a maximum of £1,000,000 (or £2,000,000 for joint accounts). Full details of Skipton's new Fixed Rate Bond range are:
Invest up to £1,000,000 (£2,000,000 for joint applications) - minimum balance of £500 by cash (branch only) debit card, cheque or internal transfer from another Skipton Building Society account;
Know your savings are working hard with interest calculated daily and paid annually or monthly;
Make additional investments into your bond until it becomes a closed issue, which may be at any time and without notice;
No withdrawals allowed until maturity.
The fixed rate ISAs and Bonds reflect the Society's commitment to offering consistent, long term good value products with exceptional customer service. And the combination of simplicity and attractive fixed rates means customers can invest their money with confidence.
Kris Brewster, Skipton’s Head of Products, said: “Our Fixed Rate Bonds and Fixed Rate ISAs continue to be a consistently popular choice for our customers. The impact of a prolonged low Bank of England base rate environment means savers are continually looking for better rates and we are delighted to continue to focus on offering competitive longer term fixed rates, including our five year E-Bond, which offers 3%.”
Anyone wishing to find out more about Skipton's full range of savings accounts can visit the Society's brand new savings pages at skipton.co.uk.