Skipton increases rates on one and three year ISAs and one year bonds

Skipton Building Society launches a new range of Fixed Rate ISAs and Bonds which includes interest rate rises on all one-year terms.

The interest rate on our One Year Fixed Rate ISA has increased to 1.50% while the rate on our One Year Fixed Rate Bonds has increased to 1.50% (1.60% for online applications).

Rates on our 3 Year Fixed Rate ISA have increased to 2.20%.

Skipton’s new Fixed Rate ISAs now have an annual limit of £15,000 and are an ideal way of shielding your savings from the taxman. They can be opened either online or in branch.

The range of Fixed Rate ISAs and Bonds will have anniversary end dates, meaning these products will be the exact term (e.g. one year), instead of having a fixed end date.

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, provided you have not already subscribed to another cash ISA in the current tax year, you can invest your 2014/2015 tax year allowance of to a maximum of £15,000 until it becomes a closed issue;

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.

Monthly versions of the FRISA’s are also available

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 continue to 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: “The new ISA rules mean that people can put substantially more of their savings into a tax free wrapper, up to £15,000. Since the announcement of the New ISA we have seen a record number of ISA customers attracted to the Skipton and we are continuing to offer savers attractive rates, including increased interest rates on all one-year products.”

Anyone wishing to find out more about Skipton's full range of savings accounts can visit the Society's savings pages on skipton.co.uk.