ISA season marches closer as Skipton increases rates on one, two and three year fixes

Skipton Building Society has launched a new range of Fixed Rate ISAs and Bonds which include rate rises on shorter term savings.

Skipton’s One Year Fixed Rate ISA will now be available at 1.45% with the 2 Year ISA on offer at 1.65% and the 3 Year ISA at 1.80%.

Savers can also take advantage of Skipton’s Fixed Rate Bonds with the One Year Fixed rate increasing to 1.40%. Two, three and five year products are all still available. Some online Fixed Rate Bonds offer increased rates, with the One Year e-Bond at 1.55% and 2 Year e-Bond at 1.60%.

Customers can deposit the annual ISA limit of £15,000 into Skipton’s Fixed Rate ISAs and are also able to transfer in previous years ISA allowances if they wish.  ISAs are an ideal way to stop the taxman eating away at your savings and can be opened either online or in branch.

Kris Brewster, Skipton’s Head of Products, said: “Last year we were the first UK financial organisation to announce ourselves NISA-ready following the Budget announcement about new ISA savings limits. This led to Skipton taking in a record number of ISA deposits in 2014 and we are determined to lead the way in 2015.

“Savers still have time to either open a new ISA for the present tax year or top up an existing one to a maximum of £15,000 and these new rates are designed for customers who have not yet done so.

Skipton is continuing to champion the story of the Tortoise and the Hare when it comes to ISA saving with some having raced to fill up their ISA allowance with others taking their time; these customers will have to be quick as the tax year ends on 5 April.

“From 6 April, the ISA allowance increases slightly, meaning that people can put an extra £240 into their ISA that year, giving a total of £15,240 in a tax free wrapper. By increasing the rates on our shorter term fixed rate ISAs we are continuing to offer savers attractive rates despite the low rate environment.

“The chance to keep more of their savings from the taxman, plus interest rate increases on certain products, can only be good news for our customers.”