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Skipton extends availability of Limited Edition 7-Year Fixed Rate Bond

9th August 2013 Print

The UK's fourth largest building society has responded to the new Bank of England Governor's announcement that Base Rate is likely to stay put for three years, with further support for hard-hit savers.
Following overwhelming demand for its unique 7-Year Fixed Rate Bond, with its market leading rate of 3.50%, Skipton Building Society has today extended availability of the account throughout the entire month of August.
This limited edition product had faced withdrawal after overwhelming demand saw the original tranche filled within weeks.
Kris Brewster, Skipton's Head of Products, said: "We knew when we launched this landmark account that it would give savers something they have been in need of for a long time -certainty. It promises them a decent return for seven years.
"Wednesday's announcement by Mark Carney means less uncertainty for the financial markets and economy, and hard-hit borrowers. However, the downside of this is savers now know their returns are likely to remain unusually low for longer.
"Because we care about trying to cushion the impact of the current, unusual environment, on savers, we have decided to extend the availability of this popular and rewarding account through to at least the end of August.
"We've found that savers have been keen to capitalise on the opportunity this account offers, and the original tranche has been filled within weeks of launch - with an average deposit of £8,000."
7-Year Fixed Rate Bond key product features

Annual Interest 3.50% Gross pa/AER

Monthly Interest 3.45% Gross pa/AER
Other product features
Customers can invest between £500 and £10,000;
Interest is calculated daily and paid annually or monthly;
Additional investments can be made into the bond until it becomes a closed issue (which can happen at any time and without notice after the end of August);
No withdrawals are allowed until maturity;
The bonds will mature into a competitive easy access account available at the time.
This latest offering complements the wide variety of other good value savings accounts Skipton has available, including our innovative goal-based My Savings range, which encourages people to save up for everything from holidays to a rainy day, through badged accounts helping them to keep their objective very much in mind. Skipton also offers competitive ISAs and was among the first providers to offer the Government-backed Junior ISA.
It further reinforces Skipton's commitment to offering consistent, long term good value products which are transparent, with no catches. And the combination of simplicity, rate certainty and an attractive return means that customers can invest their money with confidence. 
Anyone wishing to find out more about Skipton's 7-Year Fixed Rate Bond can visit the Society's savings pages on