Skipton increases rates on shorter-term ISAs

Skipton Building Society has launched a new Fixed Rate ISA range which sees interest rates increase on its one, two and three year products. Skipton’s five year product, a regular feature in best buy tables, is still paying 3.00%.
 
The Society will also launch a new range of branch and online Fixed Rate Bonds, paying up to 3.00%.
 
Skipton’s new 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 1.60%, 1.85% and 2.25%, 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, provided you have not already subscribed to another cash ISA in the current tax year, you can invest your 2013/2014 tax year allowance of £5,760 and £5940 for the 2014/2015 tax year, until the product becomes a closed issue by cheque, cash (branch only), debit card or transfer;

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 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 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 offer increased interest rates on our one, two and three year ISAs. We also continue to focus on offering competitive longer term fixed rates, including our five year Bond and ISA, which offers 3%.”
 
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.