Skipton increases savings rate

Following the recent announcement of an increase in the Bank of England’s base rate, the vast majority of Skipton’s investors will see their interest rates increase by 0.25%, with the average increase across all variable rate accounts – both open and closed issues – being just over 0.24%. Both rate changes will take effect over the first weekend in December.

John Goodfellow, chief executive, commented, “As the media pointed out at the time, the rate increase in August was used as an excuse by many institutions to increase the gap between their savers’ and borrowers’ interest rates. I’m pleased to say, however, that Skipton avoided this trend and with our latest changes we’ve proven that, once again, we’ve been fair to both sides of our book – especially so when you consider we have five times more savers than borrowers.”