Skipton launches new notice accounts and ISAs

Skipton Building Society has announced a refresh of its savings products. The introduction of new notice accounts and ISAs, and the removal of a number of old products will make it easier for customers to find the products best suited for their financial needs, whilst offering long term value.

Changes to the range include:

New products:

30 Day notice account. Up to £24,999k,1.75% AER; £25k+, 2.00% AER;
90 Day notice account. Up to £24,999k, 2.00% AER; £25k+, 2.25% AER;

1, 2, 3 and 5 year ISAs, building on popularity of Online Cash ISA. Rates of 1yr - 2.25% tax free pa/AER / 2yr - 2.70% tax free pa/AER / 3 yr - 3.10% tax free pa/AER / 5yr - 3.50% tax free pa/AER.

Historic products removed from current range*

Sovereign Shares, at 0.10%;
High Street, at 0.10%;
Deposit Account, at 0.10%;
Regular Savings a/c, at 1.80% inc. bonus;
Direct 30 Postal Account, at up to 0.50%;
Base rate tracker, monthly and Annual versions, at up to 0.50%;
Skipton Review a/c, at 0.85%;
Pilgrims a/c, at up to 0.30%;
Junior Green, at 1.80%.

Head of Products, Kris Brewster, outlined the rationale for the changes: "We've simplified our range considerably to make it easier for our customers to identify the right product for them and their needs. As a result of this process we have managed to reduce the amount of available savings products from 25 to 18. This includes the addition of new products, created in direct response to feedback from our customers about what they want - including a more varied range of ISA accounts.

"We always advise our customers to build a varied savings portfolio, with an appropriate blend of access and return, and we believe our new look range makes it easier than ever for them to achieve that with Skipton, with its simple mix of instant access, notice, ISA, fixed rate bond and structured products."

The range refresh will see rates reduced on four historic accounts:

Websaver, reducing from 2.76% to 2.50%;
Scarborough 60 Day ISA Issue 1, reducing from 3.00% to 2.50%;
Scarborough Investments Direct - Direct Access, reducing from 2.76% to 2.26%;
Websaver 1 down from 2.76% to 2.50%.

Kris Brewster explained: "These accounts have offered unusually high rates compared with both the rest of our range - and the marketplace - for some time now. Unfortunately, while we've maintained them as long as possible, this is unrealistic in the longer term.

"Therefore, in line with recent announcements by other providers, we've decided to re-align these accounts to market conditions and the rest of our offering. We have written to all affected customers to notify them under the new BCOB and Payment Services Regulation rules. Their new rates - which are all 2% AER or above - remain competitive compared with the market."

Further details regarding Skipton's full savings product range can be accessed via skipton.co.uk.

*Existing customers are unaffected but can have any product from the refreshed range