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Skipton Building Society Savings Accounts
Find out more about one of the UK's leading building societies.
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Skipton Building Society offers a range of products targeted at those saving for their future and potential home ownership.
Skipton offer savings, mortgages, retirement, insurance, and legacy based services. Read on to find out if Skipton’s savings accounts seem well suited to your financial circumstances.
A bit more about Skipton Building Society
Skipton has been providing for UK customers since 1853, growing to become one of the UK’s largest building societies.
What is a 'building society'?
A building society is a financial institution owned by its members. They offer banking, and related financial services including mortgages and savings.
Whereas banks are normally listed on the stock market and run for their shareholders, building societies aren’t. Because they don’t have shareholders to pay, building societies have historically claimed to offer better interest and cheaper mortgage rates than banks.
What savings accounts does Skipton Building Society offer?
Skipton Building Society currently offer several different savings accounts:
Fixed Rate E-Bonds
- Invest a lump sump of £500 or more when opening an account
- Fixed interest rate guaranteed for the fixed term
- No deposits after seven days of opening the account
- No withdrawals or closure prior to maturity
Fixed Rate Cash ISAs
- Invest lump sum in first seven days of opening the account
- Fixed interest rate guaranteed for the fixed term
- No deposits after first seven days of opening the account
- No Withdrawals until maturity
- Transfer ISA savings from previous tax years.
Easy Access
- Variable interest rate
- Unlimited deposits and withdrawals
Lifetime ISA
- For ages 18-39
- Save up to £4,000 each year towards first home purchase or retirement
- No withdrawals for any other purpose until the age of 60
- Penalty on early withdrawal for any other purpose
How do I decide which account is for me?
You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access for instance)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
Does Skipton offer online or mobile banking?
Yes. Skipton offers both internet banking and an app, which can be dowloaded from both the Apple Store and the Google Play Store.
When you open an account you’ll be given a Customer ID along with your password and memorable details, to log into your account. Here are some of the basic features of Skipton’s online banking service:
- Easy to navigate around savings section
- Manage and arrange transactions
- Manage personal details and preferences
- Web Chat and secure messages
- Website optimised for use on desktop, mobiles and tablets
What are the benefits and drawbacks of saving with Skipton Building Society?
Pros
- Well trusted. Skipton has built its reputation over many years with UK customers, and can be regarded as a trusted building society.
- Better interest rates. Building societies don’t have shareholders to pay, and have usually claimed to offer better interest rates than banks.
- Customer service. Skipton’s customer service has won them several awards.
The drawbacks
- No current account options available. Some people may prefer having their current and savings accounts with the same institution.
Ask an Expert
Can I get a debit or credit card from Skipton Building Society. I have a savings account and my pension is paid into that account also.
Hi Glenys,
Thanks for reaching out to finder. Looks like there are no debit or credit card products available at Skipton Building Society. Nevertheless, you may like to check your options for a credit card on this page and for debit cards (from current account) here. Best to check the details and eligibility requirements first before you submit your application or contact the bank to discuss your options.
Cheers,
May