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.
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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.
Compare other savings accounts
Table: sorted by interest rate, promoted deals first
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 and interest rates
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.
Variable interest rate
Unlimited deposits and withdrawals
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:
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?
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.
No current account options available. Some people may prefer having their current and savings accounts with the same institution.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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