Skipton Building Society set to pay millions in interest as 60,000 savers open account paying 7.5%
Skipton Building Society is offering a 7.5 per cent interest rate
PA
Skipton Building Society is set to pay its members millions of pounds in interest over the next 12 months after tens of thousands applied for its regular savings account.
More than 60,000 members opened the Member Regular Saver Issue 2, which pays 7.5 per cent gross pa/AER, since it launched three months ago.
The account is available to anyone who had a savings account or mortgage with Skipton Building Society on or before May 31, 2023.
It pays a market-leading 7.5 per cent interest rate after 12 months.
Skipton Building Society said more than 97% of opened Member Regular Saver accounts are funded with deposits
PA
Savers can deposit up to £250 in the account each month.
More than 97 per cent of opened Member Regular Saver accounts are funded with deposits.
If the more than 60,000 savers continue to fund their account fully over the next 12 months, Skipton will pay out more than £7million in interest to savers.
Andrew Bottomley, CEO of money at Skipton Building Society, said: “In just three short months, it’s fantastic to see that tens of thousands of Skipton members have chosen to open the Regular Saver.
“It’s the perfect account for both aspiring and seasoned savers, giving them the chance to get their money working harder than it can anywhere else.”
Mr Bottomley said the aim of the account was for it to be another way in which the building society could “give back” to its members.
He said: “It’s about making membership mean more to our savers and borrowers, and with our Regular Saver account, we can reward our members for looking after their money.
“The millions we’ll return in interest to these savers is the realisation of that.”
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Andrew Bottomley said the aim of the account was for it to be another way in which the building society could “give back” to its members
SKIPTON BUILDING SOCIETY
Elsewhere in savings news, Coventry Building Society brought back a limited access account offering a competitive rate of 4.80 per cent.
The online Four Access Saver (2) account is available for new and existing members to open.
Savers can make up to four fee-free withdrawals from the account per year.
Daniel McDonald, Senior Product Savings Manager at Coventry Building Society, said: “We know our range of limited access saver products are really popular, that’s why we’re bringing back our Four Access Saver Online (2), offering members fantastic value while having some flexibility to occasionally dip into their savings."