Skipton Building Society has announced the launch of a brand new exclusive savings account with a competitive interest rate attached.
The Member Bond is available to the financial institution's 1.2 million members and pays a fixed rate of 4.50 per cent.
This latest savings account is available on the market from today, Thursday August 22.
In order to be eligible to open this bond, Skipton members must have already held a savings account or mortgage with the building society since yesterday (August 21)
For the lender's 1.2 million customers, the minimum balance required for the new one-year fixed rate bond is £500.
As well as this, the maximum allowance for the account comes to £20,000 with no early withdrawals being allowed.
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Savers are looking for the best deals wit high interest rates GETTYSavings rates have been bolstered in recent years thanks to decision-making from the Bank of England.
The central banks' Monetary Policy Committee (MPC) has raised the base rate multiple times over the last two years, reaching a 16-year high of 5.25 per cent.
Earlier this week, MPC members narrowly voted to slash interest rates to five per cent in a move that will have a knock-on effect on savings accounts.
Despite this, Skipton Building Society's latest offering suggests that accounts will continue to remain competitive for the foreseeable future.
Alex Sitaras, the head of Savings and Partnership Products at Skipton Building Society, broke down why members should take advantage of this deal.
He explained: "We want being a member at Skipton to really mean something, whether you’re using one of our savings accounts to get set for the future, or you’ve used one of our mortgages to buy your home.
"It’s no secret that our mission is to help Skipton members to get their money working as hard as it can for them.
"Our new one -year fixed rate Member Bond paying 4.50 per cent allows us to do just that, this is a natural choice for any Skipton member looking for a great rate of interest for their savings”.
According to the latest Moneyfacts figuers, the average 1-year fixed savings rate today is at 4.47 per cent which is unchanged from yesterday.
Furthermore, the average easy access savings rate today is sitting at 3.10 per cent which is up from 3.09 per cent.
LATEST DEVELOPMENTS:
Earlier this month, the Bank of England voted to cut interest ratesGETTY Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, gave a breakdown of the current state of the savings market.
She explained: "It is crucial savers keep on top of the changing market and make the switch to ensure they are not getting a raw deal, especially as we have seen some of the top rate deals drop below five per cent.
"It would not be too surprising to see more providers adjusting their rates in reaction.
"Since the previous inflation announcement, fixed rates have faced further reductions, so it may be wise for savers to begin considering locking into an interest rate while the majority continue to pay competitive returns."
