Skipton launches new savings accounts

Tue, 22 Jul 2008

Skipton Building Society has launched a new range of fixed-rate savings products.

The savings bonds, which run for one, two or three years, offer an annual rate of 6.75 per cent a year, or a monthly income option of 6.5 per cent.

The minimum deposit in the savings accounts is £500 and the maximum is £50,000, or £100,000 if it is a joint account .

Customers can open more than one bond, but the total amount in the savings accounts must not exceed the maximum, the firm states.

Steve Aldous, general manager at Skipton, said: "Fixed rates bonds continue to offer the best value in a turbulent market. Guaranteed returns and low risk are a great combination for savers worried about the economy."

Yesterday, Kevin Mountford, head of savings at price comparison website Moneysupermarket.com, warned that the fixed-rate savings boom could be over.

According to Mr Mountford, people should act fast to get the best savings account they can as he expects rates to fall in the near future.
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