Skipton launches new savings bonds

Wed, 19 Nov 2008

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

The savings accounts offer interest rates of up 4.55 per cent gross per annum and have a monthly income option.

In order to get the highest-paying savings bond, consumers will have to opt for a three year deal with interest paid on a annual basis.

The minimum investment is £500 with a maximum of £250,000 or half a million for joint savings accounts .

Consumers who choose to open a two or three year savings bond either over the telephone or in a branch will be able to withdraw up to 25 per cent of their original investment without penalty.

However, once removed for the savings account the money cannot be replaced.

Yesterday, research by uSwitch.com revealed that 24 savings account providers have reduced interest rates since last week's change in the Bank of England base rate .

It also found that 14 of these have cut interest by more than the fall in the Bank rate.
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