Skipton Building Society has launched today (8 August) a new range of fixed rate Isas and bonds which include rate rises on short term savings.
The interest rate on the 1-year fixed rate Isa and 1-year fixed rate bond has increased to 1.50 per cent while the rate on the 2-year fixed rate bond has increased to 1.80 per cent. Skipton’s five year products on both Isas and bonds are still paying 2.75 per cent.
The society’s new fixed rate Isas, which now have an annual limit of £15,000, can be opened either online or in branch. The one, two and three year Isas now offer interest rates at 1.50 per cent, 1.80 per cent and 2.20 per cent, respectively, with the one, two and three year bonds paying 1.50 per cent, 1.80 per cent and 2.15 per cent, respectively.
The range of fixed rate Isas and bonds have anniversary end dates, meaning the products will be the exact term, instead of having a fixed end date.
Kris Brewster, Skipton’s head of products, said they have already seen a record number of Isa customers since the announcement of the New Isa.
He said: “Despite constant speculation of a possible increase in the Bank of England base rate, we still have the impact of a prolonged low base rate environment and savers continue to seek better rates.
“The chance to keep more of their savings from the taxman, plus interest rate increases on certain products, can only be good news for our customers.”
