Skipton loyalty members targeted

Skipton Building Society has launched a 4 per cent savings account for “loyal” members.

Ian Cornelius, commercial director for Skipton, said: “At the society’s annual general meeting I promised that we would make supporting our loyal members a priority.

“Anyone who has had a mortgage or savings account with us since before 26 January 2014 can access this special account.”

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Key features:

• People can open the account with £1 and make payments of up to £250 each month.

• Withdrawals are not allowed during the 12-month account period, and a customer can only open one account

IFA verdict:

Jeremy Edwards, IFA for Leicestershire-based Bankfield Financial Advisers, said: “This is not a bad rate to have for 12 months, but like every account it comes with a catch, in that you cannot make withdrawals.”