Skipton Building Society has increased interest rates across its bond and Isa product range.
Rates on the society’s one year bonds and Isas have increased from 1.30 per cent to 1.31 per cent, with its three year products jumping from 1.71 per cent to 1.76 per cent.
Skipton also increased the interest rate available on its 15 month Isa from 1.35 per cent to 1.40 per cent.
Kris Brewster, head of products at Skipton, said the changes were part of Skipton’s continued effort to offer competitive rates and choice to savers looking to take advantage of tax free savings.
But Anna Bowes, director at Savings Champion, said Skipton’s rate increases were not competitive compared with the wider savings market.
She said the best bond rates could be found at 2.03 per cent for a one year bond and 2.4 per cent on a three year bond elsewhere in the market.
The best Isa rates can be found in the market at 1.54 per cent on a one year product and 1.91 per cent on a three year product.
Ms Bowes said: "You can get far more return elsewhere. Although the best rates may be with providers borrowers are not as familiar with, they are still part of the Financial Services Compensation Scheme.
"Therefore there is no real reason why borrowers should not consider the lesser known providers as an option in order to earn as much as possible on their savings."