Skipton Building Society  

Skipton BS launches above-rate Cash Isa

Skipton BS launches above-rate Cash Isa

Skipton Building Society has launched a Cash Isa offering savers 0.46 per cent interest above the Bank of England base rate. 

Initially paying 1.21 per cent, the Isa will track 0.46 per cent above base rate until May 6, 2020 when the product will mature into an easy access Cash Isa account. 

Kris Brewster, Skipton’s head of products, said: "With continued speculation of a possible base rate rise in the coming months, and with so few tracker savings accounts out there, we’ve decided to offer our customers something different. We want all people to feel like they’re in a good place with their savings.

"Brexit has caused continued uncertainty about the future of interest rates, and tracker products are currently fairly unusual in the savings market, but Skipton has been helping people to save since 1853 so we know how important it is for people to have flexibility with their savings."

The building society has also launched a 90-day notice account at 1.2 per cent, which is available in branch, by telephone, or by post. 

Access is by cheque or transfer at any branch or via Skipton Direct subject to 90 days’ notice, which is not redeemable and no immediate withdrawals are allowed.

Rob Morgan, senior analyst at Charles Stanley, said: “This does look like a competitive product for those concerned UK interest rate rises may occur in the next year. 

"I think a significant rise is only a remote possibility, though, and those able to commit for a bit longer may get wish to consider a fixed interest rate product."