Regular savers looking for a decent rate of interest will be cheered by Skipton Building Society’s latest launch, which is paying 4% for one year.
The Skipton Building Society limited edition Regular Saver account will pay 4.00% on regular deposits of up to £300 per month, allowing a maximum investment of £3,600 over 12 months. Minimum investment in the account is just £1 and no withdrawals can be made during the 12 month term.
How does the Skipton account compare with the market?
The best regular savings account currently on offer comes from West Bromwich Building Society, which is paying 4.1%. However, this only allows maximum monthly contributions of £250.
Paul Davies, savings analyst at Which?, said of the new account: ‘This a very decent account if you can commit to putting some money away each month. The rate of 4% is around 1% higher than the best instant access accounts out there.
‘No other regular savings account paying 4% can match Skipton’s £300 maximum contribution, so this is a very appealing feature of this account.
‘The account is only available in Skipton branches but open to both new and existing customers. The regular saver will only be practical, therefore, if you have a Skipton branch near to you.’
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