Skipton savings deal enters Which? best rate tablesOnline account allows unlimited withdrawals

24 August 2011

piggy bank

You could get a better savings rate than you're on now by switching to a Which? Best Rate account

Skipton Building Society has launched a competitive online instant-access savings account paying 3.05% AER,

The Online Bonus Saver account from Skipton BS enters our Instant Access Best Rate table. Savers can open this internet-only account with £1,000, up to a maximum of £1million, and are permitted to make limitless withdrawals. Interest on the account is paid yearly. 

Watch out when the bonus period ends

As the name of the account suggests - it includes an introductory bonus of 1.55% paid for the first 12-months on balances of £1,000 or more. After the first 12-months the rate reverts to 1.5%.

Which? savings expert Jo Langenhan commented: 'Consumers will need to act quickly if they want to open this Best Rate instant access account as it's a limited offer and may be withdrawn at short notice. You will also need to review this account once the bonus period ends, as the rate drops to just 1.5% so will no longer be competitive after 12-months'.

You may be able to earn a higher interest rate if you're happy to lock up your savings for longer. See our fixed-term savings account reviews for more details.

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