Good news for savers

Following the Bank of England Base rate increase on 5 May by 0.25% to 1.00%, Skipton International (Skipton), the Guernsey-licensed bank, has reacted with speed to increase its sterling savings rates.

Following the Bank of England Base rate increase on 5 May by 0.25% to 1.00%, Skipton International (Skipton), the Guernsey-licensed bank, has reacted with speed to increase its sterling savings rates.

With immediate effect, the bank has improved its on-sale variable offerings and will pay the following competitive rates:

• Easy access account, paying a variable rate of 0.75% AER
• 40 day notice account, paying a variable rate of 0.90% AER
• 120 day notice account, paying a variable rate of 1.10% AER
• 200 day notice account, paying a variable rate of 1.40% AER

Skipton also reviewed its fixed rate savings accounts, increasing rates for those looking to receive a guaranteed fixed rate of interest.

• Two year fixed rate savings account, maturing 1 July 2024, at 1.85% AER
• One year fixed rate savings account, maturing on 15 June 2023, at 1.65% AER

The minimum amount to open an account is £10,000, with no early access allowed across the banks’ notice and fixed rate accounts.

Aaron Walden, Senior Commercial Manager at Skipton International, said:

“Over the past decade, savings rates across the market have been at historically low levels. We are now starting to see savings rates increase and I would urge those with savings to check the interest rate their bank is paying them; it may be a good opportunity to shop around.  

“I am pleased that we have been able to react swiftly to the base rate increase and can offer customers across the globe some highly competitive accounts in which to place their savings.”