Skipton Launches Market-Leading Savings Account

Skipton International has increased its savings rates by up to 0.40% AER and launched a 36-month Fixed Rate Bond paying 1.80% gross on a £10,000 minimum deposit.

Skipton International has increased its savings rates by up to 0.40% AER and launched a 36-month Fixed Rate Bond paying 1.80% gross on a £10,000 minimum deposit. As is common with many fixed bonds, earlier access to funds is not permitted during the term. It can be opened and managed online. Savers who prefer branch-based banking may be pleased to note that this bond that also can be opened and managed in branch, by ‘phone and by post.

The Guernsey-licensed bank has always offered competitive savings rates, and, in addition to the 1.80% Bond, is now offering a series of Fixed Rate options, including a new 200-day notice product, and a 24-month Fixed Rate Bond at 1.60%.

Following the Bank of England base rate increase last month to 0.75% there has been a flurry of activity in the market. Savers have been left with few options as inflation continues to chip away at their funds. Skipton International has waited to react to the rise to ensure it can offer the best possible option for its existing and potential global client database.

Aaron Walden, Senior Commercial Manager at Skipton International, said: “Inflation stood at 0.4 per cent a year ago and the majority of savings accounts which could outpace its eroding impact were plentiful. However, that has steadily declined over the past twelve months.

“The Bank of England predicts inflation will be beyond the 2 per cent target for some time yet, but even if inflation fell to 2 per cent, there are few options for savers to choose from to outpace this rate, which is why we are pleased to put it to market. Full details on all Skipton’s savings accounts can be found at: www.skiptoninternational.com/offshore-savings-accounts.”

The new Fixed Rate Bonds are available with immediate effect.