Skipton Building Society launches 'market leading' 7 year savings account fixed at 4%
Skipton Building Society has launched a brand new, market-leading 7-year 4% fixed rate bond.
Skipton Building Society has launched a 7-year fixed-rate bond, having seen a growing appetite among savers to invest their savings rather than leave them in easy-access accounts. Skipton's 7-year bond offers a market-leading rate of 4% and can be opened with deposits of between £500 and £50,000.
Savers will not be able to withdraw or close the account until maturity at the end of the term. Alex Sitaras, head of savings & partnership products at Skipton Building Society, said: “There is a growing appetite for savers to fix funds instead of leaving money in easy access accounts as market rates decline."
Sitaras added: "Longer term options are becoming more popular as customers are conscious about investments following market volatility. Our new 7-year Fixed Rate Bond paying 4.00% is a good option for long term savers who wanted a predictable return helping them accumulate savings over time.’’
New and existing savers can open Skipton Building Society’s new 7-year Fixed Rate Bond today by phone or post, in branch, or online.
For more information on Skipton’s full range of variable and fixed rate savings products, visit www.skipton.co.uk/savings
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Earlier this month Skipton launched a mortgage for those looking to get on the property ladder. Skipton's Delayed Start Mortgage gives borrowers mortgage payments of £0 for the first three months after they move into their home. As well as the postponed payments, the scheme is available to buyers with deposits starting at just 5%. It also offers fixed rates from 4.78% to 5.4%.
According to Skipton Building Society, the Delayed Start Mortgage will give buyers important breathing room for extra expenses. Research shows that first-time buyers spend an average of £3,500 on furniture and £2,600 on kitchen appliances.
The three-month plan helps relieve the immediate pressure of monthly mortgage payments. It allows homeowners to move into their new property without the stress of extra outgoings.
