Is a Skipton Building Society fixed rate bond right for you?
Savings accounts usually offer the most attractive rates of interest for your savings. Despite the competitive rates, savings accounts usually only pay interest up to a certain deposit limit.
With a fixed rate bond, you agree to lock your money away for the term of the bond in exchange for a predetermined rate of interest applicable for the life of the bond. This can help protect your savings from losing their real world value due to the effect of inflation.
Bonds commonly last for 1 year, 2 years, 3 years or 5 years and the longer the deposit term, the better interest rate you will usually receive. Fixed term bonds are relatively quick and easy to set up. They allow you to start getting a better return on your savings without needing to disrupt the normal workings of your existing current account.
Why choose a Skipton Building Society fixed rate bond?
Founded in 1853, Skipton Building Society is one of the UK’s largest building societies. Their fixed rate bond customers can take advantage of the following:
Minimum deposit of £500
Maximum deposit of £1million
Interest can be taken monthly, annually or on maturity
You can make additional deposits into the account until such time as the product is withdrawn from sale
Manage your account online, in branch and by post depending on the type of bond
Restrictions
Customers applying for a Skipton fixed rate bond should be aware of the following conditions:
You must be at least 16 years old
No withdrawals can be made before your bond matures
Compare Skipton Building Society fixed rate bonds
Skipton Building Society offers both standard fixed rate bonds and their own range of fixed rate e-bonds. Both types of bonds are offered over 1-5 years. Skipton also provide a number of cash ISAs for those looking for alternative ways to save.
Getting the best deal on fixed rate bonds
Interest rates and other features offered on fixed rate bonds will vary over time to match changes in the market and customer demand. This can present a challenge for investors as it makes it harder to know which providers and products are offering the best deals at any given moment.
Our fixed rate bond comparison table at the top of the page offers a simple way to compare and contrast the most attractive deals we have found from across the market. We keep these offers updated regularly, making this the ideal place to find the latest and best investment opportunities.
Before placing your savings into a fixed rate bond, you need to be confident you can do without them for the term of the bond. You also need to be clear exactly what return you want to see before making a choice to avoid disappointment.
