A major building society has launched brand-new savings accounts with a market-leading interest rate attached, but how will you benefit?
Skipton Building Society has unveiled a pair of savings products today, both delivering a fixed annual equivalent rate of 4.56 per cent.
The Yorkshire-based mutual is introducing a 15-month Fixed Rate Cash ISA alongside a 15-month Fixed Rate Bond, expanding its range of options for savers seeking guaranteed returns.
Both products are priced to beat offerings from major high street competitors, with the ISA specifically positioned above rates available from Lloyds, Halifax and Bank of Scotland.
Skipton has launched new savings products
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The launch forms part of Skipton’s ongoing efforts to bolster its savings portfolio and assist customers in maximising their tax-free allowances.
Savers can choose between annual interest payments at 4.56 per cent or monthly distributions at a slightly lower 4.47 per cent rate on both products.
The ISA permits early closure, though customers would forfeit 90 days’ worth of interest as a penalty. The bond, by contrast, does not allow early access to funds.
Deposits for both accounts, along with ISA transfer requests, will be accepted until August 3, 2026. Customers can open either product through multiple channels, including online, the Skipton app, telephone, post or by visiting a branch.
The ISA allowance resets each year on April 6, when a new tax year begins | GETTY
Skipton Building Society has unveiled a savings product | GETTY
Alex Sitaras, the head of Savings & Partnership Products at Skipton Building Society, said: “We’re pleased to launch these new savings products, giving our members more choice and the opportunity to lock in a competitive return with confidence.”
He emphasised that the mutual’s approach extends beyond competitive rates, focusing on fairness and simplicity to make membership genuinely rewarding.
Mr Sitaras added: “At a time when household budgets are under real pressure and every pound matters, providing clear, straightforward savings options with certainty is more important than ever.”
The building society also highlighted its broader support services, including My Money Reviews, Pension Health Checks and regulated financial advice.
Bank of England has held interest rates at 3.75 per cent
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GETTYCaitlyn Eastell, a personal finance analyst at Moneyfacts, said: “Savers will be pleased to see savings rates are rising across the board, marking the first time since September 2023 that all average ISA and non-ISA rates have increased in the same month.
“These meaningful shifts could prompt savers to review where their cash is held. Encouragingly, while some average fixed rates have exceeded four per cent in recent months, this is the first time since April 2025 that all fixed rates, including ISAs, have risen above this level at the same time.
“ISA savers continue to gain an edge, as both one-year and longer-term ISA rates outperform their non-ISA counterparts, meaning savers may no longer need to compromise between competitive returns and tax efficiency.
“The margin between one-year and longer-term fixed rates has slimmed to just 0.03 per cent and may give savers extra incentive to lock in for longer.”