Savers looking for a better return on their cash may want to act quickly as competition between banks and building societies heats up again.
Skipton Building Society has now launched a new deal offering one of the top rates currently available on the market.
Their new 18-month fixed-rate Cash ISA paying 4.56 per cent AER, is the “highest rate currently available for an 18‑month ISA, providing certainty for savers who want to lock in a competitive return.”
The savings product launched today and is open to both existing members and new customers looking to secure tax-free returns.
Savers can access the account through multiple channels, including online, the Skipton app, in branch or over the phone.
The building society said the launch forms part of its ongoing efforts to bolster its savings offering and help customers maximise their tax-free allowances.
With the fixed rate locked in for 18 months, the account provides certainty for those seeking a competitive return on their savings.
Skipton Building Society has unveiled a savings product
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GETTYA minimum balance of £500 is required to open the account, while the maximum deposit permitted is £1million.
Customers may contribute up to their annual ISA allowance of £20,000 and can also transfer in savings from ISAs held in previous tax years.
The account does not permit withdrawals during the 18-month term, and those who close early will face a penalty equivalent to 90 days’ interest.
The fixed interest rate of 4.56 per cent AER applies for the full duration of the term, giving savers clarity on their expected returns.
A minimum balance of £500 is required to open the account
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GETTYApplications can be made through the building society’s website, its mobile app, at any branch location, or by telephone.
Alex Sitaras, Head of Savings & Partnership Products at Skipton Building Society, said: “We’ve refreshed our 18month fixed ISA, ensuring it remains firmly marketleading and available to both new and existing customers.
“It’s a small change on paper, but a clear signal of our commitment to fairness and helping savers lock in strong, taxfree returns with confidence.
Customers can deposit up to their annual ISA limit of £20,000
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GETTY“In the current climate, where many households are under pressure and every pound matters, this means offering consistently competitive rates alongside clear, straightforward savings options.
“As well as delivering strong value and certainty, those who choose to save with Skipton benefit from access to free money guidance and regulated financial advice, helping them feel supported when managing their finances.”
The building society noted that customers also have access to complimentary money guidance and regulated financial advice services.