Skipton Building Society is offering a leading 7.5 percent interest rate with a regular savings account.
Savers with a Member Regular Saver Issue 2 account can deposit up to £250 a month with interest earned on a daily basis.
The account has a one-year term with the interest rate fixed at 7.5 percent. Interest is paid on the anniversary of the account opening.
This means if a person opened an account with £250 and deposited £250 at the start of each month by standing order, they would have a balance at the end of term of £3,121.
Any unused allowances for the £250 maximum monthly deposit can be rolled over into the next month, up to the maximum £3,000 for the full term.
READ MORE: Bank launches 5.4% one-year fixed rate saver and increases rates across savings accounts
However, to open an account, a person must be an existing Skipton customer who joined on or before May 31, 2023.
The account can be opened and managed online, as well as over the phone, by post or in a branch.
Savers must have at least £1 deposited in the account at any time. The account can only be held in a sole name.
A person can only have one Member Regular Saver Issue 2 open in their name at any one time.
A person cannot withdraw part of the funds but they can close the account at any time and withdraw the full balance.
At the end of the 12-month term, the account will mature and automatically be transferred into a variable rate easy access account.
The account offers a better rate than other regular savers, when comparing it to the top accounts as listed on moneyfactscompare.co.uk at the time of writing.
The next best account is first direct’s Regular Saver Account, offering seven percent fixed for 12 months.
Similar to the Skipton account, the first direct saver is only open to existing customers who have a current account.
However, regular savers with first direct can deposit more funds each month, as this account has a maximum monthly deposit of £300.
Other leading regular saver accounts include:
- Lloyds Bank – Club Lloyds Monthly Saver – 6.25 percent
- Bank of Scotland – Monthly Saver – 5.5 percent
- Halifax – Regular Saver – 5.5 percent
- Principality Building Society – One Year Regular Saver Bond (Issue 33) – 5.5 percent.
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