Skipton Building Society launches new savings accounts offering 'the most competitive returns available'

Skipton Building Society has today unveiled a pair of five-year fixed rate savings products.

The two new accounts went on sale at 9am this morning, expanding the mutual's fixed rate range.

Both products are aimed at savers who want long-term certainty and a guaranteed return over the full five-year period.

The building society expects the accounts to rank among the most competitive offerings currently available in the five-year fixed rate savings market.

The new products include a Cash ISA and a Bond, which both offer an annual equivalent rate of 4.76 per cent.

Savers can open either account with as little as £1, while the maximum permitted balance stretches up to £1 million.

Both products are accessible online, through the Skipton app, in branch, by post or by telephone.

Deposits and ISA transfer requests will be accepted until September 2, 2026, subject to availability.

As an illustration of potential returns, a customer placing £20,000 into either account and leaving it untouched for the entire term could expect their balance to reach approximately £25,235.

On a smaller scale, a £1,000 deposit would grow to an estimated £1,261 over the same period, assuming annual interest is reinvested.

Savers have a 14-day window from the date of opening to cancel their account without penalty.

After that cooling-off period, closing the account before the fixed term ends incurs a charge equivalent to 365 days' interest, meaning customers could potentially receive back less than they originally deposited.

Partial withdrawals are not permitted, only full closure of the account is possible.

For the Cash ISA, holders may deposit up to the current annual ISA allowance of £20,000 and can also transfer in savings from previous tax years.

Upon maturity, the ISA will automatically roll into a new one-year fixed rate Cash ISA unless the customer instructs otherwise.

Alex Sitaras, Head of Savings & Partnership Products at Skipton Building Society, said: "Many savers continue to look for certainty when it comes to their money, and these new five-year fixed rate products offer one of the most competitive returns available for those wanting to commit their savings for longer.

"By locking in for the full five-year term, customers can enjoy the reassurance of a guaranteed return and the confidence that their savings are working hard for them."

He added that the accounts represent an attractive choice for those wishing to maximise their ISA allowance or lock away a lump sum, provided they are comfortable committing for the full duration.