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Everything you need to know about Skipton Building Society Savings Account
The Skipton Building Society, established in 1853, is one of the oldest financial institutions, currently looking after over a million customers. They have a number of savings accounts to offer.
What is a savings account?
Banks, Building Societies, and other financial institutions encourage you to deposit your money with them, in exchange for a percentage of that deposit as a reward. This is the essence of a savings account, although the exact nature of that contract will vary between financial institutions and their products.
Why are savings accounts important?
Savings accounts are important first and foremost, because no-one wants to lose their hard-earned cash. Economies fluctuate and interest rates rise and fall, especially with global events like the Covid-19 pandemic. So, if you’ve managed to put aside some of your earnings, you’ll want to find a savings account where these are not only safe, but can grow to protect you in the future.
What types of savings accounts do Skipton Building Society offer?
The Skipton Building Society offers a range of short-term, mid-term, and long-term options for saving.
At one end of the spectrum, there are easy access ISAs, which pay a smaller dividend but enable access for you to withdraw your money easily. At the other end, the Skipton Building Society has Cash Lifetime ISAs for 18-39 year olds, which are tax-free, but lock away savings for a much longer period of time.
There are savings accounts which offer a fixed rate of interest, and those which pay a variable rate, depending on how risk averse you might be
Do you need to access your savings swiftly?
Are you happy for your funds to be less accessible for a bigger dividend?
It’s essential to match your specific needs to the products available and find the one which covers all of your bases.
How do I apply for a savings account with Skipton Building Society ?
Applying with the Skipton Building Society is a simple form filling affair which, as a result of Covid, has been enhanced with the establishment of video appointments.
You can discuss your situation with an adviser virtually, from the comfort of your home.
How much interest will a Skipton Savings Account earn?
The amount of money you can earn from your savings with Skipton Building Society will vary according to the account you require. Essentially, the higher the risk, the higher the interest paid; the lower the risk, the lower the benefit. Look out for terms like Gross p.a , Net p.a and AER and ask your provider to explain them so you can see exactly how one product stacks against another.
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