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Skipton launches 7.5% regular saver for existing customers – here's who can get it and how

If you're a Skipton Building Society mortgage or savings customer you can now access its new 7.5% regular savings account. The eye-catching rate is one of the highest we've seen on this type of account in a decade. Below we explain how it works, how it compares and how to get it.

See our Regular savings guide for more information on how these accounts work and other options including an account for Saffron Building Society members that pays 9% on up to £50 a month. If you don't want to put money aside each month, see our Top savings accounts guide, which includes up to 3.88% on easy-access accounts and 5.26% on one-year fixes. 

Here's how Skipton's new 7.5% regular saver works – and who can get it

Here are the key need-to-knows:

  • You need to be an existing Skipton savings and/or mortgage customer to get it. This account is for existing customers only. To qualify, on or before 31 May 2023 you must have had, and still have, either a mortgage with Skipton, or one of its savings accounts with a minimum balance of £1.  

  • The 7.5% rate is fixed for one year. Interest will be paid in a lump sum when the account matures. At that point, the balance will be moved to a Skipton easy-access account automatically, unless you tell it otherwise. The building society says it'll write to you ahead of time to let you know the new rate and give you the option to have the funds paid into a different account.

  • You can deposit the equivalent of up to £250 a month for a year. There's no minimum monthly deposit and no restriction on the number of times you can make a deposit each month. Any unused allowance from previous months also rolls over. So, say you deposit £200 in month one, it then means you can deposit £300 in month two – but no more than that (until your £250 allowance renews the following month). Assuming you deposit the maximum £250 each month, you'll earn £121 in interest. 
  • If you access your cash before the year is up, your account will be closed. You'll be paid the interest earned on the account up until the point of closure.

  • You can open the account online, over the phone, by post or in branch. Full details are available on Skipton's website

Here's how Skipton's 7.5% regular savings rate compares

The table below shows how much interest you'd earn if you saved the maximum £250 a month with Skipton's regular saver compared to the interest you could earn from other top accounts.

Skipton's regular saver vs other top savings accounts

Product Interest earned on £3,000 in savings after one year

Top linked accounts

You need the bank's current account (or savings and/or mortgage account in Skipton's case) to open these:

Barclays 'Rainy Day' easy-access
(5.12% on up to £5,000)
£153 (i)
Skipton Building Society members regular saver
(7.5% on £0 to £250 a month for one-year)
First Direct regular saver
(7% on £25 to £300 a month for one-year)

Top open-to-all accounts

Anyone can get these without holding a prior product with the firm:

Principality Building Society easy-access
(3.88% on up to £1 million)
£116 (i)
SmartSave one-year fix
(5.26% on up to £85,000)
£157 (i)
Halifax regular saver
(5.5% on up to £250 a month for one-year)

Rates correct as of 6 June 2023. (i) Assumes you deposit a £3,000 lump sum.

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