Skipton International Maintains Competitive Savings Rates

Skipton International Maintains Competitive Savings Rates

16th June 2020

Skipton International, the Guernsey based offshore savings bank, is pleased to announce the launch of its latest one year fixed rate savings account, delivering a competitive rate on sterling savings at a time when saving rates in the UK have reached an all-time low.

Despite the drop in the Bank of England base rate, Skipton is still paying a fixed rate of 1.20% p.a AER until 1 July 2021, offering customers the chance to earn a guaranteed fixed income on deposits in excess of £10,000. The new fixed account is available to individual and corporate customers.

Average UK savings rates for one year fixed rate savings accounts have now dropped to just 0.86% following the Covid-19 pandemic and a drop in the base rate. This has left less choice and flexibility for savers, leaving Skipton in a strong position for those looking to receive a competitive return from their sterling savings. Alongside its new fixed savings account, Skipton offers an easy access account paying a variable rate of 0.75% p.a. AER and variable rate notice accounts currently providing a return between this and the one year fixed rate – both rates well above the national averages. Further details may be found at www.skiptoninternational.com.

Moneyfacts have revealed in a recent report that the numbers of savings products within the UK market has fallen by 329 since the beginning of the year. Rachel Springall, Finance Expert at Moneyfacts, said: “It is clear to see that the coronavirus pandemic and subsequent base rate cuts have had a catastrophic impact on the savings market. It seems imperative that savers act with pace to secure the most lucrative deals on the market.”

Jim Coupe, Managing Director of Skipton International, said: “We have not been immune to the effects of the Coronavirus, but have found plenty of positives to take from this experience such as simplifying our processes so people can more easily open new savings accounts. Our customer-centric approach means we offer some of the most competitive offshore savings rates. Those who are looking to make more from their savings should explore the full range of rates on offer as it is still possible to make a good return.”

Skipton International is a leading offshore bank, based in Guernsey, offering a range of competitive savings accounts and UK buy-to-let mortgages to British expatriates, non-UK nationals and those living in Crown Dependencies. It is recognised as providing exemplary levels of customer service having been awarded the Feefo Gold Trusted Service Award for the last three years and the Platinum Award in 2020 for continuous positive feeback from customer reviews.

Rate shown for balances between £10,000 and £5,000,000. Rates correct as at 7 June 2019. *AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. Skipton International Limited (Skipton), registered in Guernsey: 30112, is a wholly owned subsidiary of Skipton Building Society. Skipton is licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details are available on the Scheme’s website www.dcs.gg or on request. To help maintain service and quality, telephone calls may be recorded and monitored.