Savers could get a chart topping 3.5 percent interest rate - latest deal piques interest

Existing customers of Skipton Building Societycan now get 3.5 percent on their savings with its Existing Member Regular Saver account. Only available to customers who opened an account on or before August 16 2021, the account is ideal for people who want to leave their savings untouched to accrue interest, but have the security of knowing they can access it if they really need to.

Savings rates are recovering at a ‘slow and steady’ pace after the COVID-19 pandemic, according to Moneyfacts and this latest deal for savers from Skipton Building Society is bound to pique interest.

This could be good news for savers who are looking to put away £250 a month with a fixed interest rate for a year.

Customers can open the account with just £1 and there’s no minimum monthly savings amount, but if they are able to, they can save a maximum of £250 a month.

What’s unusual about this deal is that it’s only available to existing customers and is not a way to encourage new customers to sign up.

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© Getty Young mother on her laptop

This account is only available to UK residents aged 16 or over, who hold a continuous membership with Skipton Building Society (a Savings Share account or a Mortgage) starting on or before 16 August 2021 with a minimum balance of £1.

If someone is able to transfer £250 every month into this savings account and leave it untouched, the estimated balance at the end of the fixed term would be £3,056 if the following steps are taken:

  • the account is opened with £250 on 1st of the month and interest starts being earned straight away
  • £250 is paid on the first day of each subsequent month by standing order
  • No withdrawals are made the interest is paid annually and added to the account

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Once it has matured, it will then default into an Easy Access savings account.

This is really good news for savers as savings have come in for a tough time recently, following the Bank of England’s decision to maintain its base rate at 0.1 percent.

It has led to many providers reducing their interest rates accordingly, but it now looks like things are on the up with providers competing once again to offer the best rate for savers.

How much cash should I be saving?

There’s no one-size-fits-all when it comes to how much people should be putting away in a savings account but it is a good idea to have an emergency fund, and think about a savings pot and retirement fund.

© Express Later life mortgages infographic

A good rule of thumb is to have three to six months’ worth of money to cover the mortgage, utility and food bills.

Depending on individual circumstances, a good figure to aim for is £3,000 set aside in an easy access savings account.

According to research from Hargreaves Lansdown, more than half (51 percent) of people do not have enough emergency savings.

What’s more, a staggering 46 percent of retirees don’t have enough put away in the bank.

In the Hargreaves Lansdown study, financial experts also discovered that almost half of people could be missing out on interest on top of their inheritance because they’re not sure what to do with it.

Sarah Coles, personal finance analyst at Hargreaves Lansdown said that inheritances could be squandered because people are worried about making a mistake.

She advised that it’s a good idea to put the money into a savings account with a decent interest while deciding what to do next.

That should give people time to decide on the next best option.

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