Skipton Building Society has today launched an exclusive three-year Member Income Bond, which pays an interest rate of 4.50 percent.
The new savings account aims to help provide eligible Skipton members with a monthly boost to their income with regular, fixed monthly interest paid into their nominated bank account.
To be eligible to open the product, members must be aged 66 or over and they must have held a savings account or mortgage with the society continuously since June 12, 2022.
A minimum deposit of £10,000 is required and up to £25,000 can be invested overall. Withdrawals are not permitted until the term ends.
Skipton shared a few examples of how much monthly income a person would receive per deposit, which include:
- £10,000 – £37.50 monthly income
- £15,000 – £56.25 monthly income
- £20,000 – £75.00 monthly income
- £25,000 – £93.75 monthly income.
The Society has also launched a new one-year bond available to all of its 1.2 million members, giving them an attractive fixed rate of return of five percent for the next 12 months.
This bond is available to any Skipton member aged 16 or over who held a savings or mortgage account with the society on June 12, 2024.
Savers need a minimum deposit of £500 to launch the account and up to £15,000 can be invested overall. Withdrawals and early closure are not permitted, and interest is paid on maturity.
Alex Sitaras, head of savings and partnership products at Skipton Building Society, said: “We want being a member at Skipton to really mean something, whether you’re using one of our savings accounts to get set for the future, or you’ve used one of our mortgages to buy your home.
“By launching our three-year fixed rate Member Income Bond today, we’re supporting those members who might be looking for a way to boost their income in retirement by having a set monthly return from their savings.
“Members who save the maximum £25,000 into this bond from day one will benefit from over £90 income each month or over £1,000 per year. Giving them more money to do the things they like in retirement, or to help with monthly expenses such as food or petrol.
“It’s no secret that our mission is to help Skipton members get their money working as hard as it can for them.
“Which is why our new Member Income Bond is a natural choice for any Skipton member looking for a great way boost their savings and even to help supplement their pension.”
