Skipton Online Bonus Saver Pays 3.05%

Written by Karen Bryan

Skipton Building SocietyThe Skipton Building Society’s Online Bonus Saver is currently (13 January 2012) paying 3.05%, consisting of a 1.5% variable rate plus a 1.55% fixed rate for the first 12 months. However there is a minimum deposit of £1,000.  Of course, I’d be much happier if the interest rate on financial products was fixed, but this mix of fixed and variable rate seems to be the norm for many of the highest paying instant access internet accounts, such the Santander eSaver Issue 4, paying a variable rate of 0.5% plus a fixed rate bonus of 2.6%.

It can be confusing to choose where to save; trying to predict if interest rates will increase (they surely can’t fall any lower?) and if banks will tinker with variable rates. I decided to open the Skipton Online Bonus Saver account as a potential home for our emergency fund when my Halifax Web Saver Reward account bonus expires. I’m always on the lookout for the best instant access accounts. In the past I’ve been glad that I had a ready home into which to shunt our money.

Often bank and building society accounts are withdrawn if they are very popular and/or the institution has attracted the amount of money they wanted in the first place. Ideally, I’d prefer to open a new account with a 12 month bonus as close as possible to the time I need to transfer money in from an account where the interest rate is about to drop, but this isn’t always doable.