Savers have a new option coming to the market thanks to Skipton Building Society. The financial services provider recently introduced new range of fixed-rate bonds for those consumers looking for more variety in the current savings market.
The building society has said that the intention behind the new savings accounts is to bring more attention back to the savings market following the worldwide recession and banking crisis. The several new deals have variable terms from a long as five years to as short as just six months.
The personal and business bank account provider has made the entirety of the packages available as an online offering. Interest rates attached to the savings products can run as high as 4.1 per cent for the initial term of each fixed-rate bond. After the initial term of each bond expires, the bank will transfer them into a more traditional savings account with a 2.25 per cent annual equivalent rate attached to it. The new internet savings accounts will then be entitled the My Loyalty Saver accounts.
Skipton Building Society product head Kris Brewster released a statement in conjunction with the new bond offering. The financial services provider spokesperson remarked that due to both the competitive rates attached to the online bonds and their ease of use, customers can ensure that their money goes to work for them and not the opposite.
However Skipton is not the only lender who has recently broadened their savings offerings. In related news, banking giant Barclays also declared recently that they were launching their own new deal in regards to fixed rate bonds.
Industry experts have considered the growing trend that UK banking institutions seem to be following by broadening their savings products lately. Many insiders feel that the new focus on savings being spearheaded by the banking sector may aid in the revitalisation of the British economy.