Skipton Building Society’s new 4.55% fixed-rate Cash ISA is among the highest rates currently available in the market, making it an attractive option for savers. With an 18-month term, this account is designed for both new and existing customers looking to maximize their tax-free savings.
Key features of the Cash ISA:
- The account pays an interest rate of 4.55% AER.
- A minimum deposit of £500 is required to open the account.
- Savers can hold balances up to £1 million.
- Withdrawals are not allowed during the 18-month term.
- If you close the account early, a penalty of 90 days’ interest applies.
- Customers can deposit their full £20,000 annual ISA allowance.
- The account can be opened online, through the Skipton app, in branch, or by phone.
Alex Sitaras from Skipton Building Society noted, “With ISA allowances under increased scrutiny and savers keen to act before any future changes, many people are looking for straightforward ways to secure strong, tax-free returns.” He added, “That’s why we’re pleased to introduce a new 18-month fixed ISA, offering one of the leading rates on the market today and available to both new and existing customers.”
As savers navigate these options, it’s important to remember that the annual ISA allowance resets each year on April 6th when a new tax year begins. This timing could influence how quickly people decide to take advantage of this high-interest offering from Skipton.
