MSE News: Skipton launches 7.5% regular saver for existing customers – here's who can get it and how

apt

The advantage of paying into a Skipton (or YBS) regular saver by Halifax debit card is that you are only moving the money once. You could pay into an easy access account that accepts debit card payments instead, but you then have to move the money elsewhere or have it earn a lower interest rate.

adindas

apt said:

The advantage of paying into a Skipton (or YBS) regular saver by Halifax debit card is that you are only moving the money once. You could pay into an easy access account that accepts debit card payments instead, but you then have to move the money elsewhere or have it earn a lower interest rate.

Good point

Yes indeed you only need to move the money once (open login to Skipton once)

But typically the one allow you to pay by DC in easy access saving is earning less interest compared to other high interest in the market. Unless if you could find a way around to spend another £250+ by debit card in one go for example shopping.

So you still need to move it back to other saving paying higher paying interest rate or to your main account as a reserve balance for day to day spending.

Another point as mentioned previously, you need to make sure it is paid in the first date in the month to maximise interest. If done by SO it is automatically done for you. You could then be flexible convenience for you to pay by DC to another saving account.

Yorkshire_Pud

Couple of questions that I haven’t seen answered or asked.

It’s a 12month account, if I open the account today 30/6/2023 does it mature on 30/6/2024 or 31st May 2024 if it goes by calendar months.

Early closure is allowed but no mention of accrued 7.5% interest up to point of closure being included in the amount paid back?

I may have missed it somewhere but thanks for any help.

wiseonesomeofthetime

Opened mine 1 Jun 23.

Matures 1 Jun 24

Yorkshire_Pud

wiseonesomeofthetime said:

Opened mine 1 Jun 23.

Matures 1 Jun 24

Thanks.

I used the Skipton chat service, got a very prompt reply from a real person, it is full 12 months from date of opening to maturity, so opened the account today and can fund another £250 tomorrow to finesse the max interest.

Also the mse page on the account states that if closed early the full interest earnt to that date is added to the account and funds returned to customer.