Skipton Member 1 Year Fixed Rate Bond 5%

trickydicky14

Do you not think it's worth sticking in 500 notes and then waiting till Aug to see how the market is? just a thought. I can't see you would be loosing much over less than 2 months on something like 0.2% and you may well gain in the long run.

sheffieldeagle

trickydicky14 said:

Do you not think it's worth sticking in 500 notes and then waiting till Aug to see how the market is? just a thought. I can't see you would be loosing much over less than 2 months on something like 0.2% and you may well gain in the long run.

My thinking also. Thanks to the OP.

TheWoodler

There are something like 30 products with more competitive rates according to Moneyfacts, but about a dozen other providers are offering 5% and the majority of the market is sub-5%. 

YBS is offering a members’ bond at 4.75%, Coventry a 2-year bond at 4.30%, and Principality a 1-year bond at 4.45% to put it into some context. 

SonOfPearl

I've opened this account with £500 and made a note to check if I want to add more before the funding window closes on 7th August. Thanks to the OP for the heads up. 

35har1old

TheWoodler said:

Skipton have form for slightly unusual products - they may not always be table-topping rates, but there’s usually a flavour of something favourable about their offerings. 

The general trend for rates is downwards now. I’m starting to see communications involving variable rate reductions or communications about such communications (testing their legibility and comprehension by the customer), which shows which way the wind is blowing. Chase’s EA is 5.1% but only until January 25 - it does come with other advantages, eg for drip-feeding. 

It’s easy to criticise rates, but customers have other criteria too. The lure of a biggish name is potentially one; branch presence; customer service; good online service; accessibility; corporate social responsibility; green banking etc; or spreading their money between institutions, are all things customers can look for, as well as rates, and it’s certainly more competitive than *some* accounts that customers might hold due to inertia. 

Not everyone is an MSE, or has a lot to save, and if this galvanises an inert customer to gain more bang for their buck, relatively speaking, or to look beyond their High Street bank, then it’s not a bad thing and could end up being competitive over the course of the year. It might not be for *you*, but it might be attractive to *some* customers for more than one reason. 

I find Skipton one of the most accessibly-minded BS, so for me that’s a good trade-off. 

There is no guarantee that the Chase account will be 5.1% till January 

jameseonline

I got an email about this yesterday, think it's the 1st loyalty product I'm eligible for, 5% fix seems good to me as Barclays, CO OP, HSBC, Lloyds/Halifax/Bank Of Scotland, Nationwide, NatWest/RBS, Santander, TSB, Virgin (unless you have a current account with them in which case you get 5.05% on an ISA) all pay less.

So I feel on that basis it's attractive to people.

But then you can better rates on Easy Access accounts (Cahoot Sunny Day, Santander Edge Saver etc) & with SEVERAL Regular Savings accounts, Some regulars even pay 5.25, 5% or below but yeah do your research & go with what you think is best for you. 

Personally I don't like the idea of locking money up for a year.

With regular savers, most I can get at my money easily without any penalties.