Spotlight on: Skipton's 160-day bond

 

The deal

The Skipton building society is celebrating its 160th anniversary by offering two new savings accounts.

Good points

The 160-day bond pays 2.25 per cent fixed until 13 December 2013 on between £500 and £5,000. Meanwhile a special edition Regular Saver account pays 3 per cent on deposits of up to £160 per month for a year.

Bad points

They're both short-term deals, which are not much good for those savers looking to lock away nest-eggs and get a decent return.

Conclusion

If you have savings then the bond pay rate is not bad, but stashing cash in it will mean finding a new home for savings come December. A longer-term lower rate may prove more convenient and actually more lucrative.

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

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