Home Deposit Saver Issue 1

Yes, the interest rate is variable, so it can go up or down, for the 24 month term of the account.

• Section 8 of our Savings Account Terms and Conditions explains why we may change the interest rate.
• If there is at least £100 in the account, we’ll notify you in advance if we intend to reduce the interest rate.

The estimated balance at the end of the fixed term would be £12,641 based on the following assumptions:

• The account is opened with £500 on the 1st of the month and starts earning interest straight away.
• £500 is deposited on the first day of each subsequent month by standing order, totalling £12,000 over the 24 month term.
• No withdrawals are made.
• The interest is paid annually.
• The interest is added to this account.
• There is no change to the interest rates stated.

Estimated balances are for illustrative purposes only. They may be less for accounts opened by debit card or cheque, because interest won't be earned until your account receives the deposit.

• This account is only available to UK residents aged 16 or over.
• To open and manage this account, a valid email address must be provided.
• You can open and manage it through Skipton Online, in the Skipton App, in branch, by post or by phone. You may be required to set up appropriate security and access measures, and these might differ depending on how you choose to manage the account.
• The minimum opening and operating balance for this account is £1.
• Subsequent payments in can be made from £1.
• There is no minimum monthly deposit.
• You can pay in as many times as you like each month, as long as you don’t exceed the £500 monthly allowance.
• Any unused monthly allowances can be rolled over to future months, up to a maximum of £12,000 over the 24 month term.
• Joint accounts aren’t allowed.
• You can only hold one Home Deposit Saver in your name at any one time (either a Home Deposit Saver or a Branch Home Deposit Saver).
• Maximum balance is £12,000 excluding interest earned.

• You can’t withdraw part of your account balance. However, you can close your account at any time and withdraw the full balance through Skipton Online, in the Skipton App, in branch, by post or by phone, as long as you’ve set up the relevant security and access measures. You don’t need to give us notice and there are no penalties.
• If you choose to close your account and withdraw your funds by electronic payment, this must be made to a UK bank or building society account in your own name. We won’t make an electronic payment to any other type of account.
• At the end of the 24 month term, which is known as ‘maturity’, your account will automatically transfer into a new easy access account, which has a variable rate of interest, unless you tell us otherwise when we contact you before maturity. You can find out more about the maturity process in term 9 of the further Terms and Conditions.

• The AER shows what the interest rate would be if interest was paid and added each year.
• We pay all savings interest gross, which means no tax is deducted. It’s your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future.
• Accounts can be withdrawn from sale at any time and without notice.