Member Regular Saver

Account Name

Member Regular Saver

Can Skipton Building Society change the interest rate?

• Yes, the interest rate is variable, so it can go up or down dependent on the Bank of England Base Rate.
• If the Bank of England Base Rate changes, the new interest rate on your account will apply without notice, no more than 14 days after the change is effective.
• Section 8 of our Savings Account Terms and Conditions explains why we may change the interest rate.

What would the estimated balance be after 12 months based on a £250 deposit each month?

The estimated balance at the end of the fixed term would be £3,105 based on the following assumptions:

• The account is opened with £250 on 1st of the month and starts earning interest straight away.
• £250 is deposited on the first day of each subsequent month by standing order, totalling £3,000 over the 12 month term.
• No withdrawals are made.
• The interest is paid annually.
• The interest is added to this account.
  
• There is no change to the Bank of England Base Rate (4.50% as at 10/02/2025).

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.

How do I open and manage my account?

• This account is only available to UK residents aged 16 or over, that hold a continuous membership with Skipton Building Society (a Savings Share account or Mortgage) starting on or before 20/01/2025 with a minimum balance of £1.
• 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 phone.
• The minimum opening and operating balance for this account is £1. 
• Subsequent payments in can be made from £1.
  
• You can pay in as many times as you like each month, as long as you don’t exceed the £250 monthly allowance.
• You don't have to pay in every month and any unused monthly allowances can be rolled over to future months.
• The maximum balance at the end of the 12 month term is £3,000 excluding interest earned.
• Joint accounts aren’t allowed.
• You can only hold one Member Regular Saver in your name at any one time (either a Member Regular Saver or a Branch Member Regular Saver).

Can I withdraw money?

• 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 fixed term, which is known as ‘maturity’, your account will automatically transfer into a new easy access account, which has a variable rate of interest and doesn't track the Bank of England Base Rate, 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.

Additional information

• The Annual Equivalent Rate (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.