This rate is only available to existing building society customers and is not an incentive to encourage new customers to sign up.
To qualify they must have opened an account with Skipton Building Society before August 16, 2021 and they can save any amount in the account, up to a maximum of £250 a month.
If someone is able to transfer £250 every month into this savings account and leave it untouched, the estimated balance at the end of the fixed term would be £3,056.
That’s if they don’t miss any payments or make any withdrawals.
After 12 months it will mature, when it will then default into an Easy Access savings account.
She added: “Savings providers have been attentive with pricing fixed bonds, and the average longer-term bond has now surpassed one percent for the first time since June 2020.
Meanwhile, according to research from Hargreaves Lansdown, more than half (51 percent) of people do not have enough emergency savings.
Experts say it’s a good idea to have between three and six month’s worth of expenses saved in an emergency fund.
This could help people pay the rent or mortgage and cover living expenses if something unexpected happens that prevents them from working.
Skipton says the Regular Saver Account is a good option for people who:
- Are existing Skipton members who joined on or before August 16, 2021
- Want the security of a fixed rate that’s guaranteed for 12 months
- Would like to save up to £250 per calendar month to build up a lump sum
- Don’t need to withdraw from the account unless they really need to.