Skipton Building Society has launched a new 4.55% fixed-rate Cash ISA with an 18-month term, making it one of the highest rates currently available in the market.
The account requires a minimum deposit of £500 and allows balances up to £1 million. Both existing and new customers can access this account.
Withdrawals are not permitted during the 18-month term. If customers choose to close the account early, they will incur a penalty equivalent to 90 days’ interest.
Customers can deposit their full £20,000 annual ISA allowance into this account. It can be opened online, via the Skipton app, in branch, or by phone.
Key features:
- The fixed-rate Cash ISA pays an interest rate of 4.55% AER.
- Minimum deposit requirement is £500.
- Maximum balance allowed is £1 million.
- Account closure incurs a penalty of 90 days’ interest.
- Available to both new and existing customers.
Alex Sitaras from Skipton stated, “With ISA allowances under increased scrutiny and savers keen to act before any future changes, many people are looking for straightforward ways to secure strong, tax-free returns.” He added that the new account offers one of the leading rates on the market today.
As the financial landscape evolves, savers may consider this option for their tax-free savings needs. The next opportunity to maximize your ISA allowance will come with the new tax year starting on April 6.