Savings massacre as huge building society to make big change 92 accounts in DAYS
A HUGE building society to make a big change to a number of accounts in DAYS.
Skipton Building Society said that from June 9 a total of 92 types of savings accounts will have its interest lowered.
The moves comes after rate-setters on the BoE’s Monetary Policy Committee cut the base rate from 4.5% to 4.25%.
This was the fourth interest rate cut since 2020.
The base rate is used by lenders to determine the interest rates offered to customers on savings and borrowing costs.
A base rate cut can mean that mortgage rates are lowered, which is good news for homeowners.
But it can mean that savers lose out as the interest they earn on savings will drop
As the base rate falls, some savings providers, including Skipton have chosen to lower the interest rates on some savings accounts.
Some 89 savings accounts provided by the bank will have interest rates lowered.
That includes it’s Easy Access Saver account which will see the interest lowered from 3.05% AER to 2.80% from next month.
AER, or Annual Equivalent Rate, is used to show you what you could earn from a savings account over a year.
It’s Retirement Saver will also see interest lowed from 2.80% to 2.55%.
Meanwhile it’s Children’s Saver will be decreased 3.05% to 2.80% AET
You can see the full list from below:
- Branch Cash ISA / Online Cash ISA (Issue 1-3): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Branch Cash ISA Plus (Issue 1): Rates are decreasing from 3.50% AER to 3.25% AER.
- Branch Cash ISA Saver (Issue 1): Rates are decreasing from 2.85% AER (2.81% monthly) to 2.60% AER (2.57% monthly).
- Branch Cash ISA Saver (Issue 2): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Branch Cash ISA Saver (Issue 3): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Branch Cash ISA Saver (Issue 4): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Branch Cash ISA Saver (Issue 5): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Branch Cash ISA Saver (Issue 6): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Branch Cash ISA Saver (Issue 24): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Cash ISA Saver (Issue 1): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 2): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 3): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 4): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 5): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 6): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 7): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 8): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 9): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 10): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 11): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 12): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 13): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 14): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 15): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 16): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 17): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Cash ISA Saver (Issue 18): Rates are decreasing from 2.85% AER (2.81% monthly) to 2.60% AER (2.57% monthly).
- Cash ISA Saver (Issue 19): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Cash ISA Saver (Issue 20): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Cash ISA Saver (Issue 21): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Cash ISA Saver (Issue 22): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Cash ISA Saver (Issue 23): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Cash ISA Saver (Issue 24): Rates are decreasing from 3.05% AER (3.01% monthly) to 2.80% AER (2.76% monthly).
- Cash Lifetime ISA (Issue 1): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash Lifetime ISA (Issue 2): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash Lifetime ISA (Issue 3): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash Lifetime ISA (Issue 4): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash Lifetime ISA (Issue 5): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash Lifetime ISA (Issue 6): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash Lifetime ISA (Issue 7): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash Lifetime ISA (Issue 8): Rates are decreasing from 2.80% AER to 2.55% AER.
- “Without Bonus” Rates: Rates are decreasing from 3.05% AER to 2.80% AER.
- “With Bonus” Rates: Rates are decreasing from a range of 3.70%-4.75% AER to 3.45%-4.50% AER.
- 30 Day Notice Account (Issue 1): Rates are decreasing from 2.80% AER to 2.55% AER.
- 60 Day Notice Account (Issue 1): Rates are decreasing from 3.35% AER to 3.10% AER.
- 90 Day Notice Account (Issue 1-8): Rates are decreasing from 3.00% AER to 2.75% AER.
- 120 Day Notice Account (Issue 1-15): Rates are decreasing from a range of 3.15%-3.35% AER to 2.90%-3.10% AER.
- Cash ISA (ex. Holmesdale) – 30 Day Notice (Issue 1): Rates are decreasing from 2.80% AER to 2.55% AER.
- Cash ISA 90 (ex. Holmesdale) (Issue 1): Rates are decreasing from 2.95% AER to 2.70% AER.
- Cash ISA 90 (ex. Holmesdale) (Issue 2): Rates are decreasing from 2.95% AER to 2.70% AER.
- Charities Notice (ex. Holmesdale) – 60 Day Notice (Issue 1): Rates are decreasing from 2.90% AER to 2.65% AER.
- Holmesdale 30 (ex. Holmesdale) (Issue 1): Rates are decreasing from 2.80% AER (2.76% monthly) to 2.55% AER (2.52% monthly).
- Holmesdale Business 60 (ex. Holmesdale) (Issue 1): Rates are decreasing from 2.90% AER to 2.65% AER.
- Holmesdale Business 60 Share (ex. Holmesdale) (Issue 1): Rates are decreasing from 2.90% AER to 2.65% AER.
- Holmesdale Business 90 (ex. Holmesdale) (Issue 1): Rates are decreasing from 3.00% AER to 2.75% AER.
- Holmesdale Business 90 Share (ex. Holmesdale) (Issue 1): Rates are decreasing from 3.00% AER to 2.75% AER.
- Save 35 (ex. Holmesdale) (Issue 1): Rates are decreasing from 2.80% AER to 2.55% AER.
- Save 60 (ex. Holmesdale) (Issue 1): Rates are decreasing from 2.90% AER to 2.65% AER.
- Quadruple Access Cash ISA Saver (Issue 1): Rates are decreasing from 4.35% AER to 4.10% AER.
- Branch Quadruple Access Cash ISA Saver (Issue 1): Rates are decreasing from 4.35% AER to 4.10% AER.
- Double Access Saver (Issue 1): Rates are decreasing from 3.50% AER to 3.25% AER.
- Branch Double Access Saver (Issue 2): Rates are decreasing from 3.50% AER to 3.25% AER.
- Branch Double Access Saver (Issue 3): Rates are decreasing from 3.50% AER to 3.25% AER.
- Limited Access Saver (Issue 1): Rates are decreasing from 3.50% AER to 3.25% AER.
- Limited Access Saver (Issue 2): Rates are decreasing from 3.50% AER to 3.25% AER.
- Single Access Saver (Issue 1): Rates are decreasing from 4.15% AER to 3.90% AER.
- Branch Single Access Saver (Issue 2): Rates are decreasing from 4.15% AER to 3.90% AER.
- Branch Single Access Saver (Issue 3): Rates are decreasing from 4.15% AER to 3.90% AER.
- Branch Single Access Saver (Issue 4): Rates are decreasing from 4.15% AER to 3.90% AER.
- Branch Single Access Saver (Issue 5): Rates are decreasing from 4.15% AER to 3.90% AER.
- Branch Single Access Saver (Issue 6): Rates are decreasing from 4.15% AER to 3.90% AER.
- Branch Single Access Saver (Issue 7): Rates are decreasing from 4.15% AER to 3.90% AER.
- Triple Access Saver (Issue 1): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Branch Triple Access Saver (Issue 2): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Branch Triple Access Saver (Issue 3): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Branch Triple Access Saver (Issue 4): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Branch Triple Access Saver (Issue 5): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Branch Triple Access Saver (Issue 6): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Branch Triple Access Saver (Issue 7): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Online Triple Access Saver (Issue 1): Rates are decreasing from 3.25% AER (3.20% monthly) to 3.00% AER (2.96% monthly).
- Home Deposit Saver (Issue 1): Rates are decreasing from 4.56% AER to 4.31% AER.
- Home Deposit Saver (Issue 2): Rates are decreasing from 4.56% AER to 4.31% AER.
- Branch Home Deposit Saver (Issue 3): Rates are decreasing from 4.56% AER to 4.31% AER.
- Branch Home Deposit Saver (Issue 4): Rates are decreasing from 4.56% AER to 4.31% AER.
- Child Trust Fund: Rates are decreasing from 4.00% AER to 3.75% AER.
- Junior Cash ISA: Rates are decreasing from 4.00% AER to 3.75% AER.
- Junior Cash ISA (ex. Holmesdale): Rates are decreasing from 4.00% AER to 3.75% AER.
- Children’s Saver: Rates are decreasing from 3.05% AER to 2.80% AER.
- Children’s Trust Saver: Rates are decreasing from 3.05% AER to 2.80% AER.
- Leap Account (Issue 1): Rates are decreasing from 2.80% AER to 2.55% AER.
- Leap Account (Issue 3): Rates are decreasing from 3.05% AER to 2.80% AER.
- Young Saver (ex. Holmesdale) (Issue 1): Rates are decreasing from 4.00% AER to 3.75% AER.
If you are not happy with the change, it is always worth looking at other providers to see if you can get a better deal.
Websites such as MoneyFacts share the best offers on the market for savings and other types of bank accounts.
Sally Conway, Savings Expert at Shawbrook Bank said that while savers may feel the pinch, this “doesn’t mean it’s time to settle for less”.
“In fact, with rates lowering across the board, now more than ever it pays to look beyond the high street. Specialist providers often offer some of the best rates available yet remain one of the best kept secrets in savings.”
She added: “Now’s the time to be proactive. Don’t let your savings get left behind – explore your options and make sure your money’s working harder, especially when inflation is still a concern.”
OTHER BANKING CHANGES
Skipton is not alone in it’s decision to lower interest rates on some of its deals.
Leeds Building Society said it will lower the interest on 58 of its saving accounts.
That includes its Five Access Saver which will have its interest rates lowered from 3.77% AER to 3.55% come June 27.
Elsewhere, Monzo said it would lower the intertest on its Personal Instant Access Savings Pots from from 3.50% AER to 3.25% AER.
The bank said it would make the changes automatically on May 27 2025.
Elsewhere, Barclays, Nationwide and Lloyds have all confirmed their customers on standard variable rate (SVR) and tracker mortgages will benefit due to the rate cut.
Barclays confirmed all its mortgage products that track the base rate will decrease by 0.25%.
Existing customers will see their rates change from June 1.
Barclays’ standard variable rate mortgage is 3.49% above the base rate.
It currently stands at 7.99%, but following today’s announcement it will drop to 7.74% on June 1.
Nationwide customers will also see interest rate reductions of 0.25%.
Those on standard variable rate mortgages will start getting their new rate on June 1.
It will drop from 7.24% to 6.99%.Tracker mortgages will also reduce on June 1.
SAVING ACCOUNT TYPES
THERE are four types of savings accounts fixed, notice, easy access, and regular savers.
Separately, there are ISAs or individual savings accounts which allow individuals to save up to £20,000 a year tax-free.
But we’ve rounded up the main types of conventional savings accounts below.
FIXED-RATE
A fixed-rate savings account or fixed-rate bond offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term.
This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account.
Some providers give the option to withdraw, but it comes with a hefty fee.
NOTICE
Notice accounts offer slightly lower rates in exchange for more flexibility when accessing your cash.
These accounts don’t lock your cash away for as long as a typical fixed bond account.
You’ll need to give advance notice to your bank – up to 180 days in some cases – before you can make a withdrawal or you’ll lose the interest.
EASY-ACCESS
An easy-access account does what it says on the tin and usually allows unlimited cash withdrawals.
These accounts tend to offer lower returns, but they are a good option if you want the freedom to move your money without being charged a penalty fee.
REGULAR SAVER
These accounts pay some of the best returns as long as you pay in a set amount each month.
You’ll usually need to hold a current account with providers to access the best rates.
However, if you have a lot of money to save, these accounts often come with monthly deposit limits.