feature
Other Candid sites

Candid Financial Advice
Financial advice for a fraction of the usual cost.

Compare Fund Platforms
The UK's only fund platform comparison site for private investors.

Rating Key
RatingMeaning
11 StarAwful
21 StarPoor
31 StarOk
41 StarGood
51 StarExceptional

Candid Reviews

| Printable version | A A A |


Skipton BS My Savings

Savings Account
Published 13 October 2010
Helpful? 5
Open Quote Straightforward savings accounts paying a fairly competitive rate of interest. But the range of different names is really just a pointless gimmick for most savers.End Quote
Thumbs Up
  • Straightforward - no bonuses or withdrawal penalties.
  • Fairly competitive rate of interest at time of writing.
  • Can be opened with just £1.
Thumbs Down
  • No guarantee that the rate won't become less competitive in future.
  • Giving the account 12 different names is just a gimmick.
Candid Rating
3.7
Candid Charges
Initial/Setup

n/a

Annual/Ongoing

n/a

Exit/Redemption

n/a

Other

CHAPS transfer £25 (but BACS transfers free).

In what might be seen as something of a gimmick, Skipton Building Society has launched a series of 'My Savings' online savings accounts, each aimed at saving for a specific need.

There are 12 accounts in total, all identical except for the names, which are as follows:  my wedding saver, my car saver, my rainy day saver, my gadget saver, my retirement saver, my holiday saver, my handbag saver, my children's saver, my bills saver, my home saver, my secret saver, my slush fund saver.

You need to be 16 or over to open an account and the minimum balance is £1 per account, with a maximum of £1 million. The accounts offer straightforward easy access to your money and are managed online with a single (variable) rate of interest paid either annually or monthly.

The interest rate being paid at the time of writing is 2.25% gross a year. It's not the highest rate on the market, for example Halifax is paying 2.6% on its Web Saver Extra account (if you only make 1 withdrawal a year) and Natwest is paying 2.89% for a year on its e-savings account (although includes a bonus for the first year), but the rate on these new accounts is nevertheless reasonable.

However, what really matters is how competitive the rate remains in future. All too often the competitive variable rates of today descend into downright awful rates a year or two down the line. So if you open a My Savings account make sure you keep an eye on the rate you're getting and don't hesitate to move elsewhere if need be.

All in all these are nice straightforward accounts paying a fairly competitive rate of interest. Only time will tell whether the rate remains competitive, but it's alright for now. While having an account named after a specific need might help a few people, it's really just a gimmick that shouldn't affect your decision on whether to open one of these accounts.

Web Link: http://www.skipton.co.uk/savings_and_investments/e-savings/my_savings/

If you found this review helpful, please add your vote by clicking here.

Why not write your own review of this product? click here.

Please Note: We display user reviews in good faith and cannot guarantee their authenticity. Never choose providers or products on the basis of these user reviews alone. All information and data shown is as at the date of the review.