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Skipton launches online seven-year bond

Skipton has launched an online version of its seven-year fixed-rate savings bond. Customers can save between £500 and £10,000 in this bond with an annual interest rate of 3.50% AER or a monthly interest rate of 3.45% gross per annum/3.50% AER.

The in-branch version of the product was officially recognised by Moneyfacts as the only savings product of the 804 currently on the market to offer above-inflation returns.

Kris Brewster, Skipton’s head of products, said: “We originally conceived this product to offer savers value and certainty in a market characterised by historically low rates.

“Wednesday’s announcement by the new Bank of England Governor did a lot to bring increased certainty to the marketplace.

“However, the downside of that for savers is they now know they are unlikely to see much improvement in their returns for even longer than they might have thought.

“That’s why we’re doing what we can to cushion the impact on them by extending the availability of our seven-year branch bond, and now making it available to online customers too.”

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