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Skipton Building Society raises savings rates for savings bonds
Tue, 06 Feb 2007
Skipton Building Society has unveiled details of its revamped range of savings bonds , which may be of interest to consumers looking to start saving money.

Launching on February 7th 2007, the financial services provider is offering a new one-year fixed-rate savings bond, which offers a gross annual savings rate of 5.96 per cent.

At the same time, two-year and three-year fixed-rated savings bonds that also offer 5.96 per cent gross interest per annum will be launched.

John Goodfellow, chief executive of the financial services provider, commented on the savings bond rate changes.

"This latest increase … has led them to be some of the most competitive around and I'm sure savers will be taking the opportunity to gain a generous return on their investments ," he said.

Savings bonds involve the customer agreeing to invest a certain amount of money for a set period of time without making any withdrawals or deposits at a later stage.

When the savings bond matures, the bondholder receives the original sum invested as well as a set amount of interest, as stipulated in the original contract.

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