Skipton reduces savings interest rates.

Skipton Building Society has reduced the savings interest rates on a number of accounts after a range refresh to bring them in line with what it called "current market conditions".

Rates on four accounts have been reduced with the Scarborough 60 day ISA interest rate being reduced from three per cent to 2.5 per cent and the historic websaver account being reduced to 2.5 per cent from 2.76 per cent.

The reductions are a reaction by the company to similar reductions put in place by other providers and therefore have brought its rates into line with market competitors.

Head of products Kris Brewster explained: "These accounts have offered unusually high rates compared with both the rest of our range, and the marketplace, for some time now. Unfortunately, while we've maintained them as long as possible, this is unrealistic in the longer term."

Affected customers have been contacted and informed of the new savings interest rates under the new BCOB and payment services regulation rules.

Customers have been reassured that the new rates, which are all above two per cent remain competitive and in line with the market conditions.
 

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2010-08-18 15:09:01 © Moneyextra.com