Colleague Choice Saver

This product is our first multi channel account and is exclusive to colleagues. The aim is to allow us to gain feedback prior to launching to the general public.

This account might be right for you if:

  • You're a Skipton Building Society employee
  • You'd like easy access to your money
  • You'd like to help us test this product as part of our new multi-channel development plan

This account might not be right for you if:

  • You want to save tax-free
  • You want to save more than £1,000
  • You want the security of a fixed rate that's guaranteed for a set amount of time

Summary Box

Account name Colleague Choice Saver
What is the interest rate?
Annual Interest 0.25% gross pa/AER
Interest is earned daily and added to your account at midnight on the anniversary of the date your account was opened.
Monthly Interest: No monthly interest option available.
Can Skipton Building Society change the interest rate?
  • Yes, the interest rate is variable, so it can go up or down.
  • You'll find full details of this and the reasons why we might change the interest rate in section B23 'interest' of our Investment Account Terms and Conditions.
  • If the interest rate ever goes down, we'll always write to you in advance to let you know as long as you have at least £100 in your account.
What would the estimated balance be after 12 months based on a £1,000 deposit?
  • The estimated balance after 12 months would be £1,002.50 based on the following assumptions:
    • £1,000 is paid in when the account is opened and interest starts being earned straight away
    • No further deposits or any withdrawals are made
    • The interest is paid annually and added to the account
    • The interest rate stays the same for the full 12 months.
  • Estimated balances are for illustrative purposes only and may be less for accounts opened by debit card or cheque.
How do I open and manage my account?
  • This account is available to Skipton Building Society employees aged 16 or over and can be opened and managed online, in branch, by phone or by post.
  • The first payment into the account can be by debit card, internal transfer from another Skipton account or electronic payment (but not direct debit) from another UK bank or building society. You can also pay in by cash (in branch only, and we'll need to see some photographic ID for you for your first cash payment if you didn’t open in branch. We can't accept third party cash payments), cheque (in branch or by post) or by standing order.
  • You can save from £1 up to £1,000 per account.
  • Joint accounts are allowed if both account holders are Skipton employees.
Can I withdraw money?
  • Yes, you can withdraw money or close the account online, in branch, by phone or by post. You don't need to give us notice and there are no penalties.
  • If you haven't already done so, you'll need to provide identification and a valid signature the first time you withdraw in branch or by post.
  • For security reasons, you can't withdraw or close within 14 days of us receiving your first payment. This applies to both new and existing customers.
  • You can change your mind within the first 14 days but we can't return funds or transfer to another account within the first 14 days.
Additional Information
  • AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. We pay all savings interest gross, which means no tax is deducted. It's your responsibility to pay any tax due, based on your individual circumstances. Tax rules may change in future. The AER allows you to compare the interest rates on savings accounts. The higher the AER, the better the return on your savings.
  • This product is a test product and we reserve the right to vary the terms and conditions with 7 days notice, or to close the account with 28 days notice.
  • It's worth noting that any of our accounts can be withdrawn from sale at any time and without notice.

If you are not satisfied with our services we have an internal complaints procedure. For more information please call us on 0345 850 1722, ask in branch or visit our Complaints page.

The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4567.

www.financial-ombudsman.org.uk

For products and services bought online you can also refer to the Online Dispute Resolution platform (ODR) at http://ec.europa.eu/consumers/odr/. As we're a UK building society, the ODR will still refer you to the Financial Ombudsman Service as the alternative dispute resolution body. The Financial Ombudsman Service will refer you back to our complaints process unless you've already been through this.

Need help?

If you have a question or need help deciding then you can phone, email or call into a branch - we're always happy to help.

Call us on 0345 850 1722
Our lines are open Monday to Thursday 8am-8pm, Friday 8am-5.30pm and Saturday 9am-12pm.

Apply

Things to know before you apply

  • This account can be opened and managed online, in branch, over the phone or by post.
  • You can find information on how to set up each channel in the Colleague Choice Saver Guidance.

If you are a new customer - where possible, we use an electronic verification system to verify your identity and address, however we can't do this for postal applications, for children under 18 in England, or if you are not on the electoral roll for your current address. For full ID requirements please see our Proving your identity [PDF] document.

We like to make sure you are fully aware of the charges which we will make for a number of services and facilities relating to our investment accounts. You can see these in our Tariff of Charges [PDF].

It is important that you read the terms and conditions carefully. These contain the details of your agreement with us for these accounts and we will rely on them for our relationship with you.

Visit your local branch for further information and to open this account.

Branch finder

You can apply for this account securely online. If you are not an existing Skipton Online customer, we will set up your online access as part of this process.

Annual interest option

  • 0.25% gross pa/AER variable

This account can be applied for over the phone. You can call us or arrange for us to call you back. After you call we will send you pre-completed forms to sign and return.

Phone 0345 850 1722

Callback request

If you'd prefer us to call you, simply complete a few details online and we can call you back

This account can be opened by post, download the paper application form below and return with your cheque to the address shown.

Return your form to:

Customer Delivery
Skipton Building Society
The Bailey
Skipton
North Yorkshire
BD23 1DN

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