Interest on your account

Deposits made into your savings accounts all earn interest. How quickly they start to earn interest depends on the type of payment you make into the account.

Payment types

The manner in which interest is paid to you will vary from account to account, dependent on which payment method you initially select. Please refer to your terms and conditions for specific information.

Cash

Cash deposits accrue interest from the day they are paid into your account.

Internal transfers

Internal transfers between Skipton accounts start earning interest the day the transfer takes place.

Cheque and debit card

Interest from cheque or debit card payments starts to accrue on the third working day, from and including the day on which a debit card or cheque payment is made into your account (if this is a working day). For example, for a debit card or cheque payment made on a Saturday or Monday, interest will accrue from Wednesday. Please note, for cheque payments via the post, this will depend on when we receive your cheque.

Electronic payments (Faster payments, BACs, and CHAPS)

Deposits received via electronic payments will accrue interest from the day we receive the payment. This is subject to the ‘cut-off’ point for the payment instruction of the bank or building society from which the payment is made and when the funds are received by us.

For example, a payment received on a Monday will accrue interest from the same day. However, a payment initiated after the cut-off point on a Friday will normally be received in our bank account on the following Monday, although it may be visible over the weekend.

Financial Services Compensation Scheme

Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Learn more about the FSCS

FSCS - Protecting Your Money
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