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Interest on your account

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

Payment types

Cash

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

Internal transfers

If you transfer your savings from one Skipton account to another, your savings will start to earn interest on the day of the transfer.

Cheque and debit card

Interest from cheque or debit card payments will start to accrue on the third working day after the deposit was made.

Day cheque/ debit card paid into the SBS account Day interest accrues from
Monday Wednesday
Tuesday Thursday
Wednesday Friday
Thursday Monday
Friday Tuesday
Saturday Wednesday

If you sent your cheque by post, interest will start to accrue on the third working day after the cheque's been process and your money's been deposited.

Electronic payments (Faster Payments, BACs, and CHAPS)

Deposits made by electronic payment will accrue interest from the day we receive the payment. However, there could be a cut-off point for processing the payment if it’s a weekend or bank holiday. For example, a payment made after the cut-off point on a Friday (typically 6:00pm) will normally be processed on the following Monday but might show in your account over the weekend. However, the payment will be shown and available in the account sooner.

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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