Skipton Building Society launches new 5% easy access savings account – are you eligible?

Skipton Building Society has launched a new easy access savings account, paying a 5% AER variable interest rate.

It is currently one of the best easy access rates on the market, although the account isn’t open to everyone. But for those who can get it, now could be a good time to bag the top rate as the Bank of England is expected to cut rates again this year, meaning deals on savings accounts will also drop.

The Member Bonus Saver includes a fixed 2.2% bonus for the first 12 months, on top of the 2.8% variable. As its name suggests, the account rewards loyal Skipton customers.

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You can put up to £5,000 into the account – meaning you could potentially earn £250 annual interest if you paid in the maximum..

Savers can withdraw the money at any time with no penalties, although as with any easy access account, taking money out affects the overall interest you earn.

This is a variable rate account, meaning the underlying interest rate could go up or down, although the 12-month bonus rate is fixed so the account will pay at least 2.2% for the first 12 months.

Who is eligible for Skipton Building Society’s 5% saver account?

To take advantage of the Member Bonus Saver account, you must be a UK resident aged 16 or over, and have held a continuous membership with Skipton Building Society starting on or before 2 June, 2025.

If you held a Skipton Building Society savings account or mortgage with a balance of at least £1 on the aforementioned date, and you don’t already have a Member Bonus Saver, you will qualify.

You can only hold one account per eligible member and joint accounts are not available.

The account can be opened online, on Skipton’s app, in branch or over the phone.

Interest on this account is paid annually.

Alex Sitaras, head of savings and partnership products at Skipton , said the account “offers a highly competitive rate” and “reflects our ongoing commitment to rewarding loyalty and helping our members make their money work harder”.

Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk told MoneyWeek: “It’s rare to see a fully flexible easy access account paying 5% on deposits as small as £1.

“Inflation can quickly erode savers’ pots so this may be an attractive option for existing customers to get their savings working to its highest potential.”

However, while the account comes with an “attractive” headline rate, Eastell urged savers to review the deal when the bonus expires after 12 months.

“If savers are unsure what account is best suited to them, they should seek advice from a professional,” she added.

How does Skipton’s 5% Member Bonus Saver compare to other accounts?

The best easy access savings account open to everyone is currently Atom Bank's Instant Saver Reward, which pays 4.75% AER variable.

While the Instant Saver Reward is an easy access savings account, it includes a "reward" rate for when savers don't make withdrawals. If you withdraw money, the rate will temporarily drop to 2.5% AER variable for the month.

Chase is currently offering new customers an interest rate of 4.5% AER variable for six months. This includes a 1.75% AER bonus rate, which is fixed for six months.

In April, Chase launched a new 1.8% fixed bonus offer on its easy access saver account for more than two million existing customers. The boosted rate was fixed for six months.

At the time, it meant customers could earn 4.8% AER over the period, as Chase's standard saver variable rate was 3% AER variable.

However, the Chase Saver's variable rate tracks at 1.5% below the base rate. After the Bank of England cut interest rates to 4.25% in May, the account’s rate was reduced to 2.75% AER variable.

This means the overall interest rate on the boosted account has fallen to 4.55% AER.

First Direct offers current account holders up to 4% AER via its Bonus Savings Account.

They can get the boosted rate of 4% AER on balances up to £50,000 for each month they don't make a withdrawal. This drops to 1.35% AER in any month they make a withdrawal.

The interest rate with bonus will be reduced to 3.75% AER on balances up to £50,000 from 21 July 2025. The interest rate without bonus will be cut to 1.3% AER at the same time.

When choosing the home for your savings, it’s important to think about whether you could be taxed on the interest, particularly given the ongoing freeze to income tax bands. We look at the difference between ISAs and traditional savings accounts in a separate article.