Skipton claims to offer lowest rate of top ten societies

The Skipton Building Society has claimed that it offers the lowest standard variable rate (SVR) of the ten major building societies in the UK – with a standard rate of 6.14 per cent.

Furthermore, Skipton states that its SVR is 0.5 per cent below the average standard rate offered by all banks.

The majority of investors with Skipton will see their rate increase, the lender reports, by 0.25 per cent, with the average increase across all variable rate accounts slightly below this.

Skipton’s rate changes will take effect over the weekend of September 2nd and 3rd.

John Goodfellow, chief executive of Skipton, claims that the company’s interest rate policies have distinguished it from some of its counterparts in the market.

“Unlike a number of our competitors, we haven’t moved our rates between the Bank of England’s base rate changes,” Mr Goodfellow said.

“This fairness has continued with the adjustments we have now made, and I believe Skipton has delivered a response to the recent interest rate increase which ensures fair treatment for all our customers.”