Borrowers with Skipton Building Society will be pleased to find the Society’s new SVR — at 5.89 per cent - remains one of the lowest in the industry.
The decrease of 0.20 per cent will take effect from Thursday 1 September, and will affect approximately 35 per cent of the Society’s borrowers.
In addition, with effect from 22 August, rates on Skipton’s investment accounts will decrease — none by more than 0.25 per cent and some by as little as 0.15 per cent, with an average of 0.24 per cent - less than the full base rate cut.
John Goodfellow, chief executive, commented: "In an environment of falling interest rates, it becomes increasingly important to protect savers - of which we have six times more than borrowers - whilst remaining fair to all of our members. Unlike a number of other institutions, which cut rates at a time when the Bank of England’s base rate remained stable and are taking a second bite at the cherry in response to last week’s MPC announcement, I believe Skipton has taken the path of fairness, delivering a balanced response to the recent interest rate changes."
