Launch follows Delayed Start product
Skipton Building Society has unveiled a new savings product exclusively for long-standing customers — a move that could also have implications for its mortgage portfolio strategy.
The newly launched Member Bonus Saver offers a 5.00% interest rate, including a 12-month 2.20% fixed bonus, and is only available to members with savings or mortgage accounts held before June 2.
While on the surface, it’s a high-interest savings account, brokers may want to see this as a deeper play: retaining mortgage customers through value-added incentives.
The offer follows the launch of Skipton’s Delayed Start mortgage last month, which lets first-time buyers pause repayments for three months after completion. Taken together, the two products suggest a coordinated effort to improve customer lifecycle value — from acquisition through to retention — by easing entry barriers and rewarding longevity.
Alex Sitaras (pictured), head of savings and partnership products at Skipton Building Society, positioned the saver as a loyalty reward. “This product reflects our ongoing commitment to rewarding loyalty and helping our members make their money work harder,” he said.
“We’re proud to today launch this market-leading Easy Access Saver, available exclusively to our members. It offers a highly competitive rate and the freedom to access savings whenever needed.”
For mortgage brokers, these kinds of offers could present both opportunities and challenges. On one hand, Skipton’s innovation may help clients feel more supported during affordability crunches — particularly first-time buyers navigating high living costs. On the other, a richer savings proposition may encourage customers to stay with Skipton rather than refinance elsewhere, potentially impacting broker refinance business.
As lenders face increasing scrutiny over customer retention, especially in a high-rate environment, brokers will need to watch how such bundled loyalty offers affect lender-switching behaviour and borrower sentiment.
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