Does your local building society offer the best savings rates?

Being a member of a building society can give you access to some of the best savings rates on the market.

Mutuals are stepping up their efforts to reward their members with the best savings rates.

Traditional banks are less likely to reward loyalty and often advertise better deals for new customers to attract new business.

Below are some of the best building society savings rates available on the market right now.

Nationwide has an 18-month bond that pays a fixed rate of 5.5 percent. You can open it if you were a member on May 22 and are still a member today.

You can deposit up to £10,000, which will earn you £840 in interest at the end of the term. This beats the best fixed rate savings deals.

However, the company does not offer a tax-free cash ISA version. It only has a one-year account with a lower rate of 4.5 per cent.

Skipton Building Society has a one-year members’ bonus at 5 per cent, fixed until 7 August 2025.

You are eligible if you have been a member since June 12 or before and do not hold a previous issue of the bond.

Some of the best regular savers on the market are offered by building societies.

Regular savings accounts encourage people to set aside a fixed amount each month and reward their consistency with higher interest rates.

Skipton Building Society has a regular member savings scheme with a fixed rate of 7 per cent for 12 months for savings of up to £250 per month, available if you became a member on or before 11 January.

If the saver deposited the maximum £250 a month into this account, they would earn £113 of interest after 12 months.

Nationwide has one regular saver who pays 8 percent.

Like its 18-month bond with a 5.5 percent interest rate, you can open it if you were a member on May 22 and are still a member today.

You can save up to £200 a month in Nationwide’s regular savings account, which allows up to three withdrawals within 12 months of opening the account.

A saver who deposits the maximum £200 per month into Nationwide’s regular savings account would earn £104 of interest after 12 months.

Some building societies allow regular savers more generous monthly contributions than the standard £200 to £500.

Market Harborough Building Society has a monthly members savings scheme which, as the name suggests, is for building society members only.

It allows you to deposit up to £3,000 a month and has an interest rate of 3.75 per cent. If you saved the maximum amount each month, after a year you would have earned £731.25 in interest and would have a balance of £36,731.25.

The notice period is 30 days.

Does your local building society have a good offer worth highlighting? Contact: editor@thisismoney.co.uk