Skipton Building Society has signed the Money and Pensions Service’s Savings Charter, reinforcing its commitment to improving financial wellbeing and helping build financial security through saving and advice.
The announcement comes ahead of UK Savings Week which launches on Monday 22nd September, to encourage regular saving and financial resilience.
Skipton’s recent analysis of CACI data, which revealed that over £116 billion in fixed-rate savings accounts are due to mature by the end of the year, showing a critical moment for millions of savers. To better understand consumer behaviour around account maturity, Skipton commissioned new research, uncovering widespread confusion and inertia that could leave many missing out on better returns.
The survey of 2,000 UK adults found:
- 34% don’t understand the term “account maturity”.
- 17% don’t know what happens when their savings account matures.
- 11% lack confidence comparing savings products.
- 22% say switching accounts feels like “too much effort”.
- 19% fear making the wrong choice.
This lack of understanding and confidence comes at a critical time. According to Skipton’s analysis of CACI data, savers could see their interest rates drop from around 4.5% to as low as 2.4% if their accounts automatically roll onto variable rates at the end of their term, potentially costing hundreds of pounds a year.
As UK Savings Week begins Skipton is encouraging all savers to review their accounts and make sure their money is working hard for them. To support this, Skipton offers free financial guidance to its members, helping people plan and make smarter decisions about their savings.
The Savings Charter unites financial institutions across the UK, including banks, building societies, credit unions, and fintechs, to promote saving and build a Nation of Savers. It’s part of MaPS’s national strategy to help two million more working-age people on low-to-modest incomes start saving by 2030.
Alex Sitaras, Head Of Savings & Partnership Products at Skipton, said: “At Skipton, we believe that building financial security starts with simple, consistent saving. Signing up to the Savings Charter reflects our commitment to supporting members every step of the way, whether through accessible savings accounts, free savings guidance, regulated financial advice, or educational resources.
Our recent research shows just how vital this support is, with many people unsure about what happens when their savings accounts mature, and some lacking the confidence to switch or compare products.
As we approach UK Savings Week, we’re proud to play our part in helping more people across the country develop strong saving habits and plan confidently for the future.”
The research also found that 63% of savers would be likely to seek financial advice if they knew their rate was reducing.
Across the UK, savings behaviours vary significantly by region. In London, people were the most proactive, with nearly a third (29.7%) motivated to switch accounts and 65.5% aware of potential rate drops. In the North East, savers were the most disappointed by falling rates (58.7%) and most concerned about how often rates change (88.9%). Meanwhile, in Yorkshire & Humber, nearly one in five (19.5%) said they struggle to manage their finances well enough to secure the best interest rates.
The research also highlighted differences between men and women when it comes to savings confidence and behaviour. Men were more likely to feel confident exploring savings options (23.2% compared to 13.3% of women) and more familiar with the term “account maturity” (71.4% vs. 61.3%). They were also slightly more likely to act quickly when their account matures.
Skipton’s commitments under the Charter closely reflect the Society’s purpose: helping people save for life ahead, supporting long-term financial wellbeing, and broadening access to practical advice. The Savings Charter Commitments are :
- Publicly demonstrate a commitment to build financial security through savings
- Support individuals to save by understanding their financial situation and goals
- Give people access to their savings buffer when they need it.out their savings and their options as customers
- Talk about saving in your local communities, and places of education and work
