Skipton Building Society has increased its minimum opening balance on investment accounts in a bid to combat carpetbaggers.

To protect service levels to existing investors, any new customer must invest a minimum of £5,000 and maintain this balance going forward.

Mark Smitheringale, the Society's head of corporate communications, said it had always welcomed genuine customers and every effort was being made to avoid restrictions wherever possible.

"We do not wish to deter genuine customers who recognise the benefits of investing with the Skipton and regret that such action has to be taken," he said.

"We have deliberately avoided creating two types of investor, which happens when new members sign up to a charitable foundation.

"The minimum operating balance has been raised as we are, quite simply, not prepared to compromise the service to our existing customers as a result of speculators."

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