Yorkshire Building Society has announced a major savings update which is set to “reward” millions of its customers.
The mutual has unveiled a new two-year fixed rate ISA exclusively for existing members, carrying a fixed interest rate of 4.75 per cent.
On top of this, the deal is sweetened with retail vouchers worth up to £150 for those transferring eligible ISA balances from rival providers.
To qualify, savers must be aged 18 or above and have maintained a savings or mortgage account with the building society for a minimum of 12 months.
Yorkshire BS makes major savings update
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YORKSHIRE BUILDING SOCIETYThe ISA requires an opening deposit of at least £100, accepts transfers in, and pays interest annually at the close of each account year.
Notably, a tiered voucher scheme applies to members moving existing ISA funds from other providers.
Those transferring between £20,000 and £30,000 are eligible for a £100 retail e-voucher, whilst transfers exceeding £30,000 attract a £150 voucher.
The fixed-term product is aimed at savers who can lock away their funds for the full two-year period.
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Tina Hughes, the director of Savings at Yorkshire Building Society, said: “As a mutual, our focus is on delivering value to our members.
“This new Loyalty ISA is designed to reward customers who choose to save with us by offering a competitive member-exclusive rate that helps their money work harder over the longer term.”
She added: “Many members already have savings with Yorkshire Building Society while also holding ISA balances elsewhere.
“By bringing those savings together, they can benefit from a great fixed rate, the certainty of a guaranteed return and, for eligible transfers, a retail voucher as an added thank you for their loyalty.”
Ms Hughes noted that with many people reassessing their finances during UK Savings Week, the society wanted to make extracting greater value from tax-free savings as straightforward as possible.
The building society is urging savers to take full advantage of their current tax year ISA allowance before changes take effect, with ISA limits set to be reduced from the 2027/28 tax year for those under 65.
With that deadline approaching, the society said customers should review their accounts now and make the most of the existing allowance while it remains at its present level.