One of the country’s biggest building societies has unveiled a new savings product with a competitive interest rate attached, but are you eligible for this deal?
Yorkshire Building Society has launched a new savings product aimed at customers seeking competitive returns, which is available to customers from today.
The Triple Access eSaver offers a variable interest rate of 4.20 per cent interest rate gross annualised equivalent rate (AER).
Savers can withdraw money on up to three separate days during any 12-month period, with the additional option to close the account entirely if needed.
Yorkshire Building Society has issued a new savings account
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PACustomers can open the account with a minimum deposit of just £1, while the maximum balance permitted is £500,000.
The product is exclusively available through digital channels, designed specifically for those who prefer managing their finances via online banking or the Yorkshire Building Society mobile app.
Once the 12-month term concludes, any remaining balance will be transferred automatically into an online easy access savings account.
This approach makes the product accessible to a broad spectrum of savers, from those just beginning to build their savings to individuals with substantial sums looking for competitive returns on larger deposits.
British savers are looking for the best deal | GETTY
The building society is launching new deals
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YORKSHIRE BUILDING SOCIETYTina Hughes, director of savings at Yorkshire Building Society, said: “Many savers are looking for a balance between competitive rates and access to their money.
“The Triple Access eSaver has been designed to do just that – rewarding those who leave their savings to grow, while still offering some flexibility when life happens.”
Rachel Springall, finance expert at Moneyfacts, described the new account as “a highly attractive choice” for savers regardless of their starting point.
She said: “Whether starting small, or having a sizeable savings goal in mind, the new Triple Access eSaver from Yorkshire Building Society is a highly attractive choice.
Bank of England interest rates over time | Bank of England
“Unlike other accounts in its sector, this offer does not carry a bonus, plus the 4.20 per cent AER is payable on large deposits of up to £500,000.
“Building societies work incredibly hard to offer competitive accounts to their customers, so offering an inflation-busting rate is always great to see.”
Savings rates have been in decline as the Bank of England’s Monetary Policy Committee (MPC) has gradually brought the UK’s base rate to 3.75 per cent.
However, inflationary concerns have economists concerned that central banks will once again raise interest rates to bring down the consumer price index (CPI) rate in their respective countries.