Yorkshire Building Society is offering a 3.5% interest rate via new savings account | Personal Finance | Finance


It’s now been more than a year since the Bank of England Base Rate was slashed to 0.1 percent in response to the coronavirus pandemic. It’s no surprise that, in general, interest rates offered on savings accounts remain low.

Yorkshire Building Society recently launched a new 3.5 percent interest rate on its Loyalty Regular Saver.

This 3.50 percent gross pa/AER rate is variable.

As the name suggests, it is reserved for existing customers.

Eligibility rules state to qualify, savers must have had a continuous membership with Yorkshire Building Society starting on or before January 1, 2020.

Further eligibility rules do apply though.

For instance, a person needs to be at least 11 years old and a UK resident to open the account.

For under 11s, accounts must be opened in trust.

Customers must have had a continuous membership with Yorkshire Building Society starting on or before January 1, 2020, with an active, open account (Savings or Mortgage) with Yorkshire Building Society or Chelsea Building Society or SharePlans as either Main Holder, Other Holder or Trustee.

“Attorneys on an existing accounts will not be eligible,” the building society states.

Only one account can be held in a person’s name, including applicants acting as a Trustee.

For joint accounts, it’s only possible to be the Main Holder on one account but the person can be the Other Holder on a second account.

Yorkshire Building Society adds: “If you are named as Main Holder on more than one Loyalty Regular Saver account (including accounts opened on a trustee basis), the most recent account opened will be transferred to the Six Access Saver.”

Accounts can be opened with a minimum of £10.

It’s possible to do this either in a branch or agency, or by calling – or requesting a call back or application pack – from the nearest branch or agency.

There is a limit when it comes to how much can be saved in the account.

The maximum deposit is £500 per calendar month.

Over the 12 month term then, up to a total of £6,000 may be saved in the account, and this excludes interest earned.





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