Yorkshire Building Society (YBS) is perhaps less common on the high street, but still a popular option for savers across the country. At present, it is offering an exclusive 3.5 percent interest rate to certain savers, which could help in the current climate. The Bank of England originally knocked down its base rate to 0.1 percent in March 2020, and it has remained at the same level ever since.
There has even been concern in recent months that the central bank could take interest rates negative.
Regardless, a low base rate has undoubtedly impacted many providers, and there have been very little opportunities for savers to grow their cash.
However, it is a top existing customer account from Yorkshire Building Society which appears to stand out above the rest.
YBS is currently offering its Loyalty Regular Saver which has a 3.5 percent interest rate per annum.
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To qualify for the Loyalty Regular Saver, individuals must have had a continuous membership with YBS which started on or before January 1, 2020.
They must have an active, open account – either savings or mortgage – with YBS or Chelsea Building Society.
Britons must be at least 11 years old and a UK resident to open an account of this kind.
However, for under 11s an account can be opened in trust.
Individuals will only be allowed to hold one account in their name, including applicants who are acting as a trustee.
For those who are interested in the account, it can be opened in a number of ways.
Some people may choose to visit a branch or agency in person, but alternatively individuals are also able to call their nearest branch to find out more.
Once opened, the account can be managed in branch, at an agency or via post.
People will also be able to register to manage their account online.
The account matures after a year, occurring on the anniversary of it opening, and savings will then be transferred out.
These will be transferred to the YBS Six Access Saver account to provide individuals with easy access to funds.
YBS has reassured Britons money saved with the building society is protected by the Financial Services Compensation Scheme (FSCS) should the worst happen.
This scheme insures any money saved up to the value of £85,000 per provider.