Yorkshire Building Society is changing branch opening hours this week as tax-free savings allowance resets
Yorkshire Building Society is temporarily changing branch opening hours this week
YORKSHIRE BUILDING SOCIETY
Yorkshire Building Society is temporarily changing its branch opening hours this week.
The building society will open its branches on Saturday April 6, in a bid to help savers make the most of the first day of the new tax year.
The branches will open from 9am to 12pm on Saturday, for existing members and new customers who want to open a new Individual Savings Account (ISA) in the 2024/25 tax year.
The team will be able to offer information on ISAs as well as help with opening new accounts.
Existing customers can also visit the branch to pay in money and top up their existing ISAs.
The maximum a person can pay into ISAs in a tax year is £20,000. This is known as the annual ISA allowance.
Yorkshire Building Society is hoping to help savers make the most of the first day of the new tax year
YORKSHIRE BUILDING SOCIETY
This resets at the start of the new tax year, on April 6.
Opening an ISA on the first day of a new tax year means savers can accrue tax-free interest on their account from the very earliest opportunity, Yorkshire Building Society said.
The mutual is opening all of its branches on Saturday morning as they’ve seen the demand for new YBS accounts on the first day of the tax year more than double in recent years.
Customers have the choice of opening an account online, in-app or in person.
Chris Irwin, director of savings at Yorkshire Building Society, said: “We know the first day of a new tax year is an important one for our customers so by opening our branches on the Saturday we hope savers will be able to take advantage and make their annual tax-free subscription count from day one.
“Helping people to save is a key part of our purpose at Yorkshire Building Society, offering customers a choice of access is vitally important.
“Making the first day of the new tax year accessible for our customers in a way that best suits them, be that in one of our branches, online or via our app, supports our aim to continue to provide real help to our customers and members.”
One in five (22 per cent) savers prefer in-branch service for their day-to-day banking needs, research by the building society earlier this year found.
Furthermore, more than half a million members of the building society use their passbooks for savings accounts on a regular basis.
Mr Irwin said: “Helping people to save and to build up financial resilience is a key part of our purpose at Yorkshire Building Society.
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"As this research shows, offering customers a choice of access is vitally important.
"Digital adoption has understandably sped up as a quick and easy alternative to face-to-face contact, especially during recent years, but we know a large amount of people still value in-branch banking and physical records.
“Making savings accessible for our customers in a way that best suits them, be that in one of our branches, online or via our app, supports our aim to continue to provide real help to our customers and members.”