Yorkshire Building Society launches new savings interest rate to ‘reward loyalty’ after pulling 6% rate

Yorkshire Building Society launches new savings interest rate to ‘reward loyalty’ after pulling 6% rate

British public react to interest rates being kept at 5.25 per cent

Patrick O'Donnell

By Patrick O'Donnell

Published: 22/02/2024

- 10:26

Updated: 22/02/2024

- 12:31

Yorkshire Building Society withdrew the Christmas Regular Saver, which offered a six per cent interest rate, from the market earlier this week

Yorkshire Building Society has announced the launch of a new savings account which is offering customers a competitive interest rate.

The building society’s Loyalty Regular Saver will pay a rate of 5.75 per cent and allow customers to deposit up to £250 per month.

However, Yorkshire’s latest offering is an exclusive deal for existing members of the financial institution and comes days after the building society withdrew its Christmas Regular Saver from the market.

This account also allows cash to be withdrawn on one occasion throughout the year without penalty, or if closing the account.

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Yorkshire Building Society branch

Yorkshire Building Society is making changes to its product offering


As it stands, Yorkshire Building Society’s Loyalty Regular Saver is only available to those who already have a savings account or have a mortgage with the organisation.

Those who are eligible for an account are able to open one by visiting one of the building society’s branches and agencies or online.

Chris Irwin, director of savings at Yorkshire Building Society, said: “We’ve supported generations of people and millions of members to save for important moments in life and we’re committed to continuing to explore ways that can help our members reach their financial goals or save for the future.

“Regular savings accounts are one way we can encourage our members to establish healthy savings habits.

“We’re really proud that this new account, which comes with an exclusive interest rate for our members is another example of how we reward the loyalty of our valued savers.

“Previous loyalty accounts have proved popular with savers and we’re sure this latest edition will be equally as well received.”

Outside of this latest product, Yorkshire Building Society’s Regular Saver Account is available to both new and existing customers.

The account currently has a variable savings interest rate of 5.25 per cent and permits customers to deposit anywhere between £1 and £250 a month.

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Anyone with this account can access their savings twice a year without penalty and can close it when required.

Savers have benefited from the Bank of England’s decision to raise the country’s base rate in the last two years. The central bank has kept interest rates at 5.25 per cent since August 2023 as it attempts to rein in inflation.

As of today, the average one-year fixed savings rate today is 4.59 per cent, which easy access rates pay an average of 3.17 per cent, according to Moneyfacts.

Currently, the average one-year fixed Cash ISA interest rate today is 4.49 per cent with the easy access ISA equivalent being 3.33 per cent.

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