Yorkshire Building Society has announced plans to withdraw one of its most popular savings accounts from the market which pays a six per cent interest rate.
The financial institution will withdraw the Christmas Regular Saver account from sale on February 21.
This means the building society’s customers only have days left to take advantage of this competitive savings interest rate.
The Christmas Regular Saver account was launched in January to assist savers in building financial resilience and putting money towards festive spending, as well earning a favourable return on short-term savings.
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The building society is withdrawing one of its most popular products from the market
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Customers benefit from a variable interest rate of six per cent and can deposit between £1 and £150 per month.
Furthermore, the Christmas Regular Saver account permits access to savings on one day in the year without penalty, or the option to close the account if needed.
This particular account can be opened in one of Yorkshire Building Societies branches, agencies or online.
Harry Walker, a senior manager of savings at Yorkshire Building Society, broke down why the financial institution is choosing to withdraw the product from sale.
He explained: “This year’s version of the Christmas Regular saver with a competitive rate has proved really popular with savers, but with so much demand we’ve made the decision to withdraw the product from sale at close of business on Wednesday.
“The account was launched to support savers with their Christmas spending for 2024.
“As we are now almost two months into the year we hope any last-minute savers will be able to act before Wednesday should they wish to take advantage of an account that helps promote good savings habits at a good interest rate.”
This latest move from Yorkshire Building Society mirrors decision-making from other lenders, including Nationwide which withdrew the eight per cent Flex Regular Saver account from the sale.
LATEST DEVELOPMENTS:
Savers have benefited from the Bank of England's series of base rate hikes
PAThe building society’s Flex Regular Saver is still available as part of a new issue but now pays an interest rate of 6.5 per cent.
Savers have benefited from the Bank of England’s decision to raise the base rate in the central bank’s fight against inflation.
Since August 2023, interest rates have been held at 5.25 per cent but analysts are betting a cut to the base rate taking place later in the year.
As such, high street banks and building societies appear to be preparing for the Bank of England’s future decision by slashing savings rates earlier in the year.