Major bank says customers will wake up to £648 in their bank account
Bank account holders will wake up to £648 in their bank accounts thanks to the new Yorkshire Building Society rate. The building society, which is based in the North of England, has moved to launch a new savings account paying 8 per cent interest.
Savers can deposit up to £50 a month for 12 months - so £600. Customers can deposit up to £50 per month and are allowed three withdrawals throughout the year without penalty, or if closing the account. YBS aim to encourage people to start a regular savings habit, whilst earning a competitive return on their short-term savings.
Chris Irwin, director of savings at Yorkshire Building Society, said: "We know it’s important for people to try and build their financial resilience where they can, and for us as a Society to help people to save, whatever their age or experience with saving.
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"We want to help people kickstart a healthy savings habit, improve their financial wellbeing, and are trying to promote a save-first buy-later culture to help people put aside money that will help build a financial safety net, achieve their savings goals or simply fund their next big purchase.
"Regular savings accounts are one way we can encourage customers to establish healthy savings habits. We’re really proud that this new account, while promoting saving little and often also offers a very competitive return and supports people to take action this UK Savings Week."
To mark UK Savings Week, Yorkshire Building Society has also signed up to the Savings Charter from the Money and Pensions Service. Yorkshire Building Society branches across the UK will offer in-person savings advice this Saturday, September 14, as part of UK Savings Week.
Teams will be on hand to provide information on savings, open accounts and provide hints and tips. Existing customers will also be able to visit the branch to pay in and top up their existing savings accounts.