Households banking with major institutions such as Nationwide, Lloyds and NatWest are being alerted to potential payments worth hundreds of pounds. This comes after Yorkshire Building Society launched a new competitive savings account that offers a 4.20% interest rate, allowing savers to grow their cash by hundreds of pounds each year.
How the offer works
Someone depositing £10,000 into the account and leaving it untouched would earn £420 in interest over a 12-month period. This means customers can move their savings from big-name banks to Yorkshire Building Society to take advantage of the attractive rate.
The account is designed for customers who prefer managing their savings digitally through online banking or the Yorkshire Building Society mobile app. At the end of the one-year term, balances will automatically transfer to an online easy access savings account. Customers on the Triple Access Saver can still access their money should they need it.
Expert comments
Tina Hughes, director of savings at Yorkshire Building Society, said: “Many savers are looking for a balance between competitive rates and access to their money. The Triple Access eSaver has been designed to do just that — rewarding those who leave their savings to grow, while still offering some flexibility when life happens. As a member-owned organisation, we continue to focus on straightforward products that help people build good savings habits.”
Rachel Springall, finance expert at Moneyfacts, commented: “Whether starting small, or having a sizeable savings goal in mind, the new Triple Access eSaver from Yorkshire Building Society is a highly attractive choice. Unlike other accounts in its sector, this offer does not carry a bonus, plus the 4.20% AER is payable on large deposits of up to £500,000. Building societies work incredibly hard to offer competitive accounts to their customers, so offering an inflation-busting rate is always great to see.”
