Martin Lewis advises on savings accounts and premium bonds
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Yorkshire Building Society (YBS) has a range of market leading interest rates on its savings accounts. Today, June 15, they have launched a new savings product for savers wanting a fixed return, but not everyone is eligible.
The society is offering the new product to its loyal members.
The 18 month fixed rate bond will provide 2.10 percent interest until January 31, 2024.
The limited issue bond can be opened with a minimum of £1,000.
The maximum deposit amount currently sits at £2million.
This account is the latest offer to loyal YBS customers.
As the account is fixed, savers will not be able to access their funds until the end of the 18 month term.
It is available to those who are already registered to YBS online, in branches or through agencies.
Members do not necessarily need to have a savings account with YBS to access this account.
YBS mortgage customers are also eligible for the account.
Hayley Tepliakov, senior savings proposition manager at Yorkshire Building Society, said: “We try very hard to offer our members competitive rates on their savings to reward their loyalty and to suit their different saving needs.
“This latest account in our member loyalty programme is ideal for savers who love to plan ahead and don’t want the temptation of being able to access their money and want a guaranteed, competitive interest rate which isn’t going to change for the duration of the account.”
YBS has other market leading savings account, one of which offers Premium Bonds-like prize draws.
The Make Me A Saver account acts as an easy access account but provides 10 account holders with £1,500 every month through the prize draw.
Unlike the new fixed account, savers can access the funds in this account whenever they like.
However, they can only deposit up to £150 in their account every calendar month.
This is to encourage savers to make diligent savings habits part of their daily life.
The prize draw operates similarly to that of Premium Bonds in the sense that all eligible accounts will be entered and winners chosen at random through an automated computer process.
However, unlike the NS&I product, Make Me A Saver also provides interest.
The Make Me A Saver account is offering a market leading one percent interest rate on this account, paid annually.
Savers are cautioned to note that they will not be entered into a prize draw in the same calendar month in which they open the account.
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