Yorkshire Building Society launches new range of fixed rate bonds offering up to 4.75% interest rate
All new bonds can be opened with a minimum balance of £1,000
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Yorkshire Building Society has today launched a new range of fixed rate bonds.
The new fixed rate bonds have been announced in a bid to support both its loyal members as well as new customers, who are looking for a fixed return on their savings.
The new accounts include a limited issue one-year fixed rate loyalty bond, which is the latest member reward from the mutual and benefits from an interest rate of 4.75 per cent.
It’s available to members who either save or have a mortgage with the Society, from the Society’s branches and agencies, by post or to those already registered online.
Other accounts launching today, available to both new and existing customers, are:
- 4.25 per cent one-year fixed rate bond available in branches, agencies, post and online
- Four per cent two-year fixed rate bond available in branches, agencies, post and online
- 3.50 per cent five-year fixed rate bond available in branches, agencies, post and online
Yorkshire Building Society is hoping to support both its loyal members as well as new customers, who are looking for a fixed return on their savings.
YORKSHIRE BUILDING SOCIETYAll four bonds can be opened with a minimum balance of £1,000.
The loyalty bond has a maximum balance of £100,000 and the one, two and five-year options have a maximum deposit of £2million.
Savers will not be able to access their cash during the term of the bonds.
All bonds mature on July 31 each year.
Since the mutual launched its member loyalty programme in 2021 it has paid over £429million in interest to customers who have taken one of the popular accounts, including the Loyalty regular saver and Six Access ISA accounts.
Chris Irwin, director of savings 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.
“Continuing to offer our member loyalty programme hopefully demonstrates how much we value our members.
“This latest account is ideal for savers who love to plan ahead, 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.
“We are also pleased to be able to offer other fixed rate bonds which continue to complement the range of savings products we offer and have proved popular with savers. We’re sure this latest increase will be equally well received.”
The launch of their new bonds follows the Society's warning that millions of Britons are “missing out” on more than £1,000 in extra income.
Many customers are leaving their cash in current accounts with low or no interest rates attached instead of in competitive savings accounts.
Over £366billion is still sitting in UK current and savings accounts and only earning returns of one per cent or less, according to analysis carried out by the building society and CACI.
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As it stands, there are 13 million current accounts in the UK with a balance of over £5,001 with the average held in these accounts standing at £23,700.
If these bank customers opted to take advantage of Yorkshire Building Society's Easy Access Saver with 4.80 per cent interest rate, they would earn an extra £1,141 in extra income.
In comparison, if this cash was kept in a current account with a 0.05 rate, Britons would only make an additional £11.61.