Yorkshire Building Society launches new savings account paying 8% interest

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.

Having a regular savings habit, no matter how small the amount saved, improves life satisfaction, a recent study written by the Bristol University Personal Finance Research Centre and sponsored by Yorkshire Building Society found.

Regular savers were 66 per cent more likely to have high life satisfaction compared to those that don’t save at all.

The account can be opened in branches, agencies and online.

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.

"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.

This is a set of commitments to help raise the profile of savings in the UK.

By signing the charter, organisations demonstrate that they are committed to helping people to save, as part of an industry-wide initiative to build a Nation of Savers.

UK Savings Week will run from 9-15 September 2024.

Yorkshire Building Society branches across the UK will offer in-person savings advice this Saturday, September 14, as part of UK Savings Week.

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Britons are urged to call up their local YBS branch to find out if they are taking place.

The Bradford branch on Bank Street, and Peterborough branch on Cathedral Square, will be opening from 9am -12pm on Saturday for existing members and new customers looking to open a new account or looking for help reviewing their existing savings.

The 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.