Yorkshire Building Society (YBS) is highlighting the benefits its savings account is offering after "rewarding" more than £1billion in extra interest to its savers over just three years.
The mutual announced that members received rates significantly above market averages, highlighting its commitment to customer value.
This achievement comes as data reveals thousands of Britons are missing out on additional interest income by keeping money in low-paying accounts.
According to YBS, the mutual has revealed that savers received rates 0.90 per cent higher than the market average in 2024.
Furthermore, the performance has pushed the total extra amount returned to members above market average since January 2022 to over £1billion.
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Yorkshire Building Society is offering customers favourable interest ratesYORKSHIRE BUILDING SOCIETY The society paid an average savings rate of 4.21 per cent over 2024, significantly outperforming competitors.
Data shared by the society and CACI shows £362billion is currently held in accounts paying one per cent or less.
As a result, savings analysts are warning that thousands of Britons are missing potential earnings from their bank or building society.
Based on Yorkshire Building Society's calculations, the UK population could have earned an additional £11.6billion last year if savings had been held with them instead of in low-paying accounts.
Chris Irwin, the director of savings at Yorkshire Building Society, outlined why how the financial institution is going the extra mile for its members.
Cash ISA interest rates continue to be competitive, research finds GETTY He said: "There is a lot of competition out there, but Yorkshire Building Society has been helping people to save for over 160 years that's why we're really pleased we're able to demonstrate our building society credentials and give something back to our savers."
"As a mutual organisation we're owned by our members and run completely in their interests, meaning we can reinvest profits to deliver benefits for our members."
Research reveals a lack of awareness about building societies may be preventing consumers from accessing higher rates.
Over half (55 per cent) of Britons keep their savings with traditional high street banks, compared to less than a quarter (23 per cent) who save with building societies.
When asked about value, 27 per cent of Britons think building societies provide competitive rates and benefits, versus just 20 per cent for banks.
Knowledge about "mutuality" varies significantly by age, with 74 per cent of over-55s aware of the term compared to 54 per cent of 18-34s.
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Britons are on the hunt for the accounts with the best savings interest GETTYRachel Springall, a finance Expert at Moneyfactscompare, said: "It's great to see Yorkshire Building Society rewarding its loyal members by consistently offering competitive savings rates.
"As many consumers still prefer using a high street bank for their savings pots, perhaps for convenience, it's worth noting that a mutual could offer better returns due to their principles."
Irwin added: "Giving them higher interest rates is just one example of how we reward the loyalty of our valued savers."
"With rates continuing to remain at higher levels we're determined to continue to do what is best for our customers so they stay with us and feel the benefits of being with a building society."
