Yorkshire Building Society launches new savings option with ‘competitive return’

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Yorkshire Building Society has today launched a new issue of its Internet Saver Plus. Internet Saver Plus is an easy access savings account, for savers looking for a competitive return on their short-term savings.

The easy access savings account, which is available from today, benefits from tiered variable interest rates of up to 1.31 percent on balances above £50,000.

It allows customers to access their savings whenever they need without penalty, or to close the account if required.

Customers looking to save lower balances will also benefit from a competitive return with balances up to £9,999 earning 1.10 percent and balances between £10,000 and £49,999 benefitting from 1.26 percent.

The Internet Saver Plus issue 11 can be opened with a minimum of £1, up to a maximum of £500,000 and is available to open online.

Lawrence Chan, Senior Savings Manager at Yorkshire Building Society, commented on the launch of its new account.

He said: “We’re delighted to be able to launch our latest issue of our easy access account which is likely to appeal to savers who want to benefit from a competitive return on their money whilst keeping instant access to their funds.

“Previous issues of this account have proved popular with savers and we’re sure this latest edition, will be equally as well received.”

Who can apply?

Britons have to be at least 16 years old and a UK resident to open the account.

The account can be held on their own or jointly with someone else.

Accounts can be opened with a minimum of £1 online at ybs.co.uk.

The account can be managed online where people will be able to check their balance, interest rate and make and view transactions on their account online whenever they wish.

The maximum balance is £500,000.

If someone currently has an existing Yorkshire Building Society account, it may be possible to transfer to this product. But this is subject to meeting the eligibility criteria.

People can check their website to see whether this is possible.

The Internet Saver Plus Issue 11 account allows unlimited instant withdrawals, subject to daily withdrawal limits, without loss of interest.

If someone makes a withdrawal that reduces their balance to a lower interest rate tier, they bank will not notify them of this.

Britons should be aware that if a withdrawal is made from the account by CHAPS a charge of £23.50 will be incurred.

Proof of name ID will be required. For security reasons, online withdrawals are not available for the first 14 days after someone’s account has been opened.

After 14 days withdrawals can be made from someone’s account at anytime on condition that there are sufficient cleared funds in their account and that they maintain the minimum balance of £1.

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