If you choose an offset account you will not be paid any interest on your offset savings account. In effect the money in your savings account will achieve the equivalent rate as you are being charged on your mortgage. The equivalent savings rates shown in the product descriptions are based on the current interest rate of the mortgage product and, therefore, where this rate is variable or reverts to a variable rate, the equivalent savings rate will change when the relevant mortgage rate changes.
The examples shown assume that basic/lower rate taxpayers pay 20% tax, and higher rate taxpayers pay 40% tax. The examples are based on current HM Revenue & Customs rules which are subject to change.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, credit cards, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
