If you want a good deal on your savings, look no further than our Variable Rate Bond. It offers a competitive interest rate as well as giving you the flexibility to add to your savings throughout the term and access your funds in an emergency.
Key features
More Details
The Bond runs for one year from the date it is opened. For example, a Bond opened on 1 April 2006 will mature on 31 March 2007 and from 1 April 2007 you will have instant access to your investment without loss of interest.
The AER on our Variable Rate Bond (issue 4) is guaranteed to be 0.75% p.a. above the Bank of England base rate until maturity. At the time of opening, you will earn 5.75% gross p.a./AER and, what’s more, if the Bank of England base rate changes during the term of the bond, the AER you receive will continue to be 0.75% p.a. above the new rate. Any increase or reduction in your interest rate will become effective within one month of publication of the Bank of England base rate change.
Annual interest is payable on maturity of the account. This will be added to the account.
A monthly interest option is available. Monthly interest is payable on the last day of the month and must be transferred to another Yorkshire Building account or paid to another building society or bank account.
Withdrawals are permitted subject to loss of interest on the amount withdrawn.
Additional Deposits
You can add to your investment during the term of the Bond. You can also choose to open a new Bond whenever you wish. The minimum investment per bond is £100; the maximum is £500,000.
Accessing your money
Our Variable Rate Bond is designed to be a home for savings you can leave untouched for one year. However, we appreciate there may be times when you need to access your money. Therefore, our Variable Rate Bond allows you to withdraw part of your savings or to close your account early, subject to the loss of an amount equivalent to 90 days' interest on the amount withdrawn. The deduction is made to cover the costs we incur in allowing withdrawals from or early closure of a Bond.
Maturity
When your Variable Rate Bond matures, your savings, together with the interest credited, will be transferred to our Access Saver account paying the interest rate applicable at the time. We will not contact you at the time your savings mature and are transferred to Access Saver. If you want your savings to remain in Access Saver, there is no need to do anything.
Access Saver gives you easy access to your money through one withdrawal per calendar month. It is a variable rate savings account that, unlike the Variable Rate Bond, does not offer a rate guarantee. Because your Variable Rate Bond matures into Access Saver, it is important that you are aware of the Access Saver terms and conditions, which will apply to your account from maturity. Full details of Access Saver, including the current interest rate, can be found in our ‘easy access savings’ booklet and rate insert, which you will receive when you apply for your Variable Rate Bond.
If you wish to apply for a new Variable Rate Bond at maturity, or for details of other investment opportunities on offer, our staff will be happy to help.
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).
