If you want to try and avoid the temptation of dipping into your savings, then our Monthly Reward ISA - Issue 3, a Cash ISA, could be a great option for you. It offers you a competitive monthly rate of interest (variable) in months where you choose not to access your account.
Below are some examples of the AER* that would apply depending on the number of withdrawals over the course of a year. Each is based on withdrawals of £100.
| Example | No. of months in which withdrawals are made | Withdrawal made in December? | Tax free monthly interest rate (where applicable) | AER % (variable) |
|---|---|---|---|---|
|
1 |
Nil |
No |
1.64% |
1.65% |
|
2 |
Six |
Yes |
1.64% |
0.93% |
|
3 |
Twelve |
Yes |
1.64% |
0.12% |
Each of the examples assumes the account is opened with a subscription of £5,760 in April.
* AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
† Tax-free means that interest is not subject to income tax
Interest rates are variable and paid monthly.
Gross rate p.a.
Interest rate payable before any income tax is deducted. It can only be paid subject to the required registration.
Net rate p.a.
Interest rate payable after the deduction of income tax, at the lower rate of 20%.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
| Account Name | Monthly Reward ISA - Issue 3 |
|---|---|
| Interest rates (AERs) | Variable rate paid monthly, view interest rate. |
| Tax Status | |
| Conditions for bonus payment |
N/A |
| Withdrawal arrangements |
Unlimited withdrawals, (minimum £10 per withdrawal). No notice is required but if you make withdrawals or close your account in any month other than December of each year your account will not earn any interest on the total account balance for that month. In December each year you can make withdrawals from or close the account without affecting your right to any interest earned in that month, subject to daily withdrawal limits. |
| Access | Branch, Agency or Post |
Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.
This savings account can be operated in various ways and can be opened at a branch, over the phone or via the post.
Note: When applying for a YBS account you will need to verify your identity and address. Check our Verifying your Identity section for more details of what you may need to take with you.
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, loans, mortgages and more.
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Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We are entered in the Financial Services Register under registration number 106085.
Any reference on this website or in our literature to the Financial Services Authority (FSA) should be deemed to mean the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
