Variable rates best option for starting the savings habit
13 December 2017
All of Yorkshire Building Society’s variable rate savings accounts receive a 0.25% interest boost from Thursday (14 December) and there’s no time like the present to start the savings habit.
Variable rate accounts are now a much more attractive option for those looking to build a nest egg
Recent research from Equifax revealed that 43% of British adults don’t have any personal savings set aside for unexpected financial events, however the Yorkshire suggests this is easy to remedy.
For instance, by putting just £50 a month, the equivalent of buying a coffee shop latte every day for a month1, into Yorkshire’s monthly regular saver account, which rises to 2%2 on Thursday, a customer would save £605 a year or £1,223 over two years which is the full term of the account.
The Yorkshire Building Society was the first of only one of a small number of providers to pass on the whole of the recent Bank Rate rise to savers.
Louise Halliwell, Savings Manager at Yorkshire Building Society, said: “Variable rate accounts are a great choice for someone starting their savings journey because these accounts offer flexibility to access money easily without penalty.
“They are also great for watching your money grow – little and often is the best way to save.
“Getting started can be a bit daunting, that’s why we offer a saving health check in our branches and agencies to give savers guidance on the best account for them.
“It has been a tough few years for savers so we’re delighted to be able to pass on the full Bank Rate increase. We hope by providing this interest rate boost it will encourage more people to start the savings habit.”
1 A Starbuck Grande Latte costs £2.60, this equates to £13 per working week (5 days) and £52 a month (based on a four week month).
2 Yorkshire monthly regular saver is at a rate of 2% gross AER for two years and then matures in a Triple Access Saver account, currently at a rate of 0.60%.
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