What’s an Offset Plus Savings account?

Offset Plus Savings accounts can be linked to a friend or relative’s offset mortgage. Only you can access your money. But your linked savings will reduce the interest they pay on their mortgage.

How it works:
Open an Offset Plus Savings account and link it to your friend or relative’s offset mortgage. 
You will not earn interest on your savings. Instead, your savings will reduce the interest they pay on their mortgage.
You can open an account in single or joint names. You can't open a joint account with the friend or relative whose mortgage you are linking to.
Save up to £1 million in the account. It’s still your money and only you have access to it. 
Access your money instantly with unlimited withdrawals.  You can withdraw up to £1000 in cash or up to £150,000 by cheque from your local branch without notice. Withdrawals from an agency may need a few days’ notice.
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Is Offset Plus Savings right for me?
Your savings will help reduce the interest on a friend or relative's offset mortgage.
You’ll be able to access your money if you need it.
Things to consider with Offset Plus Savings
You won’t earn any interest on your savings.
If you take your savings out of your Offset Plus Savings account, your friend or relative’s monthly payments could increase.

Savings account summary

Account Name Offset Plus Savings
What is the interest rate?

No interest is paid on this account

Gross† p.a. AER*
0.00% 0.00%

Whether you need to pay tax is dependent on your own personal circumstances and so may be subject to change in the future.

† Interest is paid gross i.e. without tax being taken off on all our savings accounts – ISA accounts pay interest tax-free.

* AER stands for the 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.
Can Yorkshire Building Society change the interest rate?

Not applicable for this account.
What would be the estimated balance after 12 months based on a £1,000 deposit?

Not applicable for this account. The balance in this account will be offset against the balance of the Yorkshire Building Society Offset mortgage for the purposes of calculating interest on the mortgage.
How do I open and manage my account?

Eligibility
The Offset Plus Savings account is only available in conjunction with a Yorkshire Building Society Offset mortgage.

It can be opened in sole or joint names (but you can’t open the account with your friend or relative who has the Offset mortgage with Yorkshire Building Society).

Account management
The account can be managed in branch, by post and online.

The minimum balance is £0.

The maximum balance is up to £1 million.
Can I withdraw money?

Withdrawals
The Offset Plus Savings allows instant withdrawals subject to daily withdrawal limits without loss of interest.

Maturity
After repayment of the balance of the Yorkshire Building Society Offset mortgage, the balance in the Offset Plus Savings Account (if any) will be transferred to a Access Saver account.
Additional Information

Know before you apply

Make sure you read the terms and conditions.

Remember, you can change your mind within 14 days. We’ll help you switch to another account or give you your money back. 

If you change your mind, just call us on 0345 1200 300. 

Lines are open 9am to 5pm Monday to Friday, and 9am to 1pm Saturday.
Calls to 03 numbers are charged at the same rate as 01 or 02 from all phones.
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How to open an Offset Plus Savings account

Download an Offset Plus Savings application form

Return your completed application form to:

Yorkshire Building Society, 
Yorkshire House, 
Yorkshire Drive, 
Bradford, 
BD5 8LJ

Ask us to post an Offset Plus application form

Speak to our team and they’ll send you an application in the post. 
9am to 5pm Monday to Friday
9am to 1pm Saturday
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.

How does Offset Plus work for mortgage holders?

You can only link an Offset Plus Savings account to a YBS offset mortgage. 

Find out more about how Offset Plus works for mortgage holders.
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More about offset mortgages

Find more about offset mortgages in our helpful guide, including:
How does an offset mortgage work?
Pros and cons of offset mortgages.
What are your offset mortgage options?
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Financial Services Compensation Scheme

Deposits in the savings element of your Offset mortgage are covered by the Financial Services Compensation Scheme (FSCS). The FSCS will cover up to £85,000 of the deposits held with the Yorkshire Building Society, Chelsea Building Society, Norwich & Peterborough Building, Society and Egg. 

More about the Financial Services Compensation Scheme.
Call us
Chat to our mortgage specialists about your options.
9am to 5pm Monday to Friday
9am to 1pm Saturday
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.
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