Offset Plus savings account

Link your savings to a relative or friend's offset mortgage to help reduce the interest they pay.

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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. 
You can withdraw up to £1,000 a day at any branch. If you need more, you can take out up to £5,000 within 7 days with 2 days’ notice.  Agencies may need extra notice for cash withdrawals. You can also write cheques for any amount, as long as you have the available balance in your Offset Plus Savings account.
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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 interest rate per year.
We do not take off income tax.		 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.

* 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?

This account does not pay interest.
What would the estimated balance be after 12 months based on a £1,000 deposit?

With a £1,000 deposit, your balance would still be £1,000 after 12 months. This is because the Offset Plus Savings account doesn’t pay interest. Instead, your savings help reduce the amount of interest the borrower pays on their linked offset mortgage.
How do I open and manage my account?

Eligibility and Account Management

  • The Offset Plus Savings account is only available in conjunction with a Yorkshire Building Society offset mortgage.
  • You must be a UK resident and at least 18 years old.
  • Save from £0 to £1 million.
  • You can open a joint account, as long as it's with someone that's not a named borrower on the Offset mortgage.
  • The borrower can have up to 3 Offset accounts linked to the Yorkshire Building Society Offset mortgage.
  • You can manage your account in a branch, agency, or by post. You can also manage your account online once you have registered with us.
Can I withdraw money?

Withdrawals
Once you've registered with us, you can take money out at any time, as long as you stay within your daily withdrawal limit. You can also close your account whenever you choose. Keep in mind that withdrawing money reduces the benefit to the mortgage. CHAPS withdrawals come with a fee.


Maturity
After the borrower fully repays the Yorkshire Building Society Offset mortgage, any remaining balance in your Offset Plus Savings account will be moved to an easy access savings account.
Additional Information You'll get a passbook record card when you open this account. It is a physical card that a branch or agency can update with your transactions.

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. 
Monday to Friday 9am to 5pm 
Saturday 9am to 1pm 
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 £120,000 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.
Monday to Friday 9am to 5pm
Saturday 9am to 1pm
Calls to 03 numbers are charged at the same rate as 01 or 02 numbers from all phones.

Book an appointment

Book an appointment and we'll call you back.