What is an offset savings account? 

These are available for customers who have a YBS offset mortgage. 

Offset savings accounts are instant access accounts that are linked to your offset mortgage. The money in your savings account offsets the balance on your mortgage. 
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What are the benefits of offset savings accounts
 It could help you to pay off your mortgage quicker or reduce your monthly repayments.
You can access your money if you need it
Things to consider with offset savings accounts
You won’t earn any interest on your savings
If you take your savings out of this account, your mortgage payments could go up.
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Key features

Instead of earning interest on your savings, you can use them to reduce the interest you pay on your mortgage. So, if you owe £100,00 on your mortgage and you have £80,000 in your offset savings account, you’d only pay interest on £20,000 of your mortgage.
Open up to 3 savings accounts with the combined balances offsetting the cost of your mortgage.
Open your account with a balance of zero.
Save up to 100% of your offset mortgage balance.  If your savings balance goes over this, you won’t be paid any interest on the surplus.
Withdraw up to £1,000 in cash or up to £150,000 by cheque from your branch without notice. Withdrawals from a local agency, need a few days’ notice for cash amounts over £250 or cheques over £10,000.
View your balance and transfer money online whenever you choose.

Summary Box

Account name Offset Savings
What is the interest rate?

This account pays a variable** rate of interest of:

Annual

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 £100 per month deposits?

Not applicable for this account. The balance in this account will be offset against the balance of your Yorkshire Building Society Offset mortgage for the purposes of calculating interest on your mortgage.
How do I open and manage my account? Eligibility
The Offset Savings account is only available in conjunction with a Yorkshire Building Society Offset mortgage.

Account management

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

Accounts can be opened with a minimum of £zero.

The maximum balance is up to 100% of your Offset mortgage balance.
Can I withdraw money?

Withdrawals
The Offset 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 Savings Account (if any) will be transferred to an Access Saver account.
Additional information

We will provide statements at least once a month where transactions have taken place within the previous 30 days.

Need help understanding this table?

Our team will be happy to chat – just get in touch

How to apply

You’ll need an offset mortgage to get an offset savings account.
Number 1

Apply for an offset mortgage

When you apply, we'll ask you how many offset savings accounts you'd like – you can have up to three.  

When we send you your mortgage offer, we'll also send you a pre-completed offset savings application form for each account you've requested.
Number 2

Sign and return the forms we send you

Sign and return these application forms before your mortgage completes and we'll have your offset savings accounts ready on completion day.

Not ready to apply yet?

Save for later

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Book a savings review

To ensure that you have the right account for whatever you're saving for, why not visit us in branch for a savings review? Book an appointment at one of our branches.

More about offset mortgages

Find out more about offset mortgages or search for offset mortgage deals.
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fscs protected logo

Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) protects your deposits. 
The FSCS is the UK's deposit guarantee scheme. The scheme protects up to £85,000 of your YBS eligible deposits.

More about the Financial Services Compensation Scheme.

Need help?

If you need help understanding any of our savings accounts, please get in touch.
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Chat to one of our savings experts about your options
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