Offset Savings Account

An instant access account linked to an offset mortgage so the more you save, the cheaper your mortgage.

It could help you to pay off your mortgage quicker or reduce your monthly repayments.

This could be right for you if:

  • you're taking out a Yorkshire Building Society offset mortgage
  • you want your savings to offset the interest on your mortgage
  • you need to make regular payments from your account
  • you want to access your money if you need it

Key Features

  • Instead of earning interest, use your savings to reduce the cost of your mortgage (interest is only charged on the difference between your offset mortgage balance and your offset savings balance)
  • Open up to 3 savings accounts with the combined balances offsetting the cost of your mortgage
  • Open your account with a nil balance
  • Save up to a maximum 100% of your offset mortgage balance (please note, if your savings balance exceeds this level you'll not receive any benefit from or 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 (if you're withdrawing money from a local agency, you may need to give a few days notice for cash amounts over £250 or cheques over £10,000)
  • Make regular payments from these account by setting up direct debits and standing orders
  • View your balance and transfer money online whenever you choose

Why choose the Yorkshire?

  • Over 3.3 million customers already trust us with their money
  • Best Building Society Savings Provider in the Moneynet Awards 2019
  • We don’t have external shareholders to answer to - our customers are our owners
  • Being a mutual means we can put you at the heart of everything we do - which is how we provide great value products and a service you’ll want to recommend

Did you know?

You can only apply for an Offset Savings Account by
taking out one of our Offset mortgages.

Summary Box

Account name Offset Savings
What is the interest rate?

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


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?

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

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.

How to apply

Before you apply

If you want an offset savings account, you'll first need to apply for an offset mortgage. Here's how it works:

  1. Apply for an offset mortgage

    Whether you apply online, over the phone or in branch, we'll ask you how many offset savings accounts you'd like (you can have up to 3) and the names of these accounts.

  2. Sign and return the forms we send you

    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.

    Simply sign and return these application forms before your mortgage completes and we'll have your offset savings account(s) ready and waiting for you on completion day.

Not ready to apply yet?

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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.