Family Savings Accounts 1 savings accounts found
 
Account Name Interest Rate Open from Withdrawals Additional information

Family Savings Account

1.50%

Gross p.a./AER variable on balances up to £10000

1.00%

Gross p.a./AER variable on balances over £30000.01

£1

Three withdrawal days permitted per year, subject to daily withdrawal limits and closure allowed at any time
  • Three year term, based on anniversary of account opening date
  • 4-tiered interest rate - You earn different rates of interest on the proportions of your balance within each interest tier
  • Blended interest rate is used as this product has more than one interest rate tier, and different rates are paid on proportions of your balance within each interest tier
  • Monthly Interest
  • One account per customer
Apply Online Apply - Branch/Post

Family Saver Accounts

1.50%

Gross p.a./AER variable on balances up to £10000

1.00%

Gross p.a./AER variable on balances over £30000.01

  • Three year term, based on anniversary of account opening date
  • 4-tiered interest rate - You earn different rates of interest on the proportions of your balance within each interest tier
  • Blended interest rate is used as this product has more than one interest rate tier, and different rates are paid on proportions of your balance within each interest tier
  • Monthly Interest
  • One account per customer
Apply - Branch/Post

Family Saver is a flexible tiered interest savings account designed to help you grow a future savings pot for your family needs. We know thinking about the future can be tricky but preparing and planning for your family’s future can support generations achieve their life goals.

We understand that as parents, grandparents and carers supporting your loved ones comes in different ways and putting money to one side could be one way of helping to build the best future for them, whether that’s saving towards long term goals of higher education, supporting the purchase of their first home or paying for a wedding, helping them reach those life goals can be supported by building a savings pot.

Establishing a savings habit can be hard, especially at the moment, that’s why we are supporting families to build their savings. This new account rewards those working on their financial resilience by introducing our blended interest rates, paying a higher interest on lower balances whilst still rewarding savers as your balance grows. There’s more information on how the blended interest tiers work, and also the full terms and conditions for the account, below.

We know life plans don’t always go to plan so the Family Savings Account is as flexible as your life is changeable so if the unexpected happens you can access your funds on three days a year if you need to.

What can I do to help my family?

Earlier this year, we conducted research with people from different places and backgrounds to understand their thoughts around the current impacts on their financial well-being in light of the cost of living crisis. We also spoke with children and young people aged 11-18. The Inflation Nation report highlighted that a third of adults would feel more financially resilient if they had an increased amount of cash savings available for their future.

The research we did with children and young adults was conducted as the Society launches its new Money Minds online financial education platform also highlighted that three quarters of them trusted their parents and guardians to manage their money and had already started to think about savings towards future life goals such as first cars, house deposits, higher education and university costs. Over a third though, were worried about not being able to buy a house.

Families across the UK are already having to budget carefully in order to cope with the rising cost of living. Whatever your current financial situation, find out how you can take action now in order to limit the damage the cost of living crisis could cause.

Example how blended interest calculations works

The information and illustrations below are examples only and are designed to help you understand what blended interest rates are and how we work them out. The deposit balances and interest rates we’ve used don’t reflect your personal savings account(s).


Products with two interest tiers


Balance up to £20,000 £20,000.01 and above
1.50% 0.50%

This means if you save more than £20,000 in this account you will earn interest across two tiers and this will be calculated using a blended rate of interest.

For example, a balance of £30,000 earns interest across two tiers; the first £20,000 earns 1.50% interest and the additional £10,000 earns 0.50%. The blended rate is 1.17% and after 12 months, your estimated balance would be £30,351 using this rate.

This assumes the £30,000 deposit is made on account opening, no further deposits or withdrawals are made throughout the 12 months, the interest earned is added to the account and no changes made to the current interest rate.


Products with three interest tiers


Balance up to £20,000 £20,000.01 to £30,000 £30,000.01 and above
2.00% £1.00% 0.50%

This means if you save more than £30,000 in this account you will earn interest across three tiers and this will be calculated using a blended rate of interest.

For example, a balance of £40,000 earns interest across three tiers; the first £20,000 earns 2.00% interest, the next £10,000 earns 1.00% and the remaining £10,000 earns 0.50%. The blended rate is 1.38% and after 12 months, your estimated balance would be £40,552 using this rate.

This assumes the £40,000 deposit is made on account opening, no further deposits or withdrawals are made throughout the 12 months, the interest earned is added to the account and no changes made to the current interest rate.


Products with four interest tiers


Balance up to £20,000 £20,000.01 to £40,000 £40,000.01 to £50,000 £50,000.01 and above
2.00% 1.00% 0.75% 0.5%

This means if you save more than £50,000 in this account you will earn interest across four tiers and this will be calculated using a blended rate of interest.

For example, a balance of £60,000 earns interest across four tiers; the first £20,000 earns 2.00% interest, the next £20,000 earns 1.00%, the next £10,000 earns 0.75% and the remaining £10,000 earns 0.50%. The blended rate is 1.13% and after 12 months, your estimated balance would be £60,678 using this rate.

This assumes the £60,000 deposit is made on account opening, no further deposits or withdrawals are made throughout the 12 months, the interest earned is added to the account and no changes made to the current interest rate.

Other accounts

Why not take a look at our other types of savings accounts?​​​​​​

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See how our Savings Pledges could support you

Help & support

Find out more about how to open accounts, make deposits and access your money.​​​​​​

Our new savings app

A simpler way to access your savings accounts on phone or tablet - with all the security you've come to expect.

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You're protected!

Your eligible deposits with Yorkshire Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.

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