Yorkshire Building Society has announced it will automatically add 0.30% to its variable rate savings accounts following today’s Bank of England rate increase (22 September 2022).

The increase marks the fifth time the mutual has passed rises on to savers this year and will result in the interest rate paid on almost all of its existing variable rate savings book rising to a minimum of 1.80%.

Customers will also see on sale accounts rising to a minimum of 1.70%. All qualifying accounts will be updated automatically with the changes coming into force from 5 October without customers having to do anything.

Chris Irwin, director of savings at Yorkshire Building Society, said:

Our decision today to continue to pass benefits of Bank rate increases on to our savers - by increasing rates by 0.30% on both our on-sale accounts and nearly all of our existing variable rate savings book - continues to reflect our purpose of supporting our savers.

We hope this demonstrates our continued commitment to delivering value to our members, and in turn supporting their financial resilience in the current financial climate.