Society raises minimum savings rate to 1% following BOE announcement
Yorkshire Building Society has announced it will give another boost to its savers by automatically adding up to 0.60% to its variable rate savings accounts following the Bank of England rate increase (16 June 2022).
The mutual will make increases to the interest rate paid on almost all of its existing variable rate savings book, with unrestricted access accounts rising to a minimum of 1.10% and restricted accounts to 1.15%. The increase follows the rate rises the Society has already passed on to its savers earlier this year.
Customers will also see on sale accounts rising to a minimum of 1.00%.
Chris Irwin, director of savings at Yorkshire Building Society, said:
Our decision to pass on at least the full Bank rate rise to 99% of our existing variable rate savings book, and raise the minimum interest on all our accounts to at least 1% continues to reflect our mutual ethos of putting our members first.
Continuing to pass the Bank rate increases on to our savers demonstrates our commitment to deliver value to our members, and in turn support their financial resilience in the current financial climate.
All qualifying accounts will be updated automatically with the changes coming into force from 7th July 2022 without customers having to do anything.
[i] Excludes Cash Transactor & Offset accounts which are non-interest bearing payment accounts.
[ii] 99.3% of all accounts receiving between 0.25-0.60% - Excludes Cash Transactor & Offset accounts which are non-interest bearing payment accounts.