Society raising savings rates following BOE announcement

Yorkshire Building Society has announced it will give a further boost to its savers by adding up to 0.65% to its variable rate savings accounts following today’s Bank of England rate increase (17 March 2022).

The mutual will make increases to the interest rate paid on almost all of its variable rate savings book, with unrestricted access accounts rising to a minimum of 0.85% and restricted accounts to 0.90%. The increase is in addition to the rate rise the Society has already passed on to its savers in February.

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

Our decision today to not only pass on at least the full Bank rate rise to 96%[i] of our existing variable rate savings book, but to also make further increases to most of our accounts continues to reflect our mutual ethos of putting our members first.

Supporting our savers is a key element of the Society’s purpose, ensuring we deliver value to our members, which in turn supports their financial resilience so we’re delighted to be able to make further increases to our savings products especially in the current financial climate. As a result of our decision today, 99%[ii] of our interest-bearing variable rate accounts will benefit from increased interest.

We’re conscious times are tough for savers. To help deliver better value for our savers, we always try to offer the most competitive rates we possibly can, the Society paid 0.32%[iii] above the rest of the market average in 2021, which means savers benefited from an additional £107m of interest.”

The Society is automatically updating all qualifying accounts, all the changes will come into force on Tuesday 5th April 2022.

All information correct at time of publication.

W17-22

[i] 96% of savings book will receive between 0.25 and 0.65%

[ii] Excludes Cash Transactor & Offset accounts which are non-interest bearing payment accounts.

[iii] YBS Group average savings rate compared to rest of market average rates. Source: CACI’s Current Account and Savings Database (CSDB), Stock. Data Period: January – December 2021.