Yorkshire Building Society has announced it will give another boost to its savers by automatically adding 0.40% to its variable rate savings accounts following the Bank of England rate increase earlier this month (4 August 2022).
The mutual will make increases to the interest rate paid on almost all[i] of its existing variable rate savings book, with 99% of accounts rising to a minimum of 1.50%. The increase is the fourth rate rise the Society has passed on to its savers this year.
Customers will also see on sale accounts rising to a minimum of 1.40%.
All qualifying accounts will be updated automatically with the changes coming into force from 1 September 2022, without customers having to do anything.
Chris Irwin, director of savings at Yorkshire Building Society, said:
Our decision today to further increase our saving rates by 0.40% on both our on-sale accounts and nearly all[ii] of our existing variable rate savings book, continues to reflect our mutual ethos of putting our members first.
Supporting our savers is a key element of the Society’s purpose. By continuing to raise rates for our savers we hope this demonstrates our commitment to delivering value to our members, and in turn supporting their financial resilience in the current financial climate.
[i] Includes 95% of all existing back book/off sale accounts. Excludes Offset accounts which is a non-interest bearing payment account, Loyalty Regular saver which will continue to pay 5% and a small number of accounts receiving between 0-0.40% increases.
[ii] 95% of all accounts receive 0.40% - Excludes Offset accounts which are non-interest bearing payment accounts, Loyalty Regular saver which will continue to pay 5% and a small number of accounts receiving between 0-0.40%
