Yorkshire Building Society has committed £20million in additional interest for savers to kick-start a new member loyalty initiative
Interest rates on the mutual’s lowest paying accounts will be increased by up to 0.20%
More than 1.6 million members will benefit
Yorkshire Building Society is investing a further £20million in its savings book this year, as part of a new member loyalty programme.
The Society will increase the interest rate paid on the majority of its variable rate savings accounts by 0.20%, with unrestricted access rising to 0.30% and restricted accounts to 0.35%.
More than 1.6 million members will benefit from the changes, which will take effect on Friday 29 January.
The Society is automatically updating all qualifying accounts, which includes: Internet Saver, Access Saver and Triple Access Saver accounts. Any of the qualifying accounts opened up to Friday (29 January 2020) will be included in the changes.
Tina Hughes, Director of Savings at Yorkshire Building Society, said:
It’s no secret savers are having a tough time at the moment with unfavourable market conditions, so we’re really pleased we’re able to demonstrate our building society credentials and give something back to many of our savers at this time.
As a mutual organisation we’re owned by our members and run completely in their interests, meaning we can reinvest profits to deliver benefits for our members. Giving them higher interest rates is just one example of how we reward the loyalty of our valued savers.