Yorkshire Building Society has committed to a further £16million in additional interest on top of already announced £20m for savers as part of its member loyalty initiative
Interest rates on the mutual’s lowest paying accounts will be increased by up to 0.20%
Yorkshire Building Society is continuing to reward it’s loyal members by investing a further £16million in its savings book this year, as part of its new member loyalty programme.
The mutual will make further increases to the interest rate paid on the majority of its variable rate savings accounts by 0.20%, with unrestricted access rising to 0.50% and restricted accounts to 0.55%.
More than 1.7 million customers will benefit from the changes, which will take effect on Wednesday 2 June.
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 29 January 2021 will be included in the changes.
The increase is in addition to the £20million the Society has already invested in its savings book at the start of the year, bringing the total to £36million in extra interest for its members.
The member loyalty programme, which started in January, designed to reward loyal members with good value at a time of continuing low interest rates, has also delivered a suite of new accounts including a competitive regular savings account for members who have been with the Society since the beginning of 2020.
Tina Hughes, Director of Savings at Yorkshire Building Society, said:
As part of our mutual heritage it’s so important to us that we give our members good value – our founding purpose as a building society is to help people with their savings
With the Bank of England rate at a record low we’re conscious times are tough for savers, but we’re committed to exploring ways that can help our members establish healthy savings habits. Giving savers higher interest rates is just one way we reward loyalty from our valued customers.