Yorkshire Building Society has today (20 January 2022) announced it will give a further boost to its savers by adding 0.10% to its variable rate savings accounts following the recent Bank of England rate increase.
In addition, borrowers on one of the mutual’s standard variable rate (SVR) mortgages will benefit from no rate increase following the Bank’s announcement in December.
Chris Irwin, Director of Savings at Yorkshire Building Society, said:
It has been a tough few years for savers so we’re delighted to be able increase our savings products at the same time as protecting our borrowers from the increase.
With no external shareholders to satisfy we have protected savers as far as possible during the extended period of a record low Bank Rate, maintaining an average interest rate on our accounts which has been consistently higher than the market average.
Our members also benefited from two rate rises last year when we passed on over £34 million in additional interest by increasing existing unrestricted savings accounts from 0.10% to 0.50% to reward member loyalty. Our decision today to increase our variable rate accounts continues to reflect our mutual ethos of putting our members first.
It is also pleasing that our robust financial position allows us to protect repayments for some of our borrowers by not increasing our SVR.
All of the changes will come into force on 1st February 2022.