Yorkshire introduces new rate for savers

The Yorkshire Building Society has launched a savings account with a new fixed rate of 5.1 per cent gross per year.

Both new and existing customers will be offered the new savings account, which requires a minimum deposit of £100.

Yorkshire states that the account could be an option for savers who rely on their interest for regular income, as it also incorporates a monthly payment option.

Previously, the lender offered five per cent interest on its two-year fixed-rate product, but head of mortgages and savings Chris Edwards said that Yorkshire has been able to increase this following a rise in funding rates.

“The bond offers savers the certainty that their interest rate is protected for two years with a guaranteed return and with a minimum deposit of just £100 it ensures it is available to all levels of saver,” Mr Edwards added.

The building society states that the new fixed-rate account is available for a limited time only and can be taken up at any of its 131 branches.