Yorkshire increases rates for internet savers

The Yorkshire building society has increased the rate on its internet saver account by 0.15 per cent to a gross annual rate of 4.85 per cent.

For monthly customers, an annual rate of 4.75 per cent is set on the account and borrowers will be guaranteed a gross rate at least equal to the Bank of England base rate until February 28th 2007.

The initial deposit in the account must be made by cheque and subsequent deposits must be made by transfer from another bank or building society or from an existing Yorkshire package.

Withdrawals from the internet saver account will be allowed either through transfer to a nominated account with a bank or building society or by use of an optional Link cash card.

Chris Edwards, head of mortgages and savings at Yorkshire, said: “It’s great that whilst there has been no change to the Bank of England base rate we are able to increase the rate on this popular savings account.

“Our internet saver rate is the same for all members, whether they have one pound or one million pounds to invest, and unlike some competitors does not include any introductory bonus which can artificially inflate the headline rate.”

The account is open to individuals resident in the UK and allows savings balances between £1 and £1 million.