Yorkshire targets ‘ordinary savers’

A new savings account has been launched which spares a thought for the more ordinary savers among us.

Yorkshire Building Society’s Regular Saver account comes with a standard interest rate of three per cent gross/AER, but also has a bonus 3.50 per cent gross/AER for customers who save regularly.

That means those who save regularly will receive an interest rate of 6.50 per cent gross/AER.

Savers will be required to deposit between £10 and £500 each month for at least one year, but the amount saved can be changed on a monthly basis, allowing customers to balance the books more effectively.

The flexible approach continues, with customers allowed to withdraw from the account without losing their bonus, and a one month ’savings holiday’ is also allowed.

“We have spent a great deal of time ensuring we developed a premium rate savings account that encourages people to save on a regular basis, and also offers flexibility to make it fit with today’s life styles,” said Chris Edwards, Yorkshire’s head of mortgages and savings.

“Too many regular savings accounts have hidden clauses, such as requiring savers to switch accounts every year or only making the high rate accounts available to customers who take out other products with the organisation.”

The Regular Saver account becomes available from August 29th.