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Yorkshire Building Society has today launched two new limited access savings accounts with the aim to help people “build financial resilience and reach their savings goals”. The Rainy Day account will pay a tiered variable interest rate of up to 2.5 percent. Along with the Rainy Day account, it has today also launched its latest member reward offering, the Loyalty Six Access Saver.
This will pay a variable interest rate of 2.5 percent.
The Rainy Day account will pay the variable blended interest rate starting at 2.5 percent on balances up to £5,000.
For balances over £5,000 it will pay a rate of two percent.
Yorkshire Building Society will allow customers to deposit between £1 and £2million.
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The building society has launched two new savings accounts to mark UK Savings Week. (Image: GETTY)
However, the maximum balance that can be deposited into the Rainy Day Online account at a time is £500,000.
The building society will also allow savers access to the money on two days of the year without facing a penalty, plus closure of the account if required.
The Loyalty Six Access Saver benefits from a variable interest rate of 2.50 percent and allows customers again to deposit between £1 and £2million.
The account also allows money to be withdrawn on up to six occasions throughout the year without penalty, or if closing the account.
The Loyalty Six Access Saver account is available to those Yorkshire Building Society members who either save or have a mortgage with the Society.
To be eligible to open a Loyalty Six Access Saver people must have had continuous membership with Yorkshire Building Society for at least 12 consecutive months prior to applying.
They must also already be registered for online access to the online version of the account.
People are able to open one of these new accounts in Yorkshire Building Society branches and agencies, and online.
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Chris Irwin, director of savings at Yorkshire Building Society, said: “We are proud to be playing a leading part in the first ever UK Savings Week this September.
“While we know the rising cost of living is putting huge pressures on many households’ finances, UK Savings Week is about getting people engaged with saving.
“Our Rainy Day account is one way we can encourage people to establish healthy savings behaviours, by either continuing to build on an existing safety net or by starting a new savings habit to provide greater financial resilience in the future.
“We’re also really pleased that the Loyalty Six Access Saver member account not only further demonstrates our investment in our members but also allows them to benefit from a competitive return on their money for a year, whilst allowing access to their funds multiples times a year.”
Yorkshire Building Society states the two new accounts have been introduced through a collaboration of a number of building societies, credit unions, consumer groups and debt charities.
The “common cause” which the group wanted to highlight was their commitment to raising awareness about the importance of saving.
Yorkshire Building Society says if Britons save “little and often” they can reap more benefits than only putting larger chunks of money aside when they are able to.
The Rainy Day account was launched after research from the building society found that almost a third of UK adults said having more money in accessible cash savings would make them feel more “financially resilient”.
For UK Savings Week, the building society has compiled a range of support it offers its customers in order to help them build financial resilience and take practical steps to saving more.
People can find the support tools on Yorkshire Building Society’s website under the UK Savings Week Hub.
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