Yorkshire Building Society has launched a new regular savings account.
The savings account allows users to deposit between £10 and £500 each month for 12 months, with a basic rate of interest at three per cent AER and a 3.5 per cent AER bonus to customers who make regular savings.
Customers can alter the amount contributed each month to their savings, while withdrawals and savings holidays are also available without penalty.
Chris Edwards, Yorkshire’s head of mortgages and savings, said: "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."
"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."
Recent research from Barclays indicated that many UK residents are unable to make savings, or regular contributions to a pension plan given the financial pressures of day-to-day life such as debt, mortgage payments and bills.
Yorkshire launches new savings account
Yorkshire launches new savings account
Tue, 29 Aug 2006
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