Yorkshire Building Society has relaunched its easy access savings account, now offering savers the choice to receive interest monthly or annually. The account pays a variable rate of 3.65% and allows unrestricted withdrawals at any time.
New Features and Customer Demand
The relaunch responds to strong customer demand for regular interest payments. Tina Hughes, director of savings at Yorkshire Building Society, said: “Many savers are looking for ways to make their money work harder for them day-to-day, not just in the long term. This account reflects that shift — giving customers flexibility to access their savings, while also providing an option to gain a regular monthly income they can rely on.”
This is the society’s first online product designed specifically to pay monthly interest. Savers can open an account with as little as £1 and must be UK residents aged 16 or over. The account can be managed online or via the Yorkshire Building Society mobile app.
Research Highlights Saver Preferences
New research by the mutual found that nearly one in three (32%) savers prefer their savings to pay interest monthly, while 60% say they feel satisfied when they see interest added regularly. Additionally, almost half (49%) of savers say they would be more likely to save or increase deposits if they received interest more frequently.
Hughes added: “Our research highlights just how important this is. With the majority concerned about rising costs, and many telling us they value seeing interest added regularly, we wanted to create a simple, accessible product that helps people stay in control of their finances.”
