Yorkshire Building Society has relaunched an easy access savings account, offering savers the option to choose how they earn interest. People can now decide whether they’d like to receive their interest monthly or annually, in response to strong customer demand for regular interest payments.
The new version of the account offers an “attractive” 3.65% variable interest rate and allows savers to access their money at any time, with unrestricted withdrawals. 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.”
She 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.”
New research by the mutual showed 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.
Receiving interest payments frequently could also encourage people to save more; almost half (49%) of savers say they would be more likely to save or increase deposits if they received interest more frequently.
The account is Yorkshire Building Society’s first online product designed specifically to pay monthly interest.
People can launch an account with as little as £1, and they must be UK residents aged 16 or over. The account can be opened and managed online or on Yorkshire Building Society’s mobile app.