One of the UK's largest independent mutuals, Yorkshire Building Society, has announced it is raising its savings rates in line with the Bank of England base rate.
From August 27th, Yorkshire will be raising the rates of all of its savings products by 0.25 per cent with the exception of its Cash Transactor account, which will remain unchanged.
The building society also said that it planned to increase the rates on its youth accounts by 0.35 per cent.
"Most investors will have had a two year wait since they last saw any improvement in their rates following a Bank of England base rate decision," said Andy Caton, Yorkshire's corporate development director.
"After such a long wait we think it is important that members at the Yorkshire get the full benefit of the increase on any savings account held with the Society.
"We have also taken the opportunity to raise interest rates on our range of youth accounts by more than the base rate increase," he added.
Yorkshire Building Society will offer two separate ISA accounts with an interest rate of over five per cent when the new rates are introduced: an E-ISA with rates of up to 5.15 per cent and a 30-Day ISA up to 5.25 per cent.To read more about banking, click here.
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