A new regular savings account from Yorkshire Building Society has been launched, aimed at what the company calls "ordinary savers".
The new account, available from yesterday (Tuesday, August 29th) will pay a basic rate of interest, at three per cent gross, and will reward accountholders who save regularly with a bonus of 3.5 per cent gross on top.
Savers who put away an amount between £10 and £500 a month for at least 12 months will qualify for the additional bonus but the key point, Yorkshire says, is that savers will not be punished for missing a payment during one particularly tight month in a year and one withdrawal per year is also permitted.
"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, and also offers flexibility to make it fit with today's lifestyles," said Chris Edwards, Yorkshire's head of mortgages and savings.
"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."To read more about savings accounts, click here.
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