Yorkshire Building Society’s top savings account may be able to assist you in getting into a ‘great place.’
On the Christmas Regular Saver, the YORKSHIRE BUILDING SOCIETY is currently offering a one percent interest rate, the highest of its savings accounts.
This account, which can be opened for £1, aims to assist savers in getting to a “great place” for Christmas 2022.
Annual interest is paid at a rate of 1% gross per yearAER variable.
Interest rates can fluctuate, which means they can go up or down.
The amount that can be deposited into the account is limited because it is a regular saver.
This savings option allows you to deposit up to £300 per month for a period of 12 months, totaling £3,600.
The savings interest calculator at the building society shows that a person who deposits the maximum monthly deposit amount each time could earn £19.52 in interest.
Withdrawals are limited to one day per year, based on the anniversary of the account opening.
Even if the saver has exhausted their withdrawal day, the account can be closed if necessary.
“Start saving today and you could be in a great place for Christmas 2022,” Yorkshire Building Society says on its website.
The account can be opened online, in a branch or agency, or through the mail.
Per person, only one account can be created.
This account currently pays Yorkshire Building Society’s highest rate of interest, as of the time of writing.
So, how does it stack up against other types of savings accounts?
According to a Moneyfacts comparison, there are a variety of regular savings accounts that pay 1% AER.
The Learner Earner (Issue 3) from Principality BS is at the top of Moneyfacts’ list of best rates on regular savings accounts, paying 2.35 percent grossAER variable.
Currently, four providers offer a regular savings account with a 2% AER interest rate.
Nationwide Building Society, Newcastle Building Society, TSB, and West Bromwich Building Society are among the institutions involved.
The Monetary Policy Committee (MPC) of the Bank of England announced last month that the Base Rate would be raised from 0.1 to 0.25 percent.
Outside of this shift, savers with money in a flexible account may have noticed that interest rates have been “extremely volatile” this year, according to Rachel Springall, finance expert at Moneyfacts.co.uk.
Despite interest rates hitting record lows on average, she said the market was showing “green shoots of recovery.”
“News from the Brinkwire.”