The Top Easy Access Savings Discussion Area

Steve_xx

Summary Box

Account name Loyalty Six Access eSaver

What is the interest rate?

This account pays a variable** rate of interest of:

Annual

Gross† p.a. AER*

2.50% 2.50%

Whether you need to pay tax is dependent on your own personal circumstances and so may be subject to change in the future.

† Interest is paid gross i.e. without tax being taken off on all our savings accounts - ISA accounts pay interest tax-free.

* AER stands for the Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.

** Variable rate of interest means that the interest rate payable on your account can change and can move both up and down.

Payment of interest

Interest is calculated daily on cleared balances Annual interest is paid on the anniversary of account opening, so if you opened your account on 14 June, interest would be paid on 13 June the following year. It can be paid into the Loyalty Six Access eSaver, another Yorkshire Building Society account or another building society or bank account.

Can Yorkshire Building Society change the interest rate?

Yes. We may change the interest rate for particular reasons, detailed in our General Terms & Conditions. We will notify you in advance of any changes.

What would be the estimated balance after 12 months based on a £1,000 deposit?

After 12 months your balance would be £1,025.00.

We have worked this out assuming a £1,000 deposit is made on account opening, no further deposits or withdrawals are made throughout the 12 months, the interest earned is added to the account and no changes made to the current interest rate.

This projection is provided for illustrative purposes only and does not take into account your individual circumstances.

How do I open and manage my account?

Eligibility

You have to be at least 16 years old and a UK resident to open the account. The account can be held on your own or jointly with someone else. The Loyalty Six Access eSaver cannot be opened in trust. To be eligible to open a Loyalty Six Access eSaver you must have had an open account (Savings or Mortgage) with Yorkshire Building Society as either Main Holder, Other holder or Trustee for at least the 12 consecutive months prior to applying and already be registered for online access. Attorneys on an existing account or beneficiaries on an account held in trust, and customers of Chelsea Building Society, N&P and SharePlans will not be eligible to open a Loyalty Six Access eSaver. Eligible customers of Chelsea Building Society, N&P and SharePlans can open the branch based Loyalty Six Access Saver Issue 2 as an alternative. You can only hold one Loyalty Six Access eSaver or Loyalty Six Access Saver Issue 2 in your name. For joint accounts you can only be the Main Holder on one account but can be Other Holder on the second account. If you are named as Main Holder on more than one Loyalty Six Access eSaver account, the most recent account opened will be closed and the funds returned to you. If you have closed your account with us within the last 12 months and transferred the money to a new account, unfortunately you cannot apply for the Loyalty Six Access eSaver. Please apply to your nearest branch or by post for the alternative product, the Loyalty Six Access Saver Issue 2.

Account opening and management

Accounts can be opened with a minimum of £1 online at ybs.co.uk.

The account can be managed online. You will be able to check your balance, interest rate, make and view transactions on your account online whenever you wish.

The maximum balance is £500,000.

Account switching

If you are an existing online customer and have an easy access account that allows closures at any time and you wish to transfer your account to this one, you will need to go online to open the new account and close your existing account and then transfer your balance across to the new account.

Can I withdraw money?

The Loyalty Six Access eSaver account allows you withdrawals from your account, without losing any interest, on any 6 days per year based on the anniversary of the account opening date. Withdrawals are instant and subject to daily withdrawal limits. You may also close your account at any time even if you have used your withdrawal days.

For security reasons, online withdrawals are not available for the first 14 days after your account has been opened. After 14 days withdrawals can be made from your account at any time on condition that there are sufficient cleared funds in your account and that you maintain the minimum balance of £1.

Maturity

On the first anniversary of your account opening, your savings will be transferred into an easy access account and you will have easy access to your funds. We will send to you the full details of the new product via email, at least 14 days prior to the maturity of this Loyalty Six Access eSaver.

Additional information

We will advise you of the forthcoming product maturity, and generally communicate with you via email. It is very important that you notify us if your email address changes.

You can change your contact details (postal address, email and telephone) when you are logged in. To change your name you will need to write, enclosing proof of the change, to General Servicing, Yorkshire Building Society, Yorkshire House, Bradford, West Yorkshire, BD5 8LJ.

How to apply

Before you apply

Please read the Product Terms together with our General Terms and Conditions (259 KB) and the FSCS Information Sheet (528 KB) before you apply.

Please also refer to our Charges and Fees (90 KB) leaflet for details of any charges on our savings accounts.

When you apply for this account with us, you'll need to verify your identity and address.

ForumUser7

That's great, thanks to both of you

littlemissbossy

Shawbrook EA up to 3.36%

Sorry if already been noted. 

fourmarks

Band7 said:

ChewyyBacca said:

IMP to note that 
Charter easy access Issue 36 product has a tiered interest rate
balance of £1-4999 = 0.1%
balance of £5000 onwards = 3.35%

I wonder who does not want to earn interest on the first 5K

provided your balance is at least £5k, you earn 3.35% on your entire balance

I think it was a tongue in cheek remark regarding who on earth would put, say, £4000, into such an account and earn 0.1%.

Zaul22

Do YBS use the nominated account system or can you withdraw to any account?

grumbler

Zaul22 said:

Do YBS use the nominated account system or can you withdraw to any account?

The latter. At least I have two payees in my list.

I-LOV-MONEY

david72 said:

Just to note that, if it was quite a few years ago, the current Leeds BS (formerly called the Leeds and Holbeck BS) might not be the Leeds BS that you saved with back then (which was a completely different building society, formerly and formally the Leeds Permanent Building Society, which, since 1995, has been subsumed into what is now Lloyds HBoS).

Racking my brain (moving grey matter that hasn't been moved in  years!!).  I think 'my Leeds' was probably the Leeds Permanent Building Society.

I worked in Southgate (N London) then, and I think they also had a branch in Golders Green (NW London).

I-LOV-MONEY

Bridlington1 said:

I rather enjoyed doing a spot of time travelling.

Oh well if there's going to be a similar bug when the clocks go back then get set to travel back to 1953 in October. 

Anybody know what the interest rates were like in 1953 - before I build my time machine!!

ForumUser7

I-LOV-MONEY said:

Bridlington1 said:

I rather enjoyed doing a spot of time travelling.

Oh well if there's going to be a similar bug when the clocks go back then get set to travel back to 1953 in October. 

Anybody know what the interest rates were like in 1953 - before I build my time machine!!

BR was 3.5%, so easy access rates were probably pretty decent - not necessarily as good as they are now though

phillw

jak22 said:
The comment was suggesting that as the PO account contains a large bonus element so the rate drops sharply after 12 months it was a trick. The Santander eSaver Limited Edition (Issue 1) will convert to an Everyday Saver currently 0.7% in around 6 months time https://www.santander.co.uk/assets/s3fs-public/documents/esaver_key_facts_document_oct_22h2.pdf - this has nothing to do with rate changes for the eSaver during its 12 months term. 

And I'm saying that Santander can make a business decision in 6 months time to not have them convert to an Everyday Saver paying 0.7%

In the same way we've seen rates increase on fixed rate accounts.

Whether they will is up to them.