Yorkshire Building Society 7% interest for existing customers

Terry_conquest

Yorkshire Building Society are currently offering existing customers an account which pays 7%P.A on savings of up to £6000 per annum. You can deposit anything from £1-£500 per month. So by my calculations £500 per month saved with earn a total of £229.33!  They seem to be offering these types of accounts regularly, After a year the account is converted to a regular savings account earning their standard rate.
https://www.ybs.co.uk/savings/product?id=YB901755W

Kim_13

This account was highlighted here upon its launch in September. Interesting to see that it’s still available - had I thought that it would be, I’d have waited to open it so as to spread out my maturity dates. I’ve more deposit limit available than I have spare money to fill them at the moment.

Section62

Terry_conquest said:

Yorkshire Building Society are currently offering existing customers an account which pays 7%P.A on savings of up to £6000 per annum.

Existing members who "have had an open account (Savings or Mortgage) with Yorkshire Building Society for at least 12 continuous and consecutive months prior to the date of application and already be registered for online access." and are "at least 16 years old and a UK resident" are eligible to apply for the account.

So by my calculations £500 per month saved with earn a total of £229.33!

£227.40 according to the calculation YBS helpfully provide.

After a year the account is converted to a regular savings account earning their standard rate.

On maturity the account becomes an "easy access online account", which isn't a "regular savings account" (where the term "regular savings account" means an account designed to have a maximum amount paid in per month for 'x' months), but it is a fairly standard easy access account.

oldfella

More like £250+ if you open it at the end of the month

J63320

It’s worth noting that, unlike many regular savers, the interest rate is variable.

PixelPound

J63320 said:

It’s worth noting that, unlike many regular savers, the interest rate is variable.

It's also worth noting that unlike regular savers you can make withdrawals on one day and in addition close the account early.

surreysaver

Terry_conquest said:

Yorkshire Building Society are currently offering existing customers an account which pays 7%P.A on savings of up to £6000 per annum. You can deposit anything from £1-£500 per month. So by my calculations £500 per month saved with earn a total of £229.33!  They seem to be offering these types of accounts regularly, After a year the account is converted to a regular savings account earning their standard rate.
https://www.ybs.co.uk/savings/product?id=YB901755W

Welcome to the forum 
Here's a list of similar accounts 
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list

35har1old

J63320 said:

It’s worth noting that, unlike many regular savers, the interest rate is variable.

The majority of building societies regular savers are variable 

Kim_13

35har1old said:

J63320 said:

It’s worth noting that, unlike many regular savers, the interest rate is variable.

The majority of building societies regular savers are variable 

Monmouthshire have recently launched more variable rates than fixed (Coronation Regular Saver, Exclusive Regular Saver and Regular Saver Issue 2.) Perhaps when we see what a replacement Christmas Regular Saver looks like (if offered) we’ll have more of a sense if this is a direction of travel. It’s also possible that they consider that a fixed rate is the only fair thing to offer with a Christmas account that if it were variable rate, could leave the customer having to leave their funds where they are in order to avoid an effective penalty (the 5.50% rate on this year’s account was only payable if funds were untouched until 1 October) at a lower rate than they had agreed to deposit them at. 

Principality’s offerings have been consistently fixed rate, while Saffron have this year moved to a variable model. Only the loyalty product that was available for a limited time this summer is now fixed. Perhaps fixed rates will make a comeback when rates are low compared to now - the providers hoping that they rise so that they ‘win.’

alibean121

J63320 said:

It’s worth noting that, unlike many regular savers, the interest rate is variable.

YBS are trustworthy though, they in my long experience are very fair with rates. They won't drop it if at all feasible. In the current environment, having a variable rate with a good building society has been a positive as they have been raising them.

KTF

oldfella said:

More like £250+ if you open it at the end of the month

You can only make 12 payments to the RD regardless of when it was opened.