The Bank of England‘s decision to increase its base rate means many providers are stepping up their offers to beat their competition and draw in more savers. One offer which could prove enticing is from Yorkshire Building Society, where savers can start with just £1.
The building society’s Christmas 2023 Regular Saver is still available to interested savers, who could secure a solid interest rate.
The 4.50 percent rate is one of the best currently available on the market.
However, there is a limited time to benefit from this offer.
This is because Britons will only be able to save into this account up until October 31, 2023.
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It means for those opening the account today, there is the chance of saving up to £2,700 into this account.
Boosted by the 4.50 percent interest rate, it could provide a good amount of money by the end of the year.
People should be aware, however, the interest rate is variable.
This means the building society reserves the right to change the rate for specific reasons – of which it will notify savers.
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There are also specific eligibility criteria for Britons to bear in mind if they want to open this account.
Firstly, they will need to be at least 16 years old to qualify.
In addition, all savers must be UK residents to open this account.
Once opened, the account ca be managed online, and savers can check their balance and interest rate, as well as making and viewing transactions whenever they wish.
While the account is flexible in terms of what can be paid in, there are withdrawal restrictions.
The building society states the account has one withdrawal day for the term, plus closure if required.
The account also benefits from protection under the Financial Services Compensation Scheme (FSCS).
It means should the worst happen, funds up to £85,000 per person, per institution are protected.
To open this account, Britons can apply online, in branch or via post.
