Yorkshire Building Society has today announced that its Christmas regular savings account is to be withdrawn from sale in a matter of days.
The Christmas Regular Saver account was launched in January to help people build financial resilience, save for their Christmas spending, and earn a competitive return on their short-term savings.
The account has a variable interest rate of six percent and allows customers to deposit between £1 and £150 per month whilst allowing access to their savings on one day in the year without penalty, or to close the account if required.
The account can be opened in branches, agencies and online.
However, this is due to be withdrawn on Wednesday, February 21, meaning would-be savers have just days to benefit from its “competitive” rate.
Harry Walker, senior manager of savings at Yorkshire Building Society, said: “This year’s version of the Christmas Regular saver with a competitive rate has proved really popular with savers, but with so much demand we’ve made the decision to withdraw the product from sale at close of business on Wednesday.
“The account was launched to support savers with their Christmas spending for 2024.
“As we are now almost two months into the year we hope any last-minute savers will be able to act before Wednesday should they wish to take advantage of an account that helps promote good savings habits at a good interest rate.”
Those who miss the deadline will be pleased to know they can still capitalise on some sizeable returns in the regular savings account sector, with some providers offering deals of up to seven percent.
Top three regular savings accounts today
Online-based bank first direct is currently placed at the top of the list with an Annual Equivalent Rate (AER) of seven percent. The rate is fixed for 12 months and Britons can get started with just £25.
Interest is calculated daily and paid on maturity of the account exactly one year after opening. Savers can deposit between £25 and £300 per month in multiples of £5.
Withdrawals are not permitted throughout the 12-month term. In the event of this, the account will have to close and interest will be paid up to the closure date at the Savings Account variable rate instead.
Gatehouse Bank is also offering a competitive Expected Profit Rate of seven percent for 12 months. Gatehouse Bank operates under Sharia principles, which means profit is earned instead of interest.
The account can be opened with a minimum deposit of £1 and people can save up to £300 a month. Profit is paid on maturity and withdrawals are not permitted until the term ends.
Nationwide recently reduced the interest rate on its regular savings account to 6.5 percent, which now places it third on the list of top-rate savers. The rate is fixed for 12 months and Britons can get started with just £1.
Interest is calculated daily and paid on maturity of the account exactly one year after opening. The rate is based on how many withdrawals a person makes in the year – if four or more are made, interest will drop to 2.15 percent.
Savers can deposit up to £200 per month and savers must have a Nationwide Current Account to apply.
