Yorkshire Building Society offers 2.50% interest rate to savers | Personal Finance | Finance

As the Bank of England has decided to increase its base rate on numerous occasions, more familiar providers are now handing these rate increases on to their customers. One such example is YBS’ offering of an attractive easy access rate through its Online Rainy Day Account Issue Two.

The account allows eligible people to start saving from £1, opening the account up to a wide range of people.

It does have a two-tiered interest rate, which is worth bearing in mind.

This means savers will earn different rates of interest based on the proportions of their balance within each interest tier.

On balances up to £5,000, Britons will be able to benefit from an attractive 2.50 percent rate.

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However, this particular account cannot be opened in trust, YBS notes.

The bank adds: “You can only hold one Online Rainy Day Account Issue 2 in your name. 

“If you are named on more than one Online Rainy Day Account, the most recent account opened will be closed and the funds returned to you.”

Accounts can be opened with a minimum of £1 online at YBS’ website, and managed online subsequently.

Savers should be aware the maximum balance for this account is £500,000.

Unlimited withdrawals are allowed one the account without any loss of interest – but only on two days per account year.

Individuals may also close their account at any time even if they have used all of their withdrawal days.

For security reasons, online withdrawals are not made available for the first 14 days after a person sets up the account. 

People can apply for the account online, but if they feel they need additional support, can call 0345 1200 100.

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