Yorkshire Building Society boosts interest rates on savings by 0.25%

Yorkshire Building Society has announced it will be adding 0.25 percent to its variable rate savings accounts in a move to “put its members first”.

The increase marks the ninth time Yorkshire Building Society has passed rises on to savers since February last year, and means the minimum interest rate paid on instant access accounts will rise to 3.05 percent and those with restricted access accounts will see rates rise to a minimum of 3.25 percent.

On sale account interest rates will also increase to a minimum of 3.05 percent, which includes its Rainy Day Saver Issue Two rising to 3.85 percent on balances up to £5,000 and 3.35 percent above this level.

The Limited Access ISA will also benefit, going to 3.60 percent.

All qualifying accounts will be updated automatically with the changes coming into force from May 17. Customers will not have to do anything to get the higher rate.

Chris Irwin, director of savings at Yorkshire Building Society, said: “Our decision today to pass on the full Bank base rate rise to our accounts continues to reflect our mutual ethos of putting our members first.

“Increasing rates across our range, including our most popular products and our member loyalty savings accounts – continues to reflect our purpose of supporting savers.”

He added the Building Society are also “really pleased” to be able to implement the changes next Wednesday so customers will see their accounts benefit from the increase within a week of today’s announcement.