express– Yorkshire Building Society recently launched a Loyalty Regular Saver which offers 3.5 percent gross p.a./AER variable. Eligible savers can open the account from just £10.
As a regular savings account, account holders can deposit a certain amount each month into the account.
There is a limit to this, and this is £500 per month for one year.
As such, the most a person can deposit in the account over the course of 12 months is £6,000.
This account is exclusively reserved for existing members only, the building society states.
It’s important to note it only allows withdrawals on one day per year.
Interest is paid annually with this account, on the anniversary of opening.
Yorkshire Building Society states: “Interest is calculated daily on cleared balances.”
To qualify for the account, a person needs to have had a continuous member relationship with Yorkshire Building Society or Chelsea Building Society on or before January 1, 2020.
So, who is eligible for this account?
To qualify, the saver must be at least 11 years old (for under 11s, accounts are to be opened in trust).
They also need to be a UK resident to open the account.
Additionally, the person must have an active, open account – be it savings or mortgage – with Yorkshire Building Society or Chelsea Building Society or a SharePlans account that has been opened on or before January 1, 2020.
This must have been done either as Main Holder, Other Holder, or Trustee in order to be eligible for the Loyalty Regular Saver account.
“Attorneys on an existing accounts will not be eligible,” states the building society.
It’s only possible to hold one account in one’s name.
This is unless they are acting as a trustee.
“For joint accounts you can only be the Main Holder on one account but can be Other Holder on the second account,” the building society explains.
“If you are named as Main Holder on more than one Loyalty Regular Saver account (including accounts opened on a trustee basis), the most recent account opened will be transferred to the Six Access Saver.”
The account can’t be applied for online, but applicants are directed to request an application pack online.
Alternatively, people can request a call back from their local branch or agency.