Martin Lewis gives advice on switching banks before Christmas
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The Yorkshire Building Society has launched the new account offering one percent interest on savings and the chance to win £1,500 every month. The regular saver account has a variable interest rate of 1.00 percent and allows customers to deposit up to £150 per month.
He said: “Now more than ever, with current and potential future economic uncertainty, it’s important for people to try and build their financial resilience where they can and for us as a Society to help people to save.
“We want to continue to help people establish a healthy savings pot and improve their financial wellbeing and are trying to promote a save-first culture to help people put aside money that will help build a nest egg.
“Regular savings accounts are one way we can encourage our members to establish healthy savings habits.
“It’s also no secret that savers are having a tough time at the moment with unfavourable market conditions, so we’re really proud that this new account, while promoting saving little and often also offers a competitive return with the chance to win a cash prize as an added bonus.”
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What are the benefits of the Make Me a Saver account?
- Account pays a variable interest rate of 1.00 percent
- Savers can deposit up to £150 a month for 12 months
- Ten cash prizes of £1,500 a month to cover the average household outgoings drawn each month
When it comes to savings accounts, there isn’t a one-size-fits-all solution and while this might be a good option, Britons should weigh up the benefits.
Financial journalist Martin Lewis recently revealed his top picks of the best savings accounts.
For existing customers he mentioned the Cambridge Building Society which is giving five percent interest to customers who have been members for at least three years.
He also recommended NatWest (3.04 percent interest on up to £1,000), RBS (3.04 percent interest on up to £1,000) and Nationwide (two percent interest).
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The Money Saving Expert founder’s top open-to-all accounts were:
- Coventry Building Society – 1.05 percent interest
- Yorkshire Building Society – One percent interest
- Leeds Building Society – One percent interest until December 3, 2023
- Principality Building Society – One percent interest
- Monmouthshire Building Society – One percent interest.
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