Yorkshire Building Society ups savings rate to 1% following Bank of England rate rise

Martin Lewis predicts interest rates will continue to rise

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The news came shortly after the Bank of England raised interest rates to 1.25 percent from one percent. Savers will see 0.60 percent automatically added to all variable rate savings accounts.

It is also increasing its unrestricted access accounts to a minimum of 1.10 percent and restricted accounts to 1.15 percent.

The increase follows the rate rises Yorkshire Building Society has already passed on to its savers earlier this year.

All qualifying accounts will be updated automatically with the changes coming into force from July 7 2022 without customers having to do anything.

Chris Irwin, director of savings at Yorkshire Building Society, said: “Our decision today to pass on at least the full Bank rate rise to 99 percent of our existing variable rate savings book, and raise the minimum interest on all our accounts to at least one percent continues to reflect our mutual ethos of putting our members first.

“Continuing to pass the Bank of England rate increases on to our savers demonstrates our commitment to deliver value to our members, and in turn support their financial resilience in the current financial climate”.

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Yorkshire Building Society customers can also benefit from a free prize draw held every month giving them the chance to win £1,500.

The first ever winner recently spoke exclusively to Express.co.uk about how she won even though she only opened an account the night before the draw. 

Nikki Magner, a mum from Peterborough, said: “I had literally only just opened the account, I went back into the account to check my transfer had gone through and there was £1,500 sat in there.

“Initially I thought something had gone wrong and I had transferred too much, not thinking I had won.”

She continued: “And then I got the call.

“I am still absolutely over the moon.”

Ten lucky Yorkshire Building Society members have taken home cash prizes of £1,500 so far.

To qualify, customers need to open a Make Me a Saver account where they can deposit up to £150 per month.

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Yorkshire Building Society launched the Make Me A Saver account to help people to build their financial resilience whilst earning a competitive return on short-term savings.

It’s an easy access account now providing a savings rate of 1.10 percent.

To be entered into one of the monthly prize draws, customers need to deposit at least £50 into the Make Me a Saver account in the previous calendar month.

Eleven prize draws will take place on the third of the month between March 2022 and January 2023 with the account maturing on January 31, 2023.

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