Martin Lewis offers advice on savings and interest rates
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Yorkshire Building Society offered a 3.5 percent interest rate to Britons through its Loyalty Regular Saver. This was a major draw for savers, particularly in the challenging interest rate climate faced by many recently. With the Bank of England lowering its base rate to 0.1 percent, this had a knock on effect for a number of providers who slashed their interest rates.
But there were some options which led the pack, offering strong interest rates for savers.
However, the account has now been withdrawn, meaning this option is no longer available.
The building society confirmed to Express.co.uk the account has been removed from sale.
The interest rate was one of the market-leading options and despite being variable, attracted a number of savers.
Yorkshire Building Society’s 3.5% interest rate withdrawn in shock for savers – where next? (Image: Getty)
It was reserved for existing customers who had a continuous membership with Yorkshire Building Society which started on or before January 1, 2020.
The account was available for UK residents who were at least 11 years old – casting the net wide for savers who were eligible.
Britons were able to start saving in this account with a balance of just £10, making it ideal for those embarking on a savings journey.
It also allowed individuals to save up to £500 a month, with the maximum balance, excluding interest, at the end of the one year period at £6,000.
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But for savers who are looking for alternative deals, where can they be found?
She said: “Savers looking to build a nest egg will find various regular savers out there but they would be wise to check the terms of the account as some will only pay interest up to a certain balance.
“NatWest has a Digital Regular Saver that pays a variable rate of three percent on a balance of up to £1,000.
Savings: There are a number of ways to save (Image: EXPRESS)
“Elsewhere, Coventry Building Society has a fixed term regular saver and lets savers build up to £6,000 in the year and pays 1.50 percent variable.”
Another top account is offered by West Brom Building Society, currently offering a two percent interest rate fixed for 12 months.
However, it is worth bearing in mind it only has 20 branches, and these are scattered exclusively across the West Midlands.
With a number of options at Britons’ disposal, then, the removal of one of the top paying accounts may not be the end of the world.
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However, the importance of saving, especially for a rainy day, still remains.
For this reason, a regular saver is likely to be a suitable option to help Britons progress.
Ms Springall concluded: “Saving little and often is the key to achieving any goal.
“With a regular saver, consumers will soon get into the habit of putting some money aside each month whether it be for a much overdue holiday or other expense.”