Yorkshire Building Society pays 1% on savings with the chance to win £1,500 | Personal Finance | Finance

Britons looking for a new savings account could be tempted by the Yorkshire Building Society’s new Make Me A Saver account. It offers a competitive one percent interest rate on savings and the chance to win a cash prize every single month.

Savers looking for a new account that offers a decent savings rate could be enticed by The Yorkshire Building Society’s regular saver account.

It offers a variable interest rate of 1.00 percent and allows customers to save up to £150 per month.

In addition, customers will have instant access to their savings without penalty, so can take money out in case of an emergency.

However, there is a catch which could mean the account isn’t for everyone.

READ MORE: Inheritance tax: Can I put my house in my children’s name?

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 well-being 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.”

Six questions to ask before opening a savings account, according to Forbes:

  • What are you saving for?
  • How do I want to access my account?
  • How much do I need to deposit on opening?
  • What is the minimum balance requirement?
  • What are the account fees?
  • What’s the AER?

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