Yorkshire Building Society has decreased the rate paid on its easy access savings account; however, it remains the market-leading rate for its sector and has therefore retained its prized chart place.
Single Access Saver Issue 2 now pays variable rate of 1.25% yearly (1.24% monthly), which includes a 12-month bonus of 0.05%, the top rate for its terms.
This account can be opened and operated in branch and by post with an initial investment of at least £100. Savers are able to make additional deposits at any time, but while withdrawals can be made without notice, only one withdrawal day is permitted per year. Savers must therefore be prepared to plan their withdrawal and be comfortable with locking the remainder of their money away for the rest of the year.
Savers should be aware that after 12 months the bonus will expire and this account will revert to an Access Saver or Triple Access Saver, which means they should re-evaluate the account's competitiveness once this period expires.
Savers who are unlikely to need regular access to their money are sure to continue to pay attention to this deal, which still pays a market-leading rate for the bonus account sector. Those who are looking to secure a regular income are also likely to be pleased by the monthly interest option, while all savers can enjoy the flexibility of being able to make unlimited withdrawals.
Moneyfacts rating: Excellent
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