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Popularity of passbook account continues to rise

18th September 2012 Print

A new wave of customers has opened a traditional passbook savings account with Yorkshire Building Society while this summer's bank scandals started to unfold.

The mutual saw a 33% rise in the number of Triple Access Saver accounts being set up in June, July and August.

Savers have flocked to the back-to-basics passbook account which offers a competitive 2.25% variable return and allows up to three withdrawals per year without penalty.

Mike Helliwell, Yorkshire Building Society Savings Product Manager said: "The holiday season is usually the time when we see savings activity dip but this year there has been a clear trend of people taking action and setting up new accounts.

"There has been a marked increase in new accounts since the high-profile problems with the big banks began in June and savers have opted to move a mutual building society which is trusted by its members and offers excellent customer service.

"Triple Access Saver reflects that thinking because it is a straightforward, competitive account without any hidden bonus rates and which is easily accessed through our growing branch network."

Triple Access Saver was launched in June 2011 after research carried out by the Yorkshire showed three-out-of-five customers preferred the traditional branch network as their main method of managing their savings and more than half preferred to use a passbook to keep track of their savings.

The Yorkshire's branch network has grown considerably over the last few years following its mergers with Barnsley, Chelsea and Norwich & Peterborough building societies.  All branches of each Society have remained open, taking the total number from 135 in 2008 to 227 today, in addition to 96 agencies.