Yorkshire Building Society launches unique passbook ISA
Yorkshire Building Society has launched a new limited access ISA in response to savers who prefer to watch their money grow in a passbook.
As well as offering a passbook and face-to-face customer service, the Triple Access Saver ISA will feature a competitive, tax-free interest rate of 1.35% and uniquely allow customers to access their savings three times in every tax year without penalty.
The account, which has been launched following the overwhelming popularity of the Yorkshire’s Triple Access Saver account, is able to accept transfers-in from other ISA providers, as well as balances for the 2014/15 tax year of up to £15,000 and new balances for the 2015/16 tax year of up to £15,240.
Research commissioned by the Society found that more than half of customers (53%) favoured the traditional branch network as their main means of managing their savings, with most citing convenience and customer service as the reasons behind their choice, while a similar proportion of the Society’s customers (55%) preferred to use a passbook to keep track of transactions on their account.
The research also showed that the Yorkshire’s customers preferred a straight-forward account without a higher, misleading introductory bonus rate, which subsequently drops to a poor rate. Almost three-quarters (74%) said that they would prefer an account with a steady, competitive interest rate which remained the same for the duration of the account.
The minimum opening balance for the Triple Access Saver ISA is just £100 and the Triple Access Saver ISA will be available from Yorkshire Building Society branches and agencies as well Chelsea Building Society and Barnsley Building Society branches.
Mike Helliwell, Savings Manager at Yorkshire Building Society, said: “When we launched the Triple Access Saver in 2011, there was a lot of speculation as to whether the branch-based saving account was out-dated now that so much is done online. But I think the overwhelming success of Triple Access Saver as the Society’s most popular account to date really does speak for itself.
“Customers clearly like the personal, face-to-face service they get in branch and they also tell us they want a straight-forward account with a steady interest rate, rather than something with gimmicks or time-limited bonus rates.
“That’s why we’re now offering customers the chance to open a tax-free version of this extremely popular account, which with triple access, makes it unlike any other ISA available, because it allows people to save for both long and short term goals, with access to their money should they need it, but without the temptation of unlimited access.
“We think it will prove to be a real success with customers looking for an easy-to-access, easy-to-understand cash ISA with a steady, competitive interest rate, especially given the ability to transfer in from other providers.”
For more information on the Triple Access Saver ISA, visit ybs.co.uk.