New 50+ saving account from Yorkshire Building Society

Yorkshire Building Society is this week launching a new savings account for older savers. Advantage 50+ Saver, which has a minimum balance of £5,000, offers instant access on all withdrawals and pays interest up to 2.75% Gross/AER.

There are four levels of interest rate, which are dependent on the savings balance, and interest on the account can be paid on a monthly basis for those who rely on their savings for income. Alternatively annual interest can be added to the account 31st March each year.

Following customer feedback, the account is operated with a passbook through Yorkshire's network of 135 branches across the UK. Yorkshire is also permitting its own members to transfer money immediately to the account from some of its other savings accounts without penalty.

Whilst instant access to the money in the account is available without loss of interest, closure of the account requires 90 days notice or 90 days loss of interest on the minimum balance of £5,000.