A new branch manager for savings
Yorkshire Building Society is responding to customer demand by launching a new branch-based savings account - with a best buy variable rate.
The new variable rate Triple Access Saver will pay 2.25% when it launches on Wednesday 15th June. The account can be opened with a minimum balance of £100 and allows up to three withdrawals each year.
Research by the Yorkshire found more than three in five customers preferred the traditional branch network as their main method of managing their savings, most frequently citing customer service and convenience as the reasons for this choice.
More than half the Yorkshire's customers preferred to use a passbook to keep track of transactions on their account and almost 70 per cent of those surveyed favoured a branch-based account with a competitive variable rate.
Yorkshire's Savings Product Manager Mike Helliwell said a branch-operated account linked in with the society's commitment to maintain branches and agencies as other financial institutions close theirs and withdraw from the High Street.
"Research shows the majority of our members prefer to use our branches as their main way to manage their money and our staff always strive to provide them with the best possible customer service," said Mike.
"We wanted the Triple Access Saver to offer savers ease of use - with up to three withdrawals permitted each year - together with an attractive interest rate of 2.25%. Unlike some competitors, this competitive rate is not just an introductory offer for a limited period.
"Savers have more choice than ever before in how to manage their money but a passbook account can be a great incentive to save, when you can see in black and white how your deposits are building up."
A Triple Access Saver account can be opened and operated at branches of Yorkshire Building Society, Chelsea Building Society or Barnsley Building Society.
Members of staff were challenged to come up with a name for the new account - Kate Nicholson, a Customer Representative at the Yorkshire Building Society's Shipley branch, was the winner.
She said: "I was trying to think about what people might use their savings for - holidays, Christmas, having some extra money for emergencies.
"I came up with the name because a key aspect of the account is that you can make three withdrawals each year, so it's an ideal way to get a better rate on money you've set aside."