Yorkshire Building Society has announced it is adding 0.4% to its variable rate savings accounts following the Bank of England’s rate increase earlier this month.

The society confirmed it will make increases to the interest rate paid on almost all of its existing variable rate savings book, with 99% of accounts rising to a minimum of 1.5%. The increase is the fourth rate rise the society has passed on to its savers this year.

All qualifying accounts will be updated automatically with the changes coming into force from 1 September, without customers having to do anything. Customers will also see on sale accounts rising to a minimum of 1.40%, the Yorkshire confirmed.

“Our decision today to further increase our saving rates by 0.4% on both our on-sale accounts and nearly all of our existing variable rate savings book, continues to reflect our mutual ethos of putting our members first,” commented director of savings at Yorkshire Building Society, Chris Irwin.

“Supporting our savers is a key element of the society’s purpose. By continuing to raise rates for our savers we hope this demonstrates our commitment to delivering value to our members, and in turn supporting their financial resilience in the current financial climate.”

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