Yorkshire Building Society has announced it is adding 0.10% to its variable rate savings accounts following the recent Bank of England base rate increase.
The society also confirmed that borrowers on one of it’s standard variable rate (SVR) mortgages will benefit from no rate increase following the Bank’s announcement in December.
The Bank of England voted to raise its base interest rate to 0.25% on 16 December, the first time it had increased the base rate since it was slashed to its lowest ever level of 0.1% in March 2020.
All of the changes are to come into force on 1 February 2022, the society stated.
Yorkshire Building Society director of savings, Chris Irwin, said the society wanted to increase its savings products at the same time as protecting borrowers from the increase after a “tough few years for savers”.
“With no external shareholders to satisfy we have protected savers as far as possible during the extended period of a record low bank rate, maintaining an average interest rate on our accounts which has been consistently higher than the market average,” Irwin commented.
“Our members also benefited from two rate rises last year when we passed on over £34m in additional interest by increasing existing unrestricted savings accounts from 0.10% to 0.50% to reward member loyalty. Our decision today to increase our variable rate accounts continues to reflect our mutual ethos of putting our members first.
“It is also pleasing that our robust financial position allows us to protect repayments for some of our borrowers by not increasing our SVR.”
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