Yorkshire Building Society has recently expanded its ISA savings product range by introducing a new fixed-rate option for savers.
The new ISA deal will be available across the entirety of the building society’s many branches. Savers will be able to take advantage of a gross interest rate of 3.5 per cent until the 30th of April of this year.
Savings product manager for the personal and business bank account provider Lynne Pepper remarked the new offering will be quite popular amongst savers.
Ms Pepper stated that Yorkshire BS recognised the large numbers of savers discouraged by the state of the current ISA market. However the savings product manager believes that the new competitive interest rate will entice both new and existing savers to take advantage of the new savings product.
Yorkshire BS has also set a £100 opening balance for the new ISA in an attempt to boost customer confidence. Ms Pepper commented that the figure was set low enough so even savers with limited funds can take advantage of the new offering.
In related news, Nationwide has instituted new bonus rates for its Champion ISA and e-ISA savers.
The new overall rate on the building society’s e-ISA rises to 2.90 per cent for balances in excess of £1. Included in the new rate is a 1.15 per cent bonus introductory rate.
Nationwide also raised its Champion ISA rate to 2.70 per cent for deposits in excess of £1,000.
Nationwide was confident that its ISAs offered some of the best rates in the savings industry. These ISAs will be appealing to any savers that have still to deposit up to their full yearly allowance, a Nationwide spokesperson stated.
This comes on the heels of Nationwide’s prediction that UK savers will begin more savings activity with the new VAT increase.