An offset savings account is an instant access savings account linked to an offset mortgage account.
It is important to note that you need to have an offset mortgage if you want an offset savings account.
No interest is earned on your savings but interest is only charged on the difference between your offset mortgage balance and your offset savings balance(s).
You can have a maximum of 3 offset savings accounts linked to your offset mortgage. For example, you may want to keep certain savings separate, i.e. money for school or university fees separate from your day to day funds. Using more than one account makes this easy but allows you to benefit from the combined balances in these accounts offsetting your mortgage balance.
You can open your account with a nil balance - but the more you pay in, the less interest you will be charged on your offset mortgage.
The maximum balance allowed in your offset savings account is 100% of your offset mortgage balance. If your savings balance does exceed this level, you will not receive any benefit from, or be paid any interest on, the surplus savings balance.
You will have instant access to your money. You can withdraw cash up to £1,000 or up to £150,000 by cheque from your branch - without notice. If you're withdrawing money from a local agency, you may need to give a few days notice for cash amounts over £250 or cheques over £10,000.
Your LINK card will also give you 24 hour access to your money.
You have the option to manage your account online. For example, you can check your balance, transfer money to another account or view your tax and interest rate details. To take advantage of this facility, you will need to register for online services once you have opened the account. Find out more about what you can do online.
You can pay money in to your offset savings account at the Society's cash machines or over the counter at any Society branch or agency.
Whilst you will not receive a cheque book or debit card for your offset savings account, you can arrange to set up direct debits and standing orders from your offset savings account(s).
You will receive a LINK card within 5 days of opening your offset savings account(s). Your LINK card will allow you to draw up to £250 per day from any LINK machine. No passbook is issued with the offset savings account.
| Account Name | Offset savings account |
|---|---|
| Interest rates (AERs) | No interest is earned |
| Tax Status | N/A |
| Conditions for bonus payment | N/A |
| Withdrawal arrangements | Unlimited withdrawals. Subject to daily withdrawal limits |
| Access | Branch, Agency, ATM or Online |
When you complete an offset mortgage application form you will be asked to indicate how many offset savings accounts you require and the names on the accounts. You can have up to 3 offset savings accounts linked to your mortgage and all the names on the offset savings accounts must be the same as on the offset mortgage account.
A pre-completed offset savings application form for each account will be sent out with your mortgage offer. You will need to sign and return this application form to us before your mortgage completion date. This will enable us to open your offset savings account(s) at the same time as your mortgage completes.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
