If you want a good deal on your savings, look no further than our Variable Rate Bond. It offers a competitive interest rate as well as giving you the flexibility to add to your savings throughout the term and access your funds in an emergency.
You can add to your investment during the term of the Bond. You can also choose to open a new Bond whenever you wish. The minimum investment per bond is £100; the maximum is £500,000.
Our Variable Rate Bond is designed to be a home for savings you can leave untouched for one year. However, we appreciate there may be times when you need to access your money. Therefore, our Variable Rate Bond allows you to withdraw part of your savings or to close your account early, subject to the loss of an amount equivalent to 90 days' interest on the amount withdrawn. The deduction is made to cover the costs we incur in allowing withdrawals from or early closure of a Bond.
When your Variable Rate Bond matures, your savings, together with the interest credited, will be transferred to our Access Saver account paying the interest rate applicable at the time. We will not contact you at the time your savings mature and are transferred to Access Saver. If you want your savings to remain in Access Saver, there is no need to do anything.
Access Saver gives you easy access to your money through one withdrawal per calendar month. It is a variable rate savings account that, unlike the Variable Rate Bond, does not offer a rate guarantee. Because your Variable Rate Bond matures into Access Saver, it is important that you are aware of the Access Saver terms and conditions, which will apply to your account from maturity. Full details of Access Saver, including the current interest rate, can be found in our 'easy access savings' booklet and rate insert, which you will receive when you apply for your Variable Rate Bond.
If you wish to apply for a new Variable Rate Bond at maturity, or for details of other investment opportunities on offer, our staff will be happy to help.
The Bond runs for one year from the date it is opened. For example, a Bond opened on 1 November 2008 will mature on 31 October 2009 and from 1 November 2009 you will have instant access to your investment without loss of interest.
The AER on our Variable Rate Bond (issue 5) is guaranteed to be 1.25% p.a. above the Bank of England base rate until maturity. If the Bank of England base rate changes during the term of the bond, the AER you receive will continue to be 1.25% p.a. above the new rate. Any increase or reduction in your interest rate will become effective within one month of publication of the Bank of England base rate change.
Annual interest is payable on maturity of the account. This will be added to the account.
A monthly interest option is available. Monthly interest is payable on the last day of the month and must be transferred to another Yorkshire Building account or paid to another building society or bank account.
Withdrawals are permitted subject to loss of interest on the amount withdrawn.
| Account Name | Variable Rate Bond |
|---|---|
| Interest rates (AERs) | One year tracker paid annually or monthly, AER guaranteed to be a percentage above Bank of England base rate, view interest rate |
| Tax Status |
or
|
| Conditions for bonus payment | N/A |
| Withdrawal arrangements | Part withdrawal or closure permitted subject to an amount equivalent to 90 days' loss of interest on the amount withdrawn. Subject to daily withdrawal limits |
| Access | Branch or Agency |
Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.
Interest rate guaranteed to be 1.25% above the Bank of England base rate (0.50%)
Interest rates are variable. All rates shown are per annum.
Tracking rate shows % above/below Bank of England Base Rate.
Gross rate p.a.
Interest rate payable before any income tax is deducted. It can only be paid subject to the required registration.
Net rate p.a.
Interest rate payable after the deduction of income tax, at the lower rate of 20%.
AER
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
This savings account can be operated in various ways but must be opened at a branch or via the post.
Note: When applying for a YBS account you will need to verify your identity and address. Check our Verifying your Identity section for more details of what you may need to take with you.
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).
