If you want to try and avoid the temptation of dipping into your savings, then our Monthly Reward ISA, a Cash ISA, could be a great option for you. It offers you a competitive monthly rate of interest (variable) in months where you choose not to access your account.
Interest earned in any month is payable on the 1st working day of the following month. Interest can be added to the account, transferred to another Yorkshire Building Society account or to another building society or bank account.
You do not have to provide details of interest earned on your Monthly Reward ISA when completing a tax return.
A branch-based passbook ISA account that pays interest monthly. This account is ideal if you want to resist the temptation of dipping into your savings too often but would like the comfort of being able to access it easily should you need to.
Earn a monthly rate of interest on the total account balance providing you do not make any withdrawals or close the account in that month. However you can make withdrawals or close the account in December of each year and any interest earned in that month will still be paid. The minimum you can withdraw is £10.
The minimum deposit is £10 and the maximum is £5,100 for each tax year. See ISAs explained for details.
If you invest your total ISA allowance and then withdraw some money, you will not be able to put money back in during that tax year.
| Account Name | Monthly Reward ISA |
|---|---|
| Interest rates (AERs) | Variable rate paid monthly, view interest rate. |
| Tax Status | |
| Conditions for bonus payment | N/A |
| Withdrawal arrangements |
Unlimited withdrawals, (minimum £10 per withdrawal). No notice is required but if you make withdrawals or close your account in any month other than December of each year your account will not earn any interest on the total account balance for that month. In December each year you can make withdrawals from or close the account without affecting your right to any interest earned in that month. Subject to daily withdrawal limits |
| Access | Apply for in branches and agencies or by post. Operate in branches or agencies. |
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.
Effective 29 March 2009
| Balance £ |
Interest Type |
Tax-free Rate % |
AER % |
|---|---|---|---|
|
£10 and above |
Monthly Interest |
2.23% |
2.25% |
Effective 22 February 2009
| Balance £ |
Interest Type |
Tax-free Rate % |
AER % |
|---|---|---|---|
|
£10 and above |
Monthly Interest |
2.72% |
2.75% |
Below are some examples of the AER* that would apply depending on the number of withdrawals over the course of a year. Each is based on withdrawals of £100.
| Example | No. of months in which withdrawals are made | Withdrawal made in December? | Tax free monthly interest rate (where applicable) | AER % (variable) |
|---|---|---|---|---|
|
1 |
None |
No |
2.23% |
2.25% |
|
2 |
One |
Yes |
2.23% |
2.25% |
|
3 |
Six |
Yes |
2.23% |
1.17% |
|
4 |
Twelve |
Yes |
2.23% |
0.14% |
Each of the examples assumes the account is opened with a subscription of £5,100 in April.
*AER stands for Annual Equivalent Rate and shows you 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.
You can apply to open this savings account by visiting your local branch or agency.
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).
