Review of Yorkshire Building Society Monthly Regular Saver

Written by Karen Bryan

yorkshire-building-society-logoThe Yorkshire Building Society Monthly Regular Saver pays a variable rate of 1.75% (effective from 2 September 2016. You can save up to £500 a month over a period of two years. There is a minimum initial deposit of £10 and a maximum balance of £6,000.

You can make one penalty free withdrawal on first anniversary of opening the account. However, you can close the account at any time, with no penalty.

The downside of the Yorkshire Building Society Monthly Regular Saver is that it can only be opened and operated either through the branch and agency network, or by post.

I thought that the account was a good option for some of my instant access savings. With 1.1% being the highest rate of interest on offer in most standard instant access savings account, I thought that earning 1.75% was a reasonable rate of interest for money that I would be able to access within a few days.

The £500 maximum monthly deposit permitted into Yorkshire Building Society account made it more appealing, as many monthly saver accounts only allow much lower maximum monthly deposits of £250. To maximise the interest earned, I reckoned that I would put in the maximum deposit for the first few months, and then begin to make lower deposits,

As there is a Yorkshire Building Society agency in Berwick-upon-Tweed. I decided to open a regular saver account there. I went into the agency one morning, but was told that I needed to make an appointment in order to open the account. I was offered an appointment in thirty minutes. but as I had already done my shopping, I didn’t want to hang around for half an hour.

That experience underlined that I prefer the convenience of online banking. I didn’t bother making an appointment to open a Yorkshire Building Society Monthly Regular Saver.