Yorkshire Building Society has launched a new one-year savings bond paying a competitive 3.5% AER.
The new fixed-rate bond is available from today and matures on 31 January 2013. A Which? Best Rate account, the savings bond is available through Yorkshire Building Society branches, by telephone and online.
The minimum deposit in the new bond is £1,000 and the maximum is £2m. One-year bonds tend to be available for a short period – say, two weeks – so act fast if you want this deal.
How does this Yorkshire fixed-rate account compare?
The best rate currently available on a one-year fixed-rate bond is the 3.6% available from the AA or Yorkshire and Clydesdale Bank. The 3.5% from Yorkshire BS isn’t far behind, plus Yorkshire BS has a customer satisfaction score of 62%, well above the market average.
Which? principal researcher Martyn Saville commented: ‘This account is definitely worth considering if you’re looking for a good interest rate on your savings, but you don’t want to tie them up for too long. The Bank of England base rate is likely to stay low through 2012, but opinion is divided over the longer term, so a one-year bond could offer a good compromise between a decent interest rate and the flexibility to hunt out a better deal if the rates available elsewhere increase.
‘Many consumers prefer to operate their savings account by phone or in a branch, rather than online. This new Yorkshire BS bond gives you the choice and offers the same rate regardless how you access your account.’