The products featured in this article have been independently selected by specialist journalists at This is Money. If you open an account through links marked with an asterisk, This is Money earns an affiliate commission. We will not allow this to affect our editorial independence.
Yorkshire Building Society has launched two market leading savings accounts as this year’s Isa season comes to a close.
Both are limited-access accounts, one with a 3.1 percent rate aimed at attracting new savers, and the other, a market-based 4 percent rate aimed at the existing customer base.
Are Loyalty Six Access Saver Isa is available to members who save or have a mortgage with the association, although they must have been a member for at least 12 months before signing up.
The account pays a flexible tiered interest rate of 4 per cent on balances up to £20,000 and 3.5 per cent on everything above.
Top rate: Yorkshire BS pays 4% interest to depositors who have been a consistent member for at least a year and also have a mortgage or savings account
The account allows savers to deposit between £1 and £20,000 per tax year, and balances can be carried over from previous years.
As the name suggests, savers are allowed to withdraw money up to six times during the year without penalty.
The account can be opened in branches and agencies, or online.
Chris Irwin, director of savings at the Yorkshire Building Society, said: ‘As we approach the end of the financial year, it is a traditional time for savers to take the last opportunity to top up and meet their annual Isa limit. think about their financial plans. for the coming year.
“We are very proud that the Loyalty Six Access Saver Isa member account not only further demonstrates our investment in our members, but also enables them to enjoy a year-long competitive return on their money, as they have access to their money throughout the year.’
> View the best cash Isa rates here
What are the interest rates for non-members?
Those who have not consistently had a savings account or mortgage with Yorkshire BS over the last 12 months can still get one of the best rates available on the open market.
Are Restricted access Isa pays 3.1 percent, but only gives customers penalty-free access to their savings for one day a year, plus closing the account if necessary.
The account can be opened with a minimum balance of £1, and deposits can be made at any time of the year, up to £20,000 per tax year. Balances from previous years can also be carried over.
Similar to the loyalty account, it can be opened in branches and agencies, or online.
Adds Irwin, “The Limited Access Isa is likely to appeal to savers who hope to benefit from good interest rates but may need access to their money.
“Previous limited access accounts have proven popular with savers and we are confident this latest edition will be just as well received.”
How easy is it to transfer a cash isa?
Isa cash transfers can take up to 15 days to complete. Savers simply need to contact the new provider they wish to join and complete an Isa transfer form. The new provider then takes care of the rest.
Those switching from one Isa provider to another during a tax year also need not worry about the end of the tax year as it will not affect their £20,000 annual Isa benefit.
Should you sign up for Yorkshire’s offers?
The limits on withdrawals may put some depositors off, especially since the 3.1 percent Limited Access account only allows access for one day per year.
Savers seeking maximum flexibility may prefer Cynergy Bank, which pays 3.05 percent for total access.
Paragon Bank’s limited access agreement pays 3.1 percent, though customers are limited to three withdrawals. After that, the rate drops to 0.75 percent.
In terms of the loyalty account, six withdrawals are quite generous for a limited access deal. Many allow up to two or three withdrawals per year.
All Yorkshire BS members eligible for the Loyalty account would therefore be wise to consider the much higher paying Limited Access deal.
Someone who puts £20,000 into the Paragon deal earns £610 in interest after a year, compared to £800 in the Yorkshire BS loyalty account.
An alternative option is offered by investment platform Hargreaves Lansdown.
It is currently offering £100 cashback to customers who open their Limited Access Cash Isa account and pay 3 per cent interest.
It is available through Hargreaves Lansdown’s Active Savings Platform*. The money is held by Coventry Building Society.
Savings Bonus: Hargreaves’ Limited Access Cash Isa pays 3% interest. Taking into account the £100 bonus, that rate would effectively increase to 4% for those who deposit £10,000
The account allows up to six withdrawals per year at no cost, and depositors must deposit a minimum of £10,000 to qualify for the £100 bonus.
If the cash bonus is added to the interest payments, it means that someone who deposits £10,000 into this account would effectively get a rate of 4 per cent.
This means they would earn £400 in interest a year from now – if the rate stayed the same.
However, the offer is only eligible for those using their 2022/23 or 2023/24 allowance.
THESE ARE MONEY’S FIVE OF THE BEST CASH ISA DEALS
Some links in this article may be affiliate links. If you click on it, we may earn a small commission. That helps us fund This Is Money and use it for free. We do not write articles to promote products. We do not allow any commercial relationship to compromise our editorial independence.