The products presented in this article are independently selected by the specialized journalists of This is Money. If you open an account using links that have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
The Yorkshire Building Society has launched two market-leading savings accounts as this year’s Isa season draws to a close.
Both are limited-access accounts, one with a 3.1% rate aimed at attracting new savers, and the other a 4% above-market rate aimed at its existing customer base.
Its Loyalty Six Access Saver Isa is available to members who are saving up or have a mortgage with the company, although they will need to have been a member for at least 12 months before applying.
The account pays a flexible interest rate of 4% on balances up to £20,000 and 3.5% on anything over that amount.
Highest rate: Yorkshire BS pays 4% interest to savers who have been regular members for at least one year and also hold a mortgage or savings account
The account allows savers to deposit between £1 and £20,000 per tax year, as well as transfer balances from previous years.
As the name suggests, savers will only be 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 their annual Isa limit. and start thinking about their financial plans for the coming year.
“We are truly proud that the Loyalty Six Access Saver Isa member account not only demonstrates our investment in our members, but also allows them to enjoy a competitive return on their money for a year, while allowing access to their funds. several times throughout the year.’
> Discover the best Isa cash rates here
What are the interest rates for non-members?
Those who haven’t always held a savings or mortgage account with Yorkshire BS in the last 12 months can still get one of the best rates available on the open market.
Its limited access Isa pays 3.1% but only allows customers to access their savings one day a year without penalty, and close 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 transferred.
Similar to the Loyalty account, it can be opened in branches and agencies, or online.
Irwin adds: “The Limited Access Isa is likely to appeal to savers who hope to enjoy a good interest rate, but may need access to their funds.
“Previous limited access accounts have proven popular with savers and we are sure this latest edition will be just as well received.”
Is it easy to transfer isa cash?
Cash Isa transfers can take up to 15 days. Savers simply need to get in touch with the new provider they wish to join and complete an Isa transfer form. The new supplier will then take care of the rest.
Those who switch from one Isa provider to another within a tax year also need not worry about the end of the tax year as it will not affect their annual allowance. Isa of £20,000.
Should you sign up for Yorkshire offers?
Limits on withdrawals may discourage some savers, especially with the 3.1% limited access account which only allows access one day per year.
Savers looking for maximum flexibility may prefer to opt for Paragon Bank’s easy access offering paying 3.1%. Alternatively Cynergy Bank also pays 3.05 percent.
As for the Loyalty Account, six withdrawals is pretty generous for a limited access deal. Many only 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 Agreement.
Someone who hides £20,000 in the Paragon deal will earn £610 in interest after a year, compared to £800 in the Yorkshire BS loyalty account.
An alternative option is offered by the investment platform, Hargreaves Lansdown.
It is currently offering a £100 rebate to customers who open its Limited Access Cash Isa account by paying 3% interest.
It is available through Hargreaves Lansdown’s Active Savings platform*. The money is held by the Coventry Building Society.
Savings boost: Hargreaves limited access cash, Isa, pays 3% interest. Taking into account the £100 bonus, this rate would effectively increase to 4% for those depositing £10,000.
The account allows up to six withdrawals per year free of charge, and savers will need to deposit at least £10,000 to be eligible for the £100 bonus.
Adding the cash bonus to the interest payments means someone depositing £10,000 into this account would effectively earn a rate of 4%.
This means they would earn £400 in interest over a year – if the rate stayed the same.
However, the offer is only eligible for people using their 2022/23 or 2023/24 allowance.
THIS IS FIVE OF THE BEST CASH ISA MONEY OFFERS
Some links in this article may be affiliate links. If you click on it, we may earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any business relationship to affect our editorial independence.