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Yorkshire Building Society has launched a "competitive" savings account with a bumper 4.75% interest rate. The member-exclusive Two Year Fixed Rate ISA offers a fixed interest rate of 4.75% for those who have held a savings or mortgage account with the society for at least 12 months.
An ISA allows customers to save or invest up to £20,000 each tax year completely tax-free. If a saver put away £1,000 in this account, their estimated balance in November 2028 would be £1,106.66. Members could also qualify for a £100 retail e-voucher if they transfer between £20,000 and £30,000 from an ISA at another provider. If they transfer more than £30,000, they could get a £150 voucher.
The account can be opened with a minimum balance of £100, allows transfers-in, and pays interest at the end of each account year. Savers have to lock away their money for two years, so it would only suit people who do not need access to their money.
Tina Hughes, director of savings at Yorkshire Building Society, said: "This new Loyalty ISA is designed to reward customers who choose to save with us by offering a competitive member-exclusive rate that helps their money work harder over the longer term.
"Many members already have savings with Yorkshire Building Society while also holding ISA balances elsewhere. By bringing those savings together, they can benefit from a great fixed rate, the certainty of a guaranteed return and, for eligible transfers, a retail voucher as an added thank you for their loyalty."
The Society is encouraging savers to make the most of their current tax year ISA allowance, particularly with the upcoming reduction in ISA limits to £12,000 from April 2027 for under-65s. Customers are urged to review their accounts and maximise their existing allowance while it remains at its current level.
For the big-name brands, NatWest is also offering a 4.75% interest rate on its 2 Year Fixed Rate ISA Issue 405. The interest is paid yearly, but savers must open the account with a minimum of £1,000.
Close Brothers Savings is offering a higher 4.98% interest rate on its 2 Year Fixed Rate Cash ISA. However, the minimum opening amount is much higher, at £10,000.