Yorkshire BS launches new best buy savings rate of 3.35 pc

YORKSHIRE Building Society has launched a new best buy easy-access savings account — but it comes with a couple of catches.

The Online Rainy Day Account now pays 3.35 pc on balances of up to £5,000, up from 3 pc.

The increase means that someone with £5,000 deposited will earn £167.50 of interest after one year.

However, savers can only make two withdrawals a year without losing interest.

The average easy-access interest rate is 1.56 pc, according to analyst Moneyfacts.

Yorkshire BS’s new account can be opened in branch, by post or online. The other snag is that balances over £5,000 will earn a slightly lower rate of 2.85 pc.

The next top deal from Zopa offers 2.86 pc on balances up to £85,000.

Meanwhile, HSBC is offering 3 pc interest on up to £10,000 for existing current account customers with its Online Bonus account. Yorkshire BS has also launched a regular savings account today to help you save for next Christmas.

It pays 4.5 pc on savings of between £1 and £300 a month.

The Christmas regular saver matures on October 31, so you will have your money in time for next December 25.