The new account that features unlimited instant access to funds above the minimum balance of GBP5,000, is branch based and has the added benefit of free annual European travel insurance included as standard. The account can only be opened in single names but the travel cover can be upgraded to include partners, children, and worldwide cover if required.
Yorkshire Building Society revealed that the interest rates are set each month at account opening and the differential to the Bank of England (BoE) base rate will remain constant for the 12-month period of the account. 30 days prior to the end of each 12-month period the customer will receive a letter from the society with a range of options, including an offer to renew the product.
Chris Edwards, head of mortgages and savings division for Yorkshire Building Society, said: When we decided to offer a new product for this important sector of the market we felt that it was important to differentiate our product from others out there. Despite the growth of internet-based products a lot of people in this sector of the market do like branch-based accounts. They are also the most prolific holiday makers with more than two thirds of all over 50s taking at least one holiday in 2007 and a quarter have taken at least three trips away!
