In this blog, we are going to discuss the Yorkshire bank savings and specific product features.

Yorkshire bank is a bank based in the North West of England, in West Yorkshire. Yorkshire bank has a lot of UK customers and it is a trading name of Clydesdale Bank PLC.

The Yorkshire bank saving accounts

Yorkshire Bank offers 10 savings products at the time of writing. These 10 Yorkshire bank savings products are classed under four groups, they include:

Instant Access Savings Accounts

Fixed Term and Notice Accounts

Tax Efficient Savings

Children’s Savings

Before we discuss the Yorkshire bank savings, we should cover a few frequently asked questions about the Yorkshire bank savings products.

Is Yorkshire Bank covered by FSCS?

Yes, the Yorkshire bank as with any other UK bank which is regulated by the financial conduct authority of the Prudential regulatory authority, the Yorkshire bank is covered by the FSCS. FSCS is the financial services compensation scheme is the UK’s deposit scheme which covers all Yorkshire bank savings and current accounts up to £85,000 per account.

Can you open a Yorkshire Bank account online?

There are some  Yorkshire bank accounts which you may be able to open online and then there are some which may require you to go into a branch.

B Instant Savings

The B instant savings is a Yorkshire bank savings product. To get the B instant savings account you will need to have a B current account.

The B instant savings account will offer you an AER of 0.50% gross p.a. variable interest rate which is paid monthly on your current account balances but only up to a maximum balance of £2,000.

The B instant savings account also pays a 1.00% AER gross p.a. variable)interest rate on your savings balance. This is paid quarterly on all credit balances.

With the B instant account, you will get a contactless card, you will be able to use Google pay or apple pay and you will be able to withdraw a maximum of £500 a month

If you have an arranged overdraft with your B instant savings account you will also have 2 working days before any overdraft charges are incurred.

To open a B instant account you will need to meet the below requirements:

16  years or older but 18 if you want to apply online.

You will need a £0 minimum opening deposit

With the B instant account, you will have the ability to use the account for an offset mortgage. You will also be able to manage your account with telephone, internet and mobile banking.

Once you open the account you will have immediate access.

The B instant savings account also comes with an app so you can manage your account.

Signature Savings Account

The Signature savings account is a Yorkshire bank savings product.

Interest is calculated on a daily basis and is paid on the last business day of each calendar quarter.

The rate of interest on this account is tiered. You will earn one rate based on your account balance as defined below.

£100,000 and over 0.60%

£50,000 – £99,999 0.40%

£25,000 – £49,999 0.35%

£0 – £24,999 0.30%

To get the Signature savings account you will need to have a Signature current account.

To open a Signature savings account you will need to meet the below requirements:

16  years or older but 18 if you want to apply online.

You will need a £1 minimum opening deposit

With the Signature savings account you will have the ability to use the account for an offset mortgage. You will also be able to manage your account with telephone, internet and mobile banking.

Once you open the account you will have immediate access.

You will also be able to transfer from your Signature current account to your  Signature savings account in order to earn interest.

Instant Savings Account

The instant savings is a Yorkshire bank savings product.

The  instant savings account will offer you a tiered rate based on your savings balance as defined below:

BalanceGross Rate (%)AER (%)
£100,000 and over0.300.30
£50,000 – £99,9990.250.25
£25,000 – £49,9990.250.25
£10,000 – £24,9990.250.25
£5,000 – £9,9990.200.20
£250 – £4,9990.200.20
£1 – £2490.200.20

Your instant savings account will calculate the interest due on a daily basis and will pay interest on the last day of business for each quarter of the year. There is no charge for withdrawing money from your instant savings account.

Your instant savings account also comes with a debit MasterCard but it isn’t a contactless card.

To open an instant account you will need to meet the below requirements:

16  years or older but 18 if you want to apply online.

You will need a £1 minimum opening deposit

You will also be able to manage your account with telephone, internet and mobile banking.

Once you open the account you will have immediate access.

Fixed Term Deposits

The fixed-term deposit account is a Yorkshire bank savings product.

The interest rate on fixed-term deposit saving accounts from Yorkshire bank are tiered and are as per below:

TermGross*AER+ paApply
3 Months0.45%0.45%Apply in branchor call 0800 587 5000
6 Months0.70%0.70%Apply in branchor call 0800 587 5000
12 Months1.00%1.00%Apply
2 Years1.21%1.20%Apply
3 Years1.32%1.30%Apply
5 Years1.55%1.50%

Features of the fixed term deposit accounts

The 5-year term fixed deposit has a guaranteed interest rate – up to 1.55% Gross*/1.50% AER+. 

The maximum you can have in this account  is £5,000,000

You cannot withdraw money from this account or close the account early. The only time you would be able to withdraw or close the account would be in the death of one of the account holders.

To open a fixed-term deposit account you will need to:

Be at least 16 years of age

Have a minimum opening deposit of £2,000.

40-Day Notice Account

The 40-Day Notice Account is a Yorkshire bank savings product.

The interest on the40-day notice account is tiered and is as per below:

BalanceRates quoted applies toboth Gross* & AER+ paApply
£75,000 and over1.05%In branch
£25,000-£74,9990.85%In branch
£0 – £24,9990.65%In branch

Interest is paid on the 40-day notice account quarterly and this is paid directly into your account.

You can withdraw money from the account but you will need to give a notice of 40 days.

To open a 40-day notice account you will need to:

Be at least 16 years of age

Have a minimum opening deposit of £500.

Cash ISA fixed rate bonds

The Cash ISA fixed rate bond is a Yorkshire bank savings product.

The interest rate on this account is 1.40% p.a/AER until the maturity date of 28th August 2020.

Interest is calculated on a daily basis and is paid to the account on the last business day of August 2019 and annually thereafter until Maturity, or on account closure.

You can not close the account early, transfer it out without incurring penalties. You can not partially withdraw funds but you can withdraw all the funds from the account at any time

You can only contribute the maximum £20,000 ISA allowance per year.

To open a Cash ISA fixed rate bond account you will need to:

Be at least 16 years of age

Have a minimum opening deposit of £10

You must be a UK resident

You can also transfer your balance from other previous tax year ISA subscriptions to this account.

Flexi Cash ISA

The Flexi cash ISA is a Yorkshire bank savings product.

The rates on the account are as per below:

BalanceRates quoted applies to both Gross* & AER+ pa
£40,000 and over0.90
£20,000 – £39,9990.75
£1 – £19,9990.60

You can only contribute the maximum £20,000 ISA allowance per year.

You can withdraw money from the account with no restrictions.

To open a Flexi cash ISA account you will need to meet the below requirements:

16  years or older but 18 if you want to apply online.

You will need a £10 minimum opening deposit

You must be a UK resident

Yorkshire bank also states “  Anyone aged 16 years or over is eligible to apply for a Cash ISA, must be resident or ordinarily resident in the United Kingdom and hold a National Insurance number (If you do not know it, you should be able to find your NI number on a payslip, form P45 or P60, a letter from the HM Revenue & Customs, a letter from the DWP, or pension order book). If you do not have a National Insurance number please call us to discuss. “

You will also be able to manage your account with telephone, internet and mobile banking.

Once you open the account you will have immediate access.

You can also transfer your balance from other previous tax year ISA subscriptions to this account..

Help to Buy ISA

The Help to buy ISA is a Yorkshire bank savings product.

The Yorkshire bank Help to buy ISA is a type of Yorkshire bank ISA which is only available to first-time buyers.

The interest rate on the Yorkshire bank help to buy ISA is 2.00%

tax-free p.a./AER fixed.

The interest on the Yorkshire bank help to buy ISA is calculated daily and is paid annually on 31st December or the first business day thereafter.

You can open this account online or in branch and give any instructions for the account online, by phone or by post.

What is the Yorkshire bank Help to Buy ISA?

The Yorkshire bank  help to buy ISA is a tax free wrapper where you can save up to £200 a month(max) and an additional maximum of £1200 a month in your first month. The Yorkshire bank Help to Buy ISA comes with a maximum £3000 tax free Government bonus. If you use the money in your ISA to buy a home the government adds 25% of whatever is in your ISA to your mortgage deposit as a bonus with two exceptions.

  • You need at least £1600 saved to get the bonus
  • The maximum bonus you can get is £3000( so the maximum amount the government will pay you a bonus on is £12,000) although you can save more than this amount on the Yorkshire bank help to buy ISA.

Quick facts about the Yorkshire bank Help to Buy ISA:

  • To qualify for the help to buy ISA you need to be a UK resident and over the age of 16. The deadline for applying for a Help to Buy ISA is December 2019 and you must use it for a mortgage deposit by December 2030 if not you will not be eligible for a bonus. You can keep saving into your account until 30 November 2029.
  • You can only open the Help to Buy ISA per person and not as a couple etc The maximum property price you can purchase with the Help to buy ISA is £450,000 in London and £250,000 anywhere outside London.
  • You can only open one Help to buy ISA although you can transfer it to a different provider at any time.
  • Your maximum personal ISA allowance per year is £20,000
  • Your solicitor applies for you to get the Bonus for your mortgage deposit
  • You can withdraw your money at any time but of course the withdrawn amount will not count towards your bonus.
  • The bonus you are paid is calculated on the closing balance of your account and will be stated on your help to buy closing letter.
  • Any funds which you withdraw cannot be put back into the account. You can only pay your maximum monthly contribution of £200 into the account.
  • If the purchase of your property falls through you should get a failure notice which can be sent back to Yorkshire bank so they can repatriate your funds into a newYorkshire bank Help to Buy ISA

Jumpstart Savers Account

The Jumpstart savers is a Yorkshire bank savings product for children.

The interest on the jumpstart savers account is as per below:

BalanceGross Rate (%)AER (%)
£1,000 and over0.900.90
£500 – £9990.700.70
£250 – £4990.450.45
£1 – £2490.300.30

Interest is calculated on a daily basis and is paid on the last business day of each calendar quarter. The rate of interest on this account is tiered. You will earn one rate based on your account balance.

This account is only available for children between the ages of 6 and 16.

Your child can have a debit card from the age of 11.

Interest on their balance

Freedom to pay in and take out their money whenever they like

Headstart Savers Account

The Headstart savers is a Yorkshire bank savings product for children.

The rates on this account are as per below:

BalanceGross Rate (%)AER (%)
£1 and over1.751.76

This account is only available for children between the ages of 0 and 16.

The interest rate on this account is linked to the Bank of England’s base rate.

You must give Yorkshire bank a 95-day notice before you withdraw money from this account.

There is no limit on how much you can pay in..

In this brief guide, we discussed the Yorkshire bank savings products. If you have any questions or concerns please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.