BEVERLEY BS BUCKS THE BASE RATE TREND WITH ‘DELICIOUS’ 30-DAY NOTICE ACCOUNT RETURN
No-one was that surprised when the Bank of England decided to keep its base rate on hold at its latest meeting.
What is more surprising, though, is Beverley Building Society’s decision to increase the interest rate on one of its most popular accounts, despite the Bank’s decision to stick at 0.50 per cent.
The Society, based in the town of the same name, has increased the interest rate on its 30 Day Notice Account from 0.85% to 1.00% (gross, per annum, AER, variable) on balances over £1,000 - one of the best deals currently available on this type of account.
The increase will benefit Beverley members who already hold one of these accounts, as well as new customers, and adds to the attractive features which also include the ability to make one monthly withdrawal of up to £5,000, free of notice or penalty.
A monthly interest option is also available for balances over £5,000, paying 0.95% (gross, per annum, AER, variable).
And as an extra reward, anyone opening a new 30 Day Notice Account or topping up an existing one, can enter a prize draw to win afternoon tea at Bettys restaurant and an overnight stay at the Park Inn by Radisson hotel, both in York.
All other withdrawals are available immediately with a 30-day loss of interest on the amount withdrawn, or subject to 30 days’ notice.
Product features at a glance
· 1.00 per cent (gross, per annum, AER, variable), on balances over £1,000
· One penalty-free withdrawal per month, up to £5,000
· Monthly interest option on balances over £5,000, at 0.95 per cent (gross, per annum, AER, variable)
· Additional withdrawals allowed subject to 30 days’ notice or 30 days’ loss of interest on the amount withdrawn
· Can be opened and operated in branch or by post
· 30 Day Notice Account customers opening or topping up their accounts can enter a free prize draw to win afternoon tea at Bettys restaurant and an overnight stay at the Park Inn by Radisson hotel, both in York.
Chief Executive Karl Elliott said: “Savers are our bedrock and we recognise they’ve had a tough deal in recent years, with the Bank of England Base Rate remaining so low.
“Until recently it looked as though that might start to change, with the prospect of gradual increases, but now renewed uncertainty has put paid to that in the short term.
“In light of that, we wanted to do our bit to fight savers’ corner, and are delighted to release this top-five account – which offers outstanding flexibility as well as a fantastic rate of return.”
Withdrawals from the 30 Day Notice Account can be made in cash, in branch up to £500, or for any amount via cheque or faster payment.
New accounts can be opened and managed by post of via the Society’s branch in Market Place, Beverley.
NOTES FOR EDITORS
Beverley is the only independent building society in East Yorkshire. We have been supporting our community since 1866 and are committed to contributing to the vibrancy of our region by making a difference.
As a true independent, we are committed to living mutuality by building better futures for our members, new and existing borrowers and savers, our people, our community and our sector at large.
We’re powered by highly committed human beings who go over and above, every day, to offer our customers quality, friendly, personal service
In an age where the financial services market is moving, at pace, towards AI-powered, automated solutions, we believe there is a place for people-centred financial services and are passionate about maintaining that personal touch
We aim to make enough profit to ensure the Society is financially strong and sustainable, and can invest in continual product and service improvements for our members. We do not pay staff bonuses and all our profits are re-invested to support this goal
We are a very strong society, with good levels of profitability, a high performing mortgage book with an average loan-to-value of 38 per cent, a very loyal base of – largely regional – savings customers and good capital reserves.