Yorkshire Building Society gives savings accounts ‘customer friendly’ names

Yorkshire Building Society has renamed a range of savings accounts to make them more “customer friendly” by spelling out more clearly what they do.

The new names are the Easy Access Saver, Easy Access Isa, the Everyday Saver and the Everyday Isa.

The Society said the changes to its easy access deals aim to support customers in choosing accounts to meet their needs.

They replace the Internet Saver Plus, Internet Saver Isa Plus, Access Saver Plus and Access Saver Isa Plus – which have all been withdrawn and re-released with new names.

The accounts offer variable interest rates on balances from £1. Customers can access their savings without penalty, or to close the account if needed.

In customer testing, nearly two-thirds (64%) of people preferred Easy Access Saver as an account name and just 5% preferred Internet Saver Plus, the Society said.

The Easy Access Saver pays a rate of 4.80% and the Easy Access Isa pays 4.50%. Both are available online.

The Everyday Saver and Everyday Isa both pay 3.45%. They are available in branch and by post.

Chris Irwin, director of savings manager at Yorkshire Building Society, said: “Introducing the new account names, which spell out key features, will make it easier and clearer for savers to choose an account, that best suits them.”

Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “It is encouraging to see Yorkshire Building Society taking on board the thoughts of its customers to review the account names of their products for easier navigation.

“Transparency of savings accounts is important for customers who may not realise there could be underlining complexities, such as a limit on the number of withdrawals or carrying a bonus which will expire over the short term.

“Easy access accounts are ideal for those who want flexibility with their cash, but the variable rates they pay can rise as well as fall, so its vital consumers review their account regularly.”