Yorkshire Building Society has revamped its savings account lineup with more “customer friendly” names, aiming to provide greater clarity on their functions.
The newly christened accounts include the Easy Access Saver, Easy Access Isa, Everyday Saver, and the Everyday Isa.
The building society’s move is designed to assist customers in selecting the right accounts for their financial goals.
Previously known as Internet Saver Plus, Internet Saver Isa Plus, Access Saver Plus, and Access Saver Isa Plus, these accounts have been rebranded and relaunched.
Offering variable interest rates starting from a mere £1 balance, these accounts allow savers to withdraw funds or close their accounts without facing any penalties.
Feedback from customer testing revealed a significant preference for the name Easy Access Saver, with 64 percent favouring it over just five percent for the former Internet Saver Plus, according to the society.
Interest rates are competitive, with the Easy Access Saver offering 4.80 percent and the Easy Access Isa at 4.50 percent, both accessible online.
For those preferring branch or postal access, the Everyday Saver and Everyday Isa offer a solid 3.45 percent.
Chris Irwin, Yorkshire Building Society’s director of savings, commented on the change: “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, commented: “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.”
