A new savings account has been launched by Yorkshire Building Society which pays a percentage to the RSPCA. But is it any good?
A new savings account has been launched by Yorkshire Building Society which not only pays interest of 2.20% but also gives a donation to the RSPCA.
Savers can save anything from £10 in the account and Yorkshire will pay 0.25% of the daily amount in balances across the country to the animal charity.
The account
The RSPCA Saver account is an easy access savings account which allows you four penalty-free withdrawals per year and unlimited deposits.
Interest can be paid monthly or annually and there is no a bonus, so you don't need to worry about the rate plunging in 12 months' time.
However, it’s also a branch-based account, so only really suitable for those happy going into a local Yorkshire branch to manage the account.
How does it compare?
On the whole accounts such as this which give money to charity tend to offer lower rates than standard savings accounts. The exception to this rule is the Poppy Bond, launched last week, which is market leading.
While the Yorkshire account isn’t market leading, it’s still relatively competitive in a market where rates are plummeting. But despite this, it’s likely to be favoured more by those wanting to help out the RSPCA rather than those chasing a great savings rate.
But if you are looking for a good rate, in the instant access market there are better accounts to choose from.
If you don't mind moving your money in a year, ING Direct tops the tables with an account at 2.50%, and a 1.97% bonus, followed by the MySave account from Nationwide on 2.50%, with a 0.97% bonus.
If you don't fancy a bonus, top of the tables is an account from Allied Irish Bank (GB) paying 2.50% followed by the Newcastle Building Society on 2.35% and then Sainsbury’s Bank which pays 2.30%.
Top 10 easy-access accounts
|
Account |
Rate |
Access |
Minimum deposit |
Bonus |
|
2.50% |
Instant |
£1 |
1.97% for the first 12 months |
|
|
2.50% |
One penalty-free withdrawal per year |
£1,000 |
0.97% for the first 12 months |
|
|
2.50% |
Instant |
£1,000 |
1.50% until 28 February 2014 |
|
|
2.50% |
Instant |
£1 |
None |
|
|
Newcastle BS Sir Bobby Robson Foundation Saver Issue 2 |
2.35% |
Instant |
£1 |
None |
|
Sainsbury’s Bank Extra Saver |
2.30% |
Instant |
£1 |
None |
|
West Brom BS Branch Easy Access Saver Issue 3 |
2.26% |
Instant |
£1,000 |
None |
|
Skipton BS My Savings |
2.25% |
Instant |
£1 |
None |
|
YBS Triple Access Saver |
2.25% |
Instant |
£100 |
None |
|
Aldermore Easy Access Issue 4 |
2.25% |
Instant |
£1,000 |
None |
More on savings:
The top fixed rate savings bonds