The product is designed to meet the needs of customers looking for both flexibility and consistency
Yorkshire Building Society has relaunched its Easy Access Saver account, now offering customers the flexibility to receive their interest either monthly or as an annual lump sum.
The refreshed savings product, which went live today, provides a variable rate of 3.65 per cent and permits unlimited withdrawals at any time.
Savers opting for monthly payments will see interest credited regularly, while those choosing the annual option will receive their earnings on the anniversary of opening their account.
The mutual designed the account to appeal to customers seeking both adaptability and reliability, particularly those who rely on their savings to supplement day-to-day household budgets.
Research published by the building society reveals that nearly a third of savers, some 32 per cent, favour receiving interest on a monthly basis.
The findings also indicate that six in ten people experience satisfaction when they observe interest being added to their accounts on a regular basis.
Perhaps most significantly for the savings industry, the data suggests that more frequent interest payments could boost saving habits overall.
Almost half of those surveyed, 49 per cent, indicated they would be more inclined to put money aside or increase their deposits if interest were credited more often.
The mutual said the new account responds directly to this strong consumer appetite for regular interest payments.
Tina Hughes, director of savings at Yorkshire Building Society, said: "Many savers are looking for ways to make their money work harder for them day-to-day, not just in the long term.
"This account reflects that shift giving customers flexibility to access their savings, while also providing an option to gain regular monthly income they can rely on."
She added: "Our research highlights just how important this is. With the majority concerned about rising costs, and many telling us they value seeing interest added regularly, we wanted to create a simple, accessible product that helps people stay in control of their finances."
The comments underscore the mutual's focus on addressing evolving customer priorities around financial management.
The Easy Access Saver represents a milestone for Yorkshire Building Society as its first online product specifically created to offer monthly interest payments.
This development marks a significant step in expanding digital savings options for the mutual's customers.
Account holders can open and manage their savings entirely through the YBS website or the building society's mobile application.
The product, designated as issue 4 of the Easy Access Saver, imposes no restrictions on when or how often customers can withdraw their funds.
Further details about this account and the full range of savings products available from Yorkshire Building Society can be found at ybs.co.uk or through the YBS app.
