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Yorkshire Building Society has suggested that the UK population could have earned an additional £9 billion in 2024, or an extra £248 each, had savings been held with them instead of a bank.* The mutual said ti paid an average savings rate of 4.21 per cent over 2024, supposedly 27 per cent higher than the market average, suggesting its savers earned an extra £430.
2 million.** The information comes as the society is supporting a campaign by the Building Societies Association that celebrates 250 years since the first mutual society was founded and shows how building societies differ from banks. Research by Yorkshire Building Society has suggested that most adults keep their savings with a high street bank.
According to the research, more than half (55 per cent) of Brits have their main savings account with a traditional bank, compared to less than a quarter (23 per cent) who use a building society.*** The research also suggested that more than half (57 per cent) of people have a mortgage with a bank, compared to just over a third (36 per cent) with a building society. Yorkshire Building Society’s £5k Deposit Mortgage – which allows people to buy a home worth up to £500,000 with a deposit of just £5,000 – is aimed at enabling aspiring homebuyers to save a deposit in around two years, no matter where they are in the country.
Most (80 per cent) of 18-34 year-olds thought they would need to find a deposit of at least £10,000 to buy a house, according to Yorkshire Building Society's commissioned research.****.
