“Our strong financial position allows us to protect the repayments of some of our borrowers by not increasing our SVR.”
The Company is also adding 0.10% to its variable rate savings accounts following the Bank’s announcement in December.
Chris Irwin, director of savings at the Yorkshire Building Society, said: “The past few years have been difficult for savers, so we are delighted to be able to increase our savings products while protecting our borrowers from the increase.
“With no outside shareholders to satisfy, we have protected savers as much as possible during the prolonged period of a historically low bank rate, maintaining an average interest rate on our accounts that has been consistently higher to the market average.
“Our members also benefited from two rate hikes last year when we passed on more than £34 million in extra interest by increasing existing unrestricted savings accounts from 0.10% to 0.50% to reward member loyalty Our decision today to increase our variable rate accounts continues to reflect our mutual philosophy of putting our members first.
“It’s also nice that our strong financial position allows us to protect the repayments of some of our borrowers by not increasing our SVR.”