Yorkshire launches savings account that helps the RSPCA

Yorkshire TerrierA 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.
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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.
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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

ING Direct Savings Account

2.50%

Instant

£1

1.97% for the first 12 months

Nationwide BS MySave Online Plus

2.50%

One penalty-free withdrawal per year

£1,000

0.97% for the first 12 months

Derbyshire BS NetSaver Issue 7

2.50%

Instant

£1,000

1.50% until 28 February 2014

Allied Irish Bank (GB) Easy Access Account Issue 3

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


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Tax tricks to improve your wealth
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Yorkshire launches savings account that helps the RSPCA

If you wear a uniform of any kind to work and have to wash, repair or replace it yourself, you may be able to reclaim tax paid over the last four years. For some people, this could mean a windfall worth hundreds of pounds

The interest you receive on savings accounts (with the exception of cash Isas) is automatically taxed at a rate of 20%.

Higher-rate taxpayers therefore tend to owe money on the interest they are paid throughout the year. If, however, you are on a low income or not earning at all, you should be able to claim all or some of the tax deducted back

You can apply for a refund of vehicle tax if you are the current registered keeper or were the last registered keeper of your vehicle that no longer needs a tax disc

If you pay tax on a company, personal or State Pension through PAYE (the system employers use to deduct tax from your wages), you may well end up overpaying

There is a limit to the amount you need to pay in NI, whether or not you work for an employer.

Instances in which you may find that you have overpaid include if you work two or more jobs and earn more than £817 a week and if you move from self-employment to employment, but continue to pay Class 2 National Insurance contributions

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