Yorkshire Building Society axes high-interest regular savings accounts

If you're one of those affected, the rate you earn will plummet from up to 3.55% to just 1.5% - so check NOW if you can earn more elsewhere.

For the best interest rates available on savings, see our Regular Savings and Top Savings Accounts guides.

What's happening to Yorkshire Building Society's regular savers?

The Regular Saver and Regular Saver Issue 2 accounts, which haven't been available to new customers since December 2008 and March 2014 respectively, let you save up to £500 a month.

The Regular Saver account pays a hefty interest rate of 3.55% AER variable, while the Regular Saver Issue 2 pays 2.5% AER variable - both on up to £20,000. To get these rates you need to pay in at least £10 per month and not make more than one withdrawal per year.

If you have either of these accounts, it'll be closed on 14 December 2017 and your money will be transferred to a Single Access Saver Unique Edition which pays 1.5% AER variable for 12 months. After a year, the Single Access account will then turn into a Triple Access Saver account, which currently pays just 0.6% AER variable - way below our best-buys.

What's the best place for my savings now?

If your account's being closed, you should check now if you can earn more elsewhere by moving your money - though the best option for you will depend on how much you have in the account.

It's possible to earn up to 5% AER interest on regular savings accounts if you're a current account customer with First Direct, HSBC, M&S Bank, Santander or Nationwide, though these can only be held for a year and you can only pay in a maximum of £200-£300/month depending on the account.

High-interest current accounts also pay up to 5% AER on small amounts. The top straightforward easy-access savings account comes from Bank of Cyprus UK, and pays 1.28% AER variable.

For full info and more options, see our Regular Savings and Top Savings Accounts guides.