Yorkshire Building Society has rebranded a number of savings accounts to make them more “customer friendly” by making it clearer what they do.
The new names are Easy Access Saver, Easy Access Isa, Everyday Saver and Everyday Isa.
The company said the changes to its easily accessible offerings are aimed at helping customers choose accounts that meet their needs.
They replace Internet Saver Plus, Internet Saver Isa Plus, Access Saver Plus and Access Saver Isa Plus – all of which have been withdrawn and relaunched under new names.
The accounts offer variable interest rates on balances from £1. Customers can access their savings without penalty or close the account if necessary.
In customer tests, almost two-thirds (64%) of respondents preferred “Easy Access Saver” as an account name and only 5% preferred “Internet Saver Plus,” the company said.
The Easy Access Saver pays an interest rate of 4.80% and the Easy Access Isa pays 4.50%. Both are available online.
Both the Everyday Saver and the Everyday Isa pay 3.45%. They are available in branch and by post.
Chris Irwin, director of savings management at Yorkshire Building Society, said: “The introduction of the new account names, which highlight key features, will make it easier and clearer for savers to choose the account that best suits them.”
Rachel Springall, financial expert at Moneyfactscompare.co.uk, said: “It’s encouraging to see Yorkshire Building Society taking on board suggestions from its customers and reviewing the account names of its products to make them easier to navigate.
“The transparency of savings accounts is important for customers who may not be aware that there may be complexities behind them, such as a limit on the number of withdrawals or a bonus that expires at short notice.
“Easy access accounts are ideal for those who want flexibility in managing their cash. However, the variable interest rates they pay can go up as well as down, so it’s important that consumers check their account regularly.”