Yorkshire Building Society launches Age UK charity bond



Yorkshire Building Society has launched a fixed rate bond to raise money for charity Age UK, enabling savers to help make a life-changing difference to some of the most vulnerable older people around the country.


The one-year Charity fixed rate bond will see savers receive a 0.37% gross p.a/AER* interest rate, fixed until 31 August 2022. The Society will make a one-off donation to Age UK’s Building Better Lives Programme of 0.05% on balances held in the Charity bond after the account has been withdrawn from sale.


This is just one of the ways that Yorkshire Building Society is raising money for Age UK as part of a two-year charity partnership which aims to raise £1million to help support older people.


Recent figures reveal that last year there were 2.1 million older people in the UK living in poverty[i], and the money raised through the partnership is enabling Age UK to deliver their Building Better Lives programme, strengthening the financial resilience of older people in communities across the country.


The limited issue bond can be opened with a minimum balance of £1,000. Interest is payable annually – 0.37% gross p.a/ AER - and the maximum deposit for this account is £2m. No access is allowed during the term of the bond. The bond is available in branches and agencies and online.


Yorkshire Building Society’s Chief Executive, Mike Regnier, said:


Now more than ever, older people need a trusted place they can turn to for advice and support. The outbreak of coronavirus has intensified what was already a dire situation for thousands of vulnerable older people. This new account is a great way for the Society and our members to support Age UK, at the same time helping to grow your savings. As some later life situations can lead to financial difficulties the Building Better Lives project will support older people facing these challenges to strengthen their financial resilience.


Laurie Boult, Fundraising Director at Age UK, said:


Age UK exists to be there for older people when they need us the most, and that time is now. The pandemic has sharply accelerated the needs of significant numbers of older people, and as the vaccine roll out continues and restrictions start to lift, Age UK will need to continue to be there for those most vulnerable.


The launch of the Charity Fixed Rate Bond will raise vital funds to help Age UK support older people through some of the most challenging times in their lives. Through a network of local Age UKs, the Building Better Lives programme will provide one-to-one support to help prevent more than 4,700 older people most in need from reaching financial crisis point and to look to the future with hope. We’re so grateful to Yorkshire Building Society and their members, we couldn’t do this without their support.


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