YS

Yorkshire Building Society

www.ybs.co.uk link_icon

Company Research Report: Yorkshire Building Society (YBS)



Company Overview


  • Name: Yorkshire Building Society (YBS)

  • Mission of the Company: Helping Real Life Happen. Specifically, the company focuses on helping people have a place to call home, supporting financial well-being, and creating long-term value for its members.

  • Founded:

  • Huddersfield Equitable Permanent Benefit Building Society: 1864

  • West Yorkshire Building Society: 1866

  • Major mergers leading to current formation:

  • Huddersfield & Bradford Building Societies: 1975

  • Huddersfield & Bradford and West Yorkshire Building Societies forming Yorkshire Building Society: 1982

  • Key People: No specific key people mentioned.

  • Headquarters: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ

  • Number of Employees: Circa 3,500, plus contingent workers (circa 1,500)

  • Revenue: No information is available.

  • What is the Company Known For:

  • Providing residential mortgages and savings accounts

  • Intermediary-only lending subsidiary: Accord Mortgages

  • Financial literacy initiatives

  • "Money Minds" financial education program for youth (5-19 years old)

  • Support for social housing and partnerships such as End Youth Homelessness, Age UK, and FareShare


Products


Savings


  • Products:

  • Cash ISAs, Fixed Rate Bonds, Easy Access Savings Accounts, Regular Savings, Children's Savings Accounts

  • Description: Financial products designed to help individuals save money efficiently with varying degrees of access flexibility.

  • Key Features:

  • Easy Access Savings Accounts: Offer flexibility around withdrawing money.

  • Fixed Rate Bonds: Lock in a fixed interest rate over a fixed period.

  • Cash ISAs: Tax-free savings up to a specified annual limit.

  • Regular Savings Accounts: Encourage consistent monthly savings.

  • Children's Savings Accounts: Designed to start saving habits early.


Mortgages


  • Products:

  • Residential Mortgages, First-Time Buyer Mortgages, Remortgaging, Interest Only Mortgages, Tracker Mortgages, Standard Variable Rate Mortgages, Buy-to-Let Mortgages, Commercial Mortgages

  • Description: Tailored mortgage solutions for various borrower needs.

  • Key Features:

  • Fixed Rate Mortgages: Secure a fixed interest rate for a set period.

  • Tracker Mortgages: Varying interest rates align with the Bank of England Base Rate.

  • Offset Mortgages: Ability to reduce mortgage payments by offsetting savings.

  • Interest Only Mortgages: Pay interest only, with capital repayment due at end of term.


Insurance


  • Products:

  • Home Insurance, Life Insurance

  • Description: Protection products to safeguard homeowner's property and personal life.

  • Key Features:

  • Home Insurance: Coverage for building and contents.

  • Life Insurance: Financial protection for the policyholder's beneficiaries.


Recent Developments


New Products


  • Launched:

  • £5k Deposit Mortgage and First Home eSaver: Exclusively for first-time buyers to ease the process of purchasing their first home.

  • Savings App: A digital solution to manage savings accounts seamlessly via smartphone or tablet.


Partnerships


  • Current and Upcoming:

  • Support for Charity Partner FareShare: Ongoing support until June 2026.

  • Partnership with Doshi: Collaboration to boost financial confidence among people through educational lessons and quizzes.

  • Yorkshire and Humber Climate Commission: Focus on building a greener society.

  • Small Change Big Difference® scheme: Micro-donations to support local charities.


Initiatives


  • Financial Well-being:

  • Support for financial literacy initiatives aimed at various community segments.

  • Money Minds: Financial education program launched in 2016.

  • Community Support:

  • Volunteering Programs: YBS gives back through community service and support for local good causes.

  • Environmental Sustainability: Mission to embed high environmental standards and pursue net-zero transition that benefits all customers.


Financial Movements


  • Savings Rates Adjustment:

  • Due to the Bank of England base rate decrease from 5.25% to 5.00% on 1 August 2024, savings account rates adjusted accordingly.

  • Mortgage Rate Adjustment:

  • Tracker Mortgages:

  • Rate reduced by 0.25% on 25 August 2024, with effects beginning March 2025 unless otherwise requested.

  • Standard Variable Rate (SVR) Mortgages:

  • Rate reduced from 8.24% to 7.99% on 25 August 2024.

  • Research Initiatives:

  • Bristol University Study: Sponsored research illustrating the mental well-being benefits of regular savings habits.


Conclusion


This report has extracted and detailed all available data relevant to the Yorkshire Building Society, presenting its mission, product offerings, key historical milestones, and recent developments. While specific financial figures and key personal details are not disclosed, the overview presents YBS as a robust, community-focused organization with a clear commitment to member benefit, financial education, and sustainability.