Celebrating Yorkshire values with a call to save smarter
Yorkshire Building Society is marking a major milestone — giving back over £1 billion in extra interest to its members — by celebrating the region’s proud values and encouraging people to take a fresh look at their savings.
Ahead of Yorkshire Day (1 August), the mutual is celebrating more than just flat caps, Yorkshire tea, and the stunning Dales. It’s celebrating the values that make Yorkshire special: pride, practicality, and looking after what matters.
Yorkshire has emerged as a heartland for building society membership. The region is now home to over 5 million building society members [1], nearly a fifth (19%) of all those in the UK. Yorkshire Building Society, the largest of the five based in the region, serves nearly 3 million members.
The Society recently calculated that the UK population could have earned an additional £9 billion in 2024 [2] — or £248 more per person — had savings been held with them instead of a bank. In 2024, Yorkshire Building Society paid an average savings rate of 4.21%, which is 27% higher than the market average, resulting in an extra £430.2 million earned by its savers.
Across the sector, building societies paid an additional £5.5 billion [3] in interest to savers between 2022 and 2024 compared to the market average — and Yorkshire Building Society alone contributed £1 billion of that total.
To raise awareness of the difference building societies can make, the Society hosted a public event at Leeds Train Station on Tuesday 22 July, engaging with commuters, handing out merchandise, and highlighting the additional interest paid to its members.
The campaign highlights how building societies differ from banks — they are owned by their customers, known as members, and without external shareholders, profits are reinvested into the business and local communities allowing more interest to be given back to members.
Despite the benefits, recent research [4] by Yorkshire Building Society found that 55% of Brits still keep their main savings account with a traditional bank, compared to just 23% with a building society. While building societies are perceived more positively across trust, service, and community focus, awareness of mutuality remains low, especially among younger people.
Pete Lewis, Senior Savings Manager at Yorkshire Building Society, said: “We’re proud to stand by the values that define this region — and to support our members in building stronger financial futures. We believe every penny should work as hard as the people who earn it — and building societies are here to make that happen.
“Yorkshire has long been a heartland for mutuality, and we’re proud to play a leading role in a sector that’s delivering real value for savers. Over the past three years alone, building societies have paid an additional £5.5 billion in interest compared to the market average — and Yorkshire Building Society contributed £1 billion of that. That’s money going back into the pockets of our members, not shareholders.”
1. Latest available comparative figures, 2023 (source: BSA Yearbook). The UK has 26.7m building society members.
2. Based on 37.5m or 55% of UK population (mid-year 2023 estimated population 68.3 million (source: ONS)) earning YBS average interest rate of 4.21%, instead of market average of 3.31% (2024) on average savings account balance of £27,561 (savings balance data collected with Opinium Research – surveying 2,000 UK adults nationally representative of the UK population completed 27 Nov-5 Dec 2024)
3. According to Building Society Association figures - Building Societies Trading Update June 2025
4. Data collected with Opinium research – surveying 2,000 UK adults nationally representative of the UK population completed 6-10 and 13-16 September 2024
