Vernon Building Society launches new Limited Access savings accounts

Stockport-based Vernon Building Society has announced the launch of two new Limited Access Accounts, designed to help customers earn more competitive interest on their savings without locking money away completely.

The new products – the Triple Access Account at and the Single Access Cash ISA – are aimed at savers who want their money to work harder while retaining some flexibility to access their funds when needed. The launch comes as many households continue to review where their savings are held and whether their accounts still suit their plans.

The Triple Access Account offers a 3.40% Gross/AER variable rate, with up to three withdrawals permitted per calendar year. The account requires a minimum deposit of £500 and has a maximum balance of £20,000. Interest is calculated daily and added to your account annually on the 31^st December. The account is designed for savers who want to earn interest while keeping the reassurance of being able to access their money a limited number of times during the year.

The Single Access Cash ISA offers a 3.60% Tax-Free/AER variable rate, with one penalty-free withdrawal permitted per calendar year. The account requires a minimum deposit of £500. Savers can pay in up to the full Cash ISA subscription limit (currently £20,000) each tax year, up to an overall maximum balance of £100,000. The ISA is aimed at savers who want to grow their money without paying income tax on the interest, and are comfortable limiting withdrawals in return for a stronger rate than the Vernon’s current Easy Access Cash ISA. It provides a straightforward way for customers to make more of their annual ISA allowance while keeping one withdrawal available if their plans change.

With Cash ISA rules expected to change from 6 April 2027, when savers under 65 will be limited to putting £12,000 a year into Cash ISAs, the account offers a timely way to make use of the current tax-free allowance while it remains available.

Darren Ditchburn (pictured), CEO at Vernon Building Society, said:

“We’re launching these new Limited Access Accounts at a time when many savers are questioning whether their money could be earning more. A lot of people don’t want to lock their savings away for years, but they also want to know their savings are working as hard as they can while knowing they still have access if their circumstances change.

“As a mutual building society, we’re committed to offering straightforward products that help our members work towards their own goals while supporting the communities we serve. These new accounts are another way of putting that commitment into practice and encourage customers to make their savings count in more ways than one.”

Both accounts are available now to new and existing Vernon Building Society customers that are UK residents aged 18 or over. Accounts can be opened online or in branch at any of the Society’s six locations in Stockport, Hazel Grove, Bramhall, Poynton, Reddish and Marple.