Societies cautious over new lending incentives

YORKSHIRE Building Society said it was mindful of tough times that remain for savers.

The statement added: “Like all financial institutions, we have had to make difficult decisions on savings rates, but we have made these with sensitivity and with consideration to protecting our existing members, and the whole society, as much as possible. We have signed up to FLS but have not yet drawn funding from it. We intend to use the funding during 2013 to support increased lending at all levels – including first-time buyers – and not just helping those borrowers with larger deposits.”