The one-year End Youth Homelessness Fixed Rate Bond will see savers receive 0.70% interest, fixed until 30 June 2021.

The society will make a one-off donation to the End Youth Homelessness (EYH) Covid-19 appeal of 0.10% of all balances held in the bonds after the account has been withdrawn from sale.

EYH is a national movement of local charities working together to end youth homelessness in the UK. Yorkshire Building Society has been working in partnership with EYH since 2017.

Mike Regnier, chief executive of Yorkshire Building Society, said: “The impact that coronavirus is having across the country including the charity sector is unparalleled. That’s why we are proud to be helping charities such as End Youth Homelessness that are supporting the ongoing needs of the most vulnerable people in our communities.”

To date the partnership has helped over 431 young people and 92 dependent children into their own rented homes and has raised over £1m.

Nicholas Connolly, managing director for End Youth Homelessness, said: “For many, self-isolation can mean a time of discomfort. But for Britain’s homeless young people, it can mean much worse.

“This global pandemic hitting the UK means EYH charities now face extraordinary costs just to keep services staffed and young people healthy. We are desperately concerned that the Covid-19 crisis will prevent our services from running and leave young people unsupported, without food or worse. Meanwhile, our charities expect a significant drop in voluntary income this year.

“That’s why the launch of the End Youth Homelessness Fixed Rate Bond is so important for homeless young people: it will raise vital funds to give even more young people a chance to escape homelessness and secure a safe place to call home.”