Yorkshire Building Society Regular Saver

RayWolfe · 2 April 2007 at 9:08AM

Sorry to disagree but, I have only a RegSave with Yorkshire and I can access it online.

Compound_2 · 3 April 2007 at 2:14AM

I think there's a danger with this account that unlike the other top paying regular savers, this rate is variable. So it could be downgraded and you’d be tied in, still having to add monthly. There is the one penalty free withdrawal, but this means that if you ever need some money you MUST withdraw down to the minimum regardless of how you assess your needs, losing the building up of funds in the high paying account. This is because by doing one withdrawal you lose the right of a penalty-free withdrawal in the event that the account becomes uncompetitive in future.

On another point, does anyone know how this account is affected by the '13th month' issue raised in another thread? The T&C refer to '11 out of 12 months in an account year' failing to appreciate the matter.

Speculator · 3 April 2007 at 6:09AM

Does anyone know when the interest is paid on this account? I thought it was 31st March, but it's now 3rd April and when I check my account online, there's still no sign of the interest.

Cappsy · 3 April 2007 at 7:54AM

From YBS website

http://www.ybs.co.uk/savings/regular/regular_saver/detail.jsp

"Interest is paid on the anniversary of your account each year."

C

bristolleedsfan · 3 April 2007 at 5:22PM

Compound wrote: »

I think there's a danger with this account that unlike the other top paying regular savers, this rate is variable. So it could be downgraded and you’d be tied in, still having to add monthly. There is the one penalty free withdrawal, but this means that if you ever need some money you MUST withdraw down to the minimum regardless of how you assess your needs, losing the building up of funds in the high paying account. This is because by doing one withdrawal you lose the right of a penalty-free withdrawal in the event that the account becomes uncompetitive in future.

On another point, does anyone know how this account is affected by the '13th month' issue raised in another thread? The T&C refer to '11 out of 12 months in an account year' failing to appreciate the matter.

yorkshire BS dont tend to launch many new accounts and downgrade existing accounts, i believe as long as yorkshire arent bought then this account will remain very competitive.

re standing orders if people set the standing order not to exceed the required number in total then it wont, ie say account is opened by cheque then standing order is set up first payment of 500 on 1.5 followed by 10 payments of 500.00 on same date then standing order would cease after stated no of payments have been made

Compound_2 · 3 April 2007 at 6:22PM

bristolleedsfan wrote: »

re standing orders if people set the standing order not to exceed the required number in total then it wont, ie say account is opened by cheque then standing order is set up first payment of 500 on 1.5 followed by 10 payments of 500.00 on same date then standing order would cease after stated no of payments have been made

The problem is not so much getting the standing order right at the bank, but interpreting the T&C of Yorkshire BS, i.e. given that this account continues from year to year, what are consequences of the precise date of the 13th payment?

bristolleedsfan · 3 April 2007 at 7:25PM

Compound wrote: »

The problem is not so much getting the standing order right at the bank, but interpreting the T&C of Yorkshire BS, i.e. given that this account continues from year to year, what are consequences of the precise date of the 13th payment?

being as 12 payments can be paid into yorkshire RS surely the 13th will be the 1st payment in second year ( can it be anything else) ive got numerous standing orders that run ongoing not had any issues with 13th payment only people that might do is those that have reg savers that end after 12 months

Compound_2 · 3 April 2007 at 8:13PM

bristolleedsfan wrote: »

being as 12 payments can be paid into yorkshire RS surely the 13th will be the 1st payment in second year ( can it be anything else)

The Yorkshire T&C make it clear that an ‘account year’ runs from the date of opening. Payments in the calendar month of anniversary but before the anniversary date constitute a 13th monthly payment in the first year.

gelato_cat · 3 April 2007 at 8:17PM

Compound wrote:

I think there's a danger with this account that unlike the other top paying regular savers, this rate is variable. So it could be downgraded and you’d be tied in, still having to add monthly.

On the other hand, YBS seem to have been quite good about passing base rate rises on to savers too. If they drop the rate by the same amount as any reductions in the base rate, there'd have to be a drop of over one percentage point for it to become not worth bothering with - but by then it would still be a LOT better than a lot of the ordinary savings accounts I'm sure.

Compound wrote:

There is the one penalty free withdrawal, but this means that if you ever need some money you MUST withdraw down to the minimum regardless of how you assess your needs, losing the building up of funds in the high paying account. This is because by doing one withdrawal you lose the right of a penalty-free withdrawal in the event that the account becomes uncompetitive in future.

Yes - I use mine as a savings account in the true sense, ie an account that I'm not going to withdraw from until I've plundered all my other funds! Very few RS accounts have no strings attached.

Compound wrote:

On another point, does anyone know how this account is affected by the '13th month' issue raised in another thread? The T&C refer to '11 out of 12 months in an account year' failing to appreciate the matter.

Not sure I know which thread you're referring to - can you elaborate on this issue please?

Suze

gelato_cat · 3 April 2007 at 8:28PM

If it helps:

I opened my account on 7th February and handed over a cheque for £500. I asked the guy if it was one deposit per calendar month and he said yes. I said "so the earliest I can make my next deposit is 1st March". He agreed.

I transfer money in as close to the first of each month as I can, so my first payment was on 7th February by cheque and my 12th one will be on 2nd January 2008. I'll carry on into the second year, my 13th payment being on 4th February 2008 - which will probably reach the account after the 7th.

Suze

Compound wrote: »

The problem is not so much getting the standing order right at the bank, but interpreting the T&C of Yorkshire BS, i.e. given that this account continues from year to year, what are consequences of the precise date of the 13th payment?

Yorkshire Building Society Regular Saver

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