Yorkshire BS Regular Saver c2008 vintage slashed

Shelle · 11 October 2017 at 7:17PM

I received my letter today (for issue 1) and am now pondering my options.

I did notice that the single access account that our accounts convert to in December is only for 12 months and after that it will convert again to a triple access account with a variable rate of 0.60% (at this point - guessing it could change before then as that is what variable means).

If I do decide to keep my money at YBS for the next year, I certainly shall be moving it at maturity next december

I am topping up this months deposit to the max £500, and if I am understanding this correctly I will also pay in the max for November and December as I will still earn bonus interest for those after the initial bonus has been paid on 14 Oct - have I understood that correctly?

That is how I have interpreted the statement in the What you will see on your account from 14 Oct 17 to 13 Dec 17 - "If you make any payments into the account (up to £500 per month) the additional bonus will be credited to the account the following day".

I assume then that the additional bonus will still be at the higher rate until 13 Dec?

Had also planned on making a small withdrawal at some point before the annual date (next Feb) to ensure the bonus int didnt take the account over £20000 and risk being closed by them. As the change of account interest is happening before our annual date, I am not sure whether I need to withdraw a sum quickly so that the interest doesnt take us over limit?

Havent worked out yet whether to stay or go after that!! Focusing on the short term first!

GreenBitterfly · 11 October 2017 at 7:25PM

I asked on Yorkshire Building Society's Facebook page, and apparently there aren't going to be any changes to the current monthly regular saver, just Regular Saver Issue 1 and 2.

Speculator · 12 October 2017 at 8:40PM

Just saw this in Thisismoney

Yorkshire_Pud · 12 October 2017 at 9:07PM

They should have kept the account as it is and reduced the remuneration package of the CEO to claw back a few bob in these cash strapped times.

Last year they paid my bonus a week early taking the balance over 20K then sent me a letter next day saying they were closing the account!

A few phone calls later I had the account un closed and £50 compensation. They were quite snotty and unapologetic stating they paid the bonus a week early because it was a bank holiday weekend the next weekend when the bonus was due. Strangely the normal interest was not paid a week early but paid on the bank holiday Monday as expected. All a bit odd and they didn't do it this year when it was again a Bank Holiday;)

They have been gagging to close this account for years now

mhoc · 13 October 2017 at 7:57AM

Shelle wrote: »

I received my letter today (for issue 1) and am now pondering my options.

I did notice that the single access account that our accounts convert to in December is only for 12 months and after that it will convert again to a triple access account with a variable rate of 0.60% (at this point - guessing it could change before then as that is what variable means).

If I do decide to keep my money at YBS for the next year, I certainly shall be moving it at maturity next december

I am topping up this months deposit to the max £500, and if I am understanding this correctly I will also pay in the max for November and December as I will still earn bonus interest for those after the initial bonus has been paid on 14 Oct - have I understood that correctly?

That is how I have interpreted the statement in the What you will see on your account from 14 Oct 17 to 13 Dec 17 - "If you make any payments into the account (up to £500 per month) the additional bonus will be credited to the account the following day".

I assume then that the additional bonus will still be at the higher rate until 13 Dec?

Had also planned on making a small withdrawal at some point before the annual date (next Feb) to ensure the bonus int didnt take the account over £20000 and risk being closed by them. As the change of account interest is happening before our annual date, I am not sure whether I need to withdraw a sum quickly so that the interest doesnt take us over limit?

Havent worked out yet whether to stay or go after that!! Focusing on the short term first!

I had the letter as well, the day after everyone else.

I rang them and asked about November and December and they said that the day after my normal deposits go in at the start of the month then the bonus would go in as well the next day.

As bad as 1.5% is I am going to keep the account open after the change over date, at least for now. I am about 12 months away from reaching the max.

Careful_ly · 13 October 2017 at 8:43AM

Have others been told that the early payment of the bonus putting them over the £20,000 is okay?

I am in the position that I have £100 under the limit and have not paid anything in this month, I have been told on the phone that is okay but I don't think the wording is clear.

I am still wondering if I should make my one allowed withdrawal today.

I was also told that the interest is being paid tomorrow along with the bonus, so I see no point in leaving funds in the account earning nothing, it may as well be withdrawn, put elsewhere, and paid back in just before it starts earning the 1.5% in December.

Yorkshire_Pud · 13 October 2017 at 9:31AM

Careful_ly wrote: »

Have others been told that the early payment of the bonus putting them over the £20,000 is okay?

I am in the position that I have £100 under the limit and have not paid anything in this month, I have been told on the phone that is okay but I don't think the wording is clear.

I am still wondering if I should make my one allowed withdrawal today.

I was also told that the interest is being paid tomorrow along with the bonus, so I see no point in leaving funds in the account earning nothing, it may as well be withdrawn, put elsewhere, and paid back in just before it starts earning the 1.5% in December.

I haven't asked and I'm not going to as I find telephone advice is usually wrong.

I was expecting my bonus in May 2018 not tomorrow so if by paying it early YBS put my balance over the max then they did it not me. If they then close the account for breaking the terms I will make a complaint and ask for compensation.

You should pay at least the minimum £10 this month to stay in the conditions whatever YBS 'said'.

The account is fundamentally different from 14th October anyway as stated on one of the pages of the letter we got.

Ditto your last paragraph, that's what I will be doing as well as paying in £490 more in October and £500 in November and December for more interest and bonus.

Think I know what I'm doing, but may fall down one of their financial man traps sometime!

mhoc · 13 October 2017 at 9:31AM

But the money will still be earning interest between tomorrow and change over date in December wont it?

I did ask the girl on the phone yesterday that I would still be getting the full interest rate between the 2 dates and she said yes.

This additional bonus date of tomorrow is a Saturday so I imagine online any bonus wont show until Monday?
My interest date is October 31st so I am not expecting a lot more

Yorkshire_Pud · 13 October 2017 at 9:39AM

mhoc wrote: »

But the money will still be earning interest between tomorrow and change over date in December wont it?

I did ask the girl on the phone yesterday that I would still be getting the full interest rate between the 2 dates and she said yes.

This additional bonus date of tomorrow is a Saturday so I imagine online any bonus wont show until Monday?
My interest date is October 31st so I am not expecting a lot more

I don't think it will earn interest twice as it were, the only additional interest would be on the up to £500 allowed monthly deposits in Oct Nov Dec. but you can earn £40 interest elsewhere in the meantime if you have a full balance and move the money out for two months.

Minimum amount to keep the YBS account open is £10.

Paul_DNAP · 13 October 2017 at 12:48PM

Got my letter too, absolutely gutted, been a great account and very nice earner.

My plan is to keep the funds in the new 1.5% account, I know it's not the best rate out there but the only way to beat it significantly is to lock it away for a while and if I am going to do that I think I will do it under the wrapper of next year's ISA so I can't lock it too heavily right now.

I am stuck on ideas on where to redirect the money that went in there every month after December, maybe I'll keep in going to that 1.5% account for the time being.

Although, now I no longer have 3.55% earnings on what is close to £20k then I am no longer going to be bubbling around the personal savings allowance with my interest earning am I, so maybe an ISA isn't strictly necessary anymore?

One thing is absolutely certain, the account will be well and truly closed before it drops to the 0.6% rate.

Yorkshire BS Regular Saver c2008 vintage slashed

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