Yorkshire BS Regular Saver c2008 vintage slashed

Yorkshire_Pud · 5 October 2017 at 1:20PM

Hi I received a letter today and its bad news.

The Regular Saver that had a bonus of 3.5% that YBS couldn't reduce will on 14th December 2017 become a Single Access Saver Unique at a variable 1.5% and a max balance of £22,000 which after a further 12 months will become a Triple Access Saver currently paying 0.6% with only three withdrawal days per account year

I had thought there was an obligation for YBS to continue the account but it seems they have the right to scrap it sadly, unless anyone knows different.

So from 14th December it pays a reasonable rate in today's market just about but variable and as funds were effectively locked in year on year should really be compared with 12 month fixed rate bonds albeit cannot make a withdrawal from those accounts.

Ho hum another gloomy day in savingsville

skitskut · 5 October 2017 at 1:41PM

In the Regular Savings thread interest Ted said they were going to pay accrued bonus early on 14th Oct. Is this the reason the max balance has been raised?
This is bad news, i've had mine since early 2007!

Yorkshire_Pud · 5 October 2017 at 2:11PM

skitskut wrote: »

In the Regular Savings thread interest Ted said they were going to pay accrued bonus early on 14th Oct. Is this the reason the max balance has been raised?
This is bad news, i've had mine since early 2007!

£22,000 Max balance is only from 14th December, £20,000 before.

Strangely it says "the bonus you have accrued in your account year until 13 October plus the bonus from 14 October to 13 December will be added to your account on 14 October"

"Any withdrawals in this period will not have an impact on the bonus already credited to your account"

Bonus will still be earnt on further credits to the account after 13th October, up to the usual £500 per month limit.

So if you don't want to make any further payments into the account after 14th October you still get the Bonus you would have earnt up to 14th December and could close the account on 14th October?

They really want to kill this account off and that's the sweetener to encourage people to leave with two months bonus for free, approx. £116 on full £20K but less as have to keep below £20K. Then again the early bonus payment could take some balances over £20K on 14 Ocrober! Would YBS close the account then?!

Careful_ly · 5 October 2017 at 3:57PM

I and OH both have this account and will both be in the position of going over the £20K when the bonus is paid early on 14th October.

We have not had a letter as yet, and I think it is really not on to change the account with such little notice.
I have had my account for 10 years and its worrying that they can just change the terms and conditions without more notice, does this open a door that would allow tracker mortgages at the likes of .5% overbase to be withdrawn on the same not economic basis.

Is the best course of action to withdraw a large amount from the accounts before the 13th, then fund with the full £500 per month allowance after the bonus has been added?

Yorkshire_Pud · 5 October 2017 at 4:19PM

Its over 60 days notice so I think YBS are following the rules.

Its a four page letter so I haven't taken all of it in but I think the balance going over £20K as long as it is after 14 October shouldn't be a problem as the account is changing YBS have to allow a lot of leeway to the account holders BUT they could be being sneaky!?

Oh and careful ly remember that before 14 October the current conditions are in place and only one withdrawal per account year is allowed! See like I said sneaky, don't act in haste!

Speculator · 5 October 2017 at 4:21PM

Appears to be little point in keeping the money there after 13th October if they've already paid you interest for the following 2 months on the 14th Oct.

Then £500pm @ 3.55% for 2 months (14th Oct to 14th Dec) will get you around £4.37 so probably not worth doing.

October is giving me a headache.

Lots of accounts maturing. Saffron x 2, Leeds issue 3 x2, Penrith x 2 and now this!

Yorkshire_Pud · 5 October 2017 at 11:27PM

So seeing as the bonus is paid two months early and if the account was fully funded, just under £20,000 and the account closed on or about 14th October and the capital invested in a 1.25% interest paying account that would be about £40 interest for two months additional to any other possible gain if the account was left for the two months to become the Single Access Saver at 1.5% so unless you can't get a better return than 1.5% seems little point in keeping the account on life support up to 14th December!?

Got to admire the way they have done this, very thorough and on principle my money is coming out:(

But thanks YBS for the last nine years!:T

Speculator · 5 October 2017 at 11:40PM

If the single access a/c was say 2%, I probably would have kept my money at YBS. 1.5% is too low.

Yorkshire_Pud · 6 October 2017 at 12:00AM

Its a variable rate though so could go up, but it won't as its an exclusive account for the corralled out of the regular saver brigade.

Note the 14th October when interest will be paid is a Saturday so perhaps it won't show in the account until 16th or be possible to close the account until 16th. No stone left unturned!

oldfella · 6 October 2017 at 9:25AM

I checked with them, if the interest paid on 14th Oct takes the balance over £20K, it will still be paid.

The wording implies that, without actually saying it.

Chadsman · 6 October 2017 at 11:37AM

Well thats a b@gger... just as I reached the 20k limit

So is there anything to be gained from keeping the account open after 14th October. I presume interest will not accrue twice. My BoS Vantage and Club LLoyds accounts are almost empty

Yorkshire BS Regular Saver c2008 vintage slashed

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