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  • FIRST POST
    • Yorkshire Pud
    • By Yorkshire Pud 5th Oct 17, 1:20 PM
    • 772Posts
    • 482Thanks
    Yorkshire Pud
    Yorkshire BS Regular Saver c2008 vintage slashed
    • #1
    • 5th Oct 17, 1:20 PM
    Yorkshire BS Regular Saver c2008 vintage slashed 5th Oct 17 at 1:20 PM
    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
Page 1
    • skitskut
    • By skitskut 5th Oct 17, 1:41 PM
    • 157 Posts
    • 77 Thanks
    skitskut
    • #2
    • 5th Oct 17, 1:41 PM
    • #2
    • 5th Oct 17, 1:41 PM
    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
    • By Yorkshire Pud 5th Oct 17, 2:11 PM
    • 772 Posts
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    Yorkshire Pud
    • #3
    • 5th Oct 17, 2:11 PM
    • #3
    • 5th Oct 17, 2:11 PM
    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!
    Originally posted by skitskut
    £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?!
    Last edited by Yorkshire Pud; 05-10-2017 at 2:34 PM.
    • Careful_ly
    • By Careful_ly 5th Oct 17, 3:57 PM
    • 612 Posts
    • 433 Thanks
    Careful_ly
    • #4
    • 5th Oct 17, 3:57 PM
    • #4
    • 5th Oct 17, 3:57 PM
    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
    • By Yorkshire Pud 5th Oct 17, 4:19 PM
    • 772 Posts
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    Yorkshire Pud
    • #5
    • 5th Oct 17, 4:19 PM
    • #5
    • 5th Oct 17, 4:19 PM
    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!
    Last edited by Yorkshire Pud; 05-10-2017 at 5:14 PM.
    • Speculator
    • By Speculator 5th Oct 17, 4:21 PM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    • #6
    • 5th Oct 17, 4:21 PM
    • #6
    • 5th Oct 17, 4:21 PM
    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!
    Last edited by Speculator; 05-10-2017 at 4:36 PM. Reason: .
    • Yorkshire Pud
    • By Yorkshire Pud 5th Oct 17, 11:27 PM
    • 772 Posts
    • 482 Thanks
    Yorkshire Pud
    • #7
    • 5th Oct 17, 11:27 PM
    • #7
    • 5th Oct 17, 11:27 PM
    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!
    • Speculator
    • By Speculator 5th Oct 17, 11:40 PM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    • #8
    • 5th Oct 17, 11:40 PM
    • #8
    • 5th Oct 17, 11:40 PM
    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
    • By Yorkshire Pud 6th Oct 17, 12:00 AM
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    Yorkshire Pud
    • #9
    • 6th Oct 17, 12:00 AM
    • #9
    • 6th Oct 17, 12:00 AM
    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
    • By oldfella 6th Oct 17, 9:25 AM
    • 1,500 Posts
    • 573 Thanks
    oldfella
    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
    • By Chadsman 6th Oct 17, 11:37 AM
    • 1,014 Posts
    • 358 Thanks
    Chadsman
    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
    Last edited by Chadsman; 06-10-2017 at 7:02 PM.
    God save the Queen!
    I'll save Elizabeth Fry, Charles Darwin, Adam Smith, Matthew Boulton and James Watt.
    • Speculator
    • By Speculator 6th Oct 17, 11:45 AM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    I've still not received the letter but I've messaged them via online banking.

    Will probably leave £1 in my account and withdraw the rest once they message me to confirm it will not affect the bonus.
    • planteria
    • By planteria 6th Oct 17, 1:12 PM
    • 4,841 Posts
    • 1,060 Thanks
    planteria
    Got to admire the way they have done this, very thorough and on principle my money is coming out
    Originally posted by Yorkshire Pud
    fwiw i would retain membership of the society. i have saved chunks with them in recent years, when they have been competitive. currently i have just over £100 with them in the Triple Access Saver.
    • Yorkshire Pud
    • By Yorkshire Pud 6th Oct 17, 1:41 PM
    • 772 Posts
    • 482 Thanks
    Yorkshire Pud
    fwiw i would retain membership of the society. i have saved chunks with them in recent years, when they have been competitive. currently i have just over £100 with them in the Triple Access Saver.
    Originally posted by planteria
    Yes I'm staying, I have an Internet Saver with cash card which is really handy. Also have a soft spot for YBS and good products over the years.

    I might withdraw most of the funds soon after 14 October as bonus will already have been paid, and maybe put some funds back in the New account after December 14th as its paying 1.5% which is more than most.
    • Speculator
    • By Speculator 6th Oct 17, 2:02 PM
    • 1,687 Posts
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    Speculator
    Only paid in £10 this month into our regular ISAs. Might top it up to £500 x 2 and get extra 2 months free interest on it.

    Will probably leave £100 in my internet saver also to retain membership.
    Last edited by Speculator; 06-10-2017 at 2:03 PM. Reason: .
    • Alice Holt
    • By Alice Holt 7th Oct 17, 8:02 PM
    • 1,472 Posts
    • 1,570 Thanks
    Alice Holt
    Yet to receive a letter.

    Looking at the T&C's for a current YBS Single Access Saver - "The Single Access Saver - Issue 4 account allows you to withdraw from your account on one day per account year based on the anniversary of the account opening date.....
    As it's a passbook account and the nearest branch is some distance away that wouldn't work for me.
    Much too restrictive, so it'll be a trawl through the MSE best savings rates tables.
    (Or perhaps a ponder on adding to my SIPP).

    It was good while it lasted. Started mine in 2006.
    • Frogletina
    • By Frogletina 8th Oct 17, 1:31 AM
    • 2,887 Posts
    • 10,459 Thanks
    Frogletina
    Yet to receive a letter.

    Looking at the T&C's for a current YBS Single Access Saver - "The Single Access Saver - Issue 4 account allows you to withdraw from your account on one day per account year based on the anniversary of the account opening date.....
    As it's a passbook account and the nearest branch is some distance away that wouldn't work for me.
    Much too restrictive, so it'll be a trawl through the MSE best savings rates tables.
    (Or perhaps a ponder on adding to my SIPP).

    It was good while it lasted. Started mine in 2006.
    Originally posted by Alice Holt
    I will use the money from the closure to top up my Santander account which has been seriously depleted funding my regular savers. I've even had to withdraw £3000 from my Lloyds club account, so I will repay that first.

    I don't have enough spare cash to use an account which is restricted to one withdrawal a year.
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • mhoc
    • By mhoc 9th Oct 17, 2:57 PM
    • 16,763 Posts
    • 194,796 Thanks
    mhoc
    Please can I confirm this closure is for issue one YBS regular saver?

    I've not seen anyone specify the account name on either thread and no letter here yet either.

    I have Regular Saver October Issue 2
    paying 0.50% plus 2% bonus - interest just paid on October 1st


    and also the recent Monthly Regular Saver paying the miserable 1.75%
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
    • Speculator
    • By Speculator 9th Oct 17, 3:07 PM
    • 1,687 Posts
    • 1,277 Thanks
    Speculator
    Please can I confirm this closure is for issue one YBS regular saver?

    I've not seen anyone specify the account name on either thread and no letter here yet either.

    I have Regular Saver October Issue 2
    paying 0.50% plus 2% bonus - interest just paid on October 1st


    and also the recent Monthly Regular Saver paying the miserable 1.75%
    Originally posted by mhoc
    Yes, the letter is for the issue 1 paying 3.55%.
    Last edited by Speculator; 09-10-2017 at 4:03 PM. Reason: .
    • mhoc
    • By mhoc 9th Oct 17, 3:13 PM
    • 16,763 Posts
    • 194,796 Thanks
    mhoc
    Yes, the letter is for the issue 1 paying 3.55%.
    Originally posted by Speculator
    thank you for confirming this.

    But do I rest on my laurels with my Regular Saver October Issue 2 - will that go the same way and be closed down?
    I know it can only be an educated guess.

    This is my longest serving regular saver now, almost 4 years - I had Cheshire and Nationwide but they were both closed a few years back now.

    I am very impressed that some people have had their Yorkshire Building society since 2006 - I think I was still living hand to mouth and getting credit card debts at the time until I saw the light
    “Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”
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