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  • FIRST POST
    • Yorkshire Pud
    • By Yorkshire Pud 5th Oct 17, 1:20 PM
    • 804Posts
    • 511Thanks
    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 2
    • Speculator
    • By Speculator 9th Oct 17, 3:16 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    • bristolleedsfan
    • By bristolleedsfan 9th Oct 17, 3:25 PM
    • 7,476 Posts
    • 9,623 Thanks
    bristolleedsfan
    [QUOTE=mhoc;73237956]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.

    /QUOTE]

    I have had miserable letters relating to Issue 1 and Issue 2 (January)

    Issue 2 will also become a Single Access Saver Unique Edition with bonus calculated and credited on 13 October ( Bonus up to 13 December)-

    Unrestricted access between 14 October and 13 December without loss of bonus or interest
    Last edited by bristolleedsfan; 09-10-2017 at 3:36 PM.
    Often what I dont say is more significant than what i do say ........
    • mhoc
    • By mhoc 9th Oct 17, 3:53 PM
    • 16,121 Posts
    • 200,058 Thanks
    mhoc
    so Issue 2 is going as well but I have not had a letter from YBS to confirm this as of yet ....

    I messaged YBs and got this reply

    "all issues of the Regular Saver will be affected by the upcoming changes. We are currently in the process of issuing these letters to all of our impacted customers so you should be receiving yours soon"

    To me this sounds like even the miserable newest 1.75% regular saver will be going as well
    Last edited by mhoc; 09-10-2017 at 4:22 PM.
    “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, 4:32 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    Here's their reply to my email from Friday...

    on the 15th, I am going to leave £100 in the regular saver/single access saver and transfer the rest to my Internet Saver then to my nominated current account.

    Please accept my apologies for the delay. Your letter will be with you shortly.

    All bonuses will be paid on the 14th October 2017. If you continue to follow the conditions of the account until the 14th October 2017 your bonus will be calculated from the 1st August 2017 until the 13th October 2017 and then another bonus calculated from the 14th October to the 13th December 2017.

    If you are not eligible for a bonus we will provide a gesture of goodwill bonus payment on the 14th October calculated from the 14th October to the 13th December 2017 on a maximum balance of £20K.

    You¿ll have unrestricted access to your Regular Saver savings between 14th October 2017 and 13th December 2017, so you can transfer your money to another account with us, or close your account completely without loss of bonus or interest.

    On 14th December 2017 your balance, interest and any eligible bonus will be transferred to our Single Access Saver Unique Edition for 12 months.
    Last edited by Speculator; 09-10-2017 at 4:39 PM. Reason: .
    • mhoc
    • By mhoc 9th Oct 17, 4:51 PM
    • 16,121 Posts
    • 200,058 Thanks
    mhoc
    Here's their reply to my email from Friday...

    on the 15th, I am going to leave £100 in the regular saver/single access saver and transfer the rest to my Internet Saver then to my nominated current account.

    Please accept my apologies for the delay. Your letter will be with you shortly.

    All bonuses will be paid on the 14th October 2017. If you continue to follow the conditions of the account until the 14th October 2017 your bonus will be calculated from the 1st August 2017 until the 13th October 2017 and then another bonus calculated from the 14th October to the 13th December 2017.

    If you are not eligible for a bonus we will provide a gesture of goodwill bonus payment on the 14th October calculated from the 14th October to the 13th December 2017 on a maximum balance of £20K.

    You¿ll have unrestricted access to your Regular Saver savings between 14th October 2017 and 13th December 2017, so you can transfer your money to another account with us, or close your account completely without loss of bonus or interest.

    On 14th December 2017 your balance, interest and any eligible bonus will be transferred to our Single Access Saver Unique Edition for 12 months.
    Originally posted by Speculator
    so do we continue with our standing orders to put money into YBS regular savers in November and December - or just reduce then down to the minimum amount?

    Just pondering on the alternatives. The fully flexible ISAs or bonds pay less than 1.5% unless you want to tie up for longer than a year
    “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, 4:59 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    We will be stopping our S/Os but we may pay in 2 x £490 into our Regulars tomorrow to get 2 months free 3.50% bonus on £980. (we only paid in £10 x 2 this month)

    Accounts I have/will be opening,

    Chorley Members Festive Fund x 2
    NS&I x 2
    Virgin x 2
    Leeds Regular x 2

    The rest will go into our BOS/Lloyds and Santander 123 current accounts.
    Last edited by Speculator; 09-10-2017 at 4:59 PM. Reason: .
    • Yorkshire Pud
    • By Yorkshire Pud 9th Oct 17, 7:14 PM
    • 804 Posts
    • 511 Thanks
    Yorkshire Pud
    I'm going to withdraw all but £10 on or ASAP after 14th October, then put £490 in to make up the £500 allowed for October. On 1st of November I'm going to put £500 in, ditto 1st December.

    A little extra interest after locking in the two months suppositional interest on 14th October.

    So if I've got it right I can still get interest at 3.55% for an additional two months on the £500 allowed deposits from October 14th to December 13th.
    Last edited by Yorkshire Pud; 09-10-2017 at 7:25 PM.
    • Speculator
    • By Speculator 9th Oct 17, 8:13 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    I'm going to withdraw all but £10 on or ASAP after 14th October, then put £490 in to make up the £500 allowed for October. On 1st of November I'm going to put £500 in, ditto 1st December.

    A little extra interest after locking in the two months suppositional interest on 14th October.

    So if I've got it right I can still get interest at 3.55% for an additional two months on the £500 allowed deposits from October 14th to December 13th.
    Originally posted by Yorkshire Pud
    Can't you pay in the £490 before the 13th and withdraw the £490 after the 14th of October and get 2 months free interest on the £490 October payment?
    • Yorkshire Pud
    • By Yorkshire Pud 9th Oct 17, 8:28 PM
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    • 511 Thanks
    Yorkshire Pud
    Can't you pay in the £490 before the 13th and withdraw the £490 after the 14th of October and get 2 months free interest on the £490 October payment?
    Originally posted by Speculator
    No because it would take me over the limit and before 14th the current rules apply and I'd lose all my bonus and that would make me very sad!
    • radford
    • By radford 9th Oct 17, 8:28 PM
    • 16 Posts
    • 2 Thanks
    radford
    copy of the terms and conditions??
    Does anyone have both/either of the general and the specific terms and conditions going back to Issue 1. This is such a major change to the terms of the account (removing an annual bonus) that I cannot believe it would have been anticipated at the time. The current terms permitting changes, include 'to enable us to manage our business (and its growth) prudently', but I doubt whether this was included as a term some 10 years ago, and even if it was, I doubt it would be considered to cover the change being implemented. If you have got a copy of the original terms, I would be interested in seeing it (I am currently going through some old paperwork, but doubt if I still have it - last time I went in to have the book made up, the cashier commented that it was important for me to maintain the regular payments, as then they couldn't remove the bonus!).
    • Yorkshire Pud
    • By Yorkshire Pud 9th Oct 17, 9:21 PM
    • 804 Posts
    • 511 Thanks
    Yorkshire Pud
    They are not just removing the bonus, they are removing the whole account?

    Doubt they have any mandatory responsibility to offer the account until the end of time or YBS!?

    It is gutting so do your best to reverse the decision but when has such a challenge ever made a difference?
    • GreenBitterfly
    • By GreenBitterfly 9th Oct 17, 10:01 PM
    • 318 Posts
    • 670 Thanks
    GreenBitterfly
    so Issue 2 is going as well but I have not had a letter from YBS to confirm this as of yet ....

    I messaged YBs and got this reply

    "all issues of the Regular Saver will be affected by the upcoming changes. We are currently in the process of issuing these letters to all of our impacted customers so you should be receiving yours soon"

    To me this sounds like even the miserable newest 1.75% regular saver will be going as well
    Originally posted by mhoc
    I've got one of the awful 1.75% regular savers, so I wouldn't be too bothered if it closed early. I will just have to wait and see.
    • skitskut
    • By skitskut 9th Oct 17, 11:02 PM
    • 163 Posts
    • 83 Thanks
    skitskut
    I'm going to withdraw all but £10 on or ASAP after 14th October, then put £490 in to make up the £500 allowed for October. On 1st of November I'm going to put £500 in, ditto 1st December.

    A little extra interest after locking in the two months suppositional interest on 14th October.

    So if I've got it right I can still get interest at 3.55% for an additional two months on the £500 allowed deposits from October 14th to December 13th.
    Originally posted by Yorkshire Pud

    The bonus conditions from 14 October 2017 to 13 December 2017 state bonus will only be paid on the first £20,000.
    So say you have £19,700 in the account on 13th October I think it's only worth adding another £300 over the next two months as any more would only earn 0.05%.

    Does anyone have both/either of the general and the specific terms and conditions going back to Issue 1. This is such a major change to the terms of the account (removing an annual bonus) that I cannot believe it would have been anticipated at the time. The current terms permitting changes, include 'to enable us to manage our business (and its growth) prudently', but I doubt whether this was included as a term some 10 years ago, and even if it was, I doubt it would be considered to cover the change being implemented. If you have got a copy of the original terms, I would be interested in seeing it (I am currently going through some old paperwork, but doubt if I still have it - last time I went in to have the book made up, the cashier commented that it was important for me to maintain the regular payments, as then they couldn't remove the bonus!).
    Originally posted by radford

    I have the regular saver T&Cs booklet from April 2008. I think this replaced the original one when the interest payment date was changed from the anniversary of the account opening to the first day of the anniversary month.
    Anyway this does include reason ix) 'to enable us to manage our business (and its growth) prudently', for when changes in terms can be made.
    • Speculator
    • By Speculator 9th Oct 17, 11:11 PM
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    • 1,320 Thanks
    Speculator
    The bonus conditions from 14 October 2017 to 13 December 2017 state bonus will only be paid on the first £20,000.
    So say you have £19,700 in the account on 13th October I think it's only worth adding another £300 over the next two months as any more would only earn 0.05%.



    Originally posted by skitskut
    I think he said he will be reducing the balance to £10 on the 14th of October. Therefore, he is allowed to add £490 in October and £500 in Nov and Dec because the balance will be below £20K
    Last edited by Speculator; 09-10-2017 at 11:12 PM. Reason: .
    • Yorkshire Pud
    • By Yorkshire Pud 9th Oct 17, 11:12 PM
    • 804 Posts
    • 511 Thanks
    Yorkshire Pud
    The bonus conditions from 14 October 2017 to 13 December 2017 state bonus will only be paid on the first £20,000.
    So say you have £19,700 in the account on 13th October I think it's only worth adding another £300 over the next two months as any more would only earn 0.05%..
    Originally posted by skitskut
    My plan which I'm not advising anyone else to do in case I'm wrong but I don't think I am is that as the bonus is paid on 14th October for the following two months regardless of any withdrawals after 14th Oct there is nothing to stop me withdrawing all but £10 and putting that money in another account where it earns interest. It won't earn any more in the Reg Saver except 0.05%.

    Then with the depleted balance I can make the £500 per month deposits I wouldn't have otherwise done and earn 3.55% on that. Not life changing amounts but maxing it out as much as I can.

    Then on 14th December, if I want to earn 1.5% variable I can put the funds back but hopefully with interest rates creeping up I won't be bothered to and as YBS want to kill off this account I can only see them reducing the rate as well as its one withdrawal a year etc so a poor sort of account.
    Last edited by Yorkshire Pud; 09-10-2017 at 11:16 PM.
    • skitskut
    • By skitskut 9th Oct 17, 11:46 PM
    • 163 Posts
    • 83 Thanks
    skitskut
    I think he said he will be reducing the balance to £10 on the 14th of October. Therefore, he is allowed to add £490 in October and £500 in Nov and Dec because the balance will be below £20K
    Originally posted by Speculator
    Sorry I wasn't saying he wouldn't be allowed to add extra money. I know the balance is being reduced to £10 on the 14 Oct. I just don't think you'll earn 3.55% on the deposits in Nov and Dec. e.g. receive bonus on £19700 from 14 Oct to 13 Dec on 14 Oct. Reduce balance to £10. Then add £490 but only £300 of that will be eligible for the bonus (credited the following day). Pay £500 in Nov and £500 on 1 Dec - none of this will be eligible for the bonus. That's just how I interpret it anyway.
    • Yorkshire Pud
    • By Yorkshire Pud 10th Oct 17, 12:04 AM
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    • 511 Thanks
    Yorkshire Pud
    The letter said the bonus will be paid and credited 'the next day' on deposits up to £500 made after the 13th October.

    Anyone can make a withdrawal to reduce the overall balance and get interest on the subsequent deposits (maybe). That's how the account worked in the past.
    • mhoc
    • By mhoc 10th Oct 17, 7:40 AM
    • 16,121 Posts
    • 200,058 Thanks
    mhoc
    I've got one of the awful 1.75% regular savers, so I wouldn't be too bothered if it closed early. I will just have to wait and see.
    Originally posted by GreenBitterfly
    The way things are ever sliding downwards even the awful low 1.75% interest rate is exciting.

    I thought of it as the sacrificial goat before this week - thinking it was the account to plunder for financial emergencies.

    But looking at flexible ISAs and bonds yesterday even 1.5% seems like mission impossible ...
    “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 11th Oct 17, 11:32 AM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    Just transferred £490 X 2 into our Issue 1 for 2 months free interest on £980.
    • patientperson
    • By patientperson 11th Oct 17, 1:06 PM
    • 440 Posts
    • 363 Thanks
    patientperson
    YBS Regular Saver 2
    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
    Letter received today .. Regular Saver 2 going the same direction as Reg Saver 1 .. date 14-12-2017 .. exclusive rate 1.50% in Single Access Saver Unique Edition .. same as above postings
    Last edited by patientperson; 11-10-2017 at 1:08 PM. Reason: extra info added
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