Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Yorkshire Pud
    • By Yorkshire Pud 5th Oct 17, 1:20 PM
    • 800Posts
    • 506Thanks
    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 3
    • mhoc
    • By mhoc 11th Oct 17, 1:16 PM
    • 16,087 Posts
    • 199,737 Thanks
    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
    Originally posted by patientperson
    thanks for this, our post delays, often a day behind everyone else
    Still not fully sure what strategy to take, wether to just leave whats left in the YBS saver 2 until early December and then close it.
    But I've opened a Chorley and a Homesdale in the meantime.
    “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.”
    • Shelle
    • By Shelle 11th Oct 17, 7:17 PM
    • 321 Posts
    • 137 Thanks
    Shelle
    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
    • By GreenBitterfly 11th Oct 17, 7:25 PM
    • 318 Posts
    • 670 Thanks
    GreenBitterfly
    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
    • By Speculator 12th Oct 17, 8:40 PM
    • 1,725 Posts
    • 1,320 Thanks
    Speculator
    Just saw this in Thisismoney
    • Yorkshire Pud
    • By Yorkshire Pud 12th Oct 17, 9:07 PM
    • 800 Posts
    • 506 Thanks
    Yorkshire Pud
    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
    • By mhoc 13th Oct 17, 7:57 AM
    • 16,087 Posts
    • 199,737 Thanks
    mhoc
    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!
    Originally posted by Shelle
    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.
    “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.”
    • Careful_ly
    • By Careful_ly 13th Oct 17, 8:43 AM
    • 613 Posts
    • 437 Thanks
    Careful_ly
    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
    • By Yorkshire Pud 13th Oct 17, 9:31 AM
    • 800 Posts
    • 506 Thanks
    Yorkshire Pud
    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.
    Originally posted by Careful_ly
    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!
    Last edited by Yorkshire Pud; 13-10-2017 at 9:35 AM.
    • mhoc
    • By mhoc 13th Oct 17, 9:31 AM
    • 16,087 Posts
    • 199,737 Thanks
    mhoc
    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
    “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.”
    • Yorkshire Pud
    • By Yorkshire Pud 13th Oct 17, 9:39 AM
    • 800 Posts
    • 506 Thanks
    Yorkshire Pud
    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
    Originally posted by mhoc
    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
    • By Paul_DNAP 13th Oct 17, 12:48 PM
    • 19 Posts
    • 24 Thanks
    Paul_DNAP
    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.
    Last edited by Paul_DNAP; 13-10-2017 at 12:56 PM.
    • mhoc
    • By mhoc 13th Oct 17, 1:02 PM
    • 16,087 Posts
    • 199,737 Thanks
    mhoc
    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.


    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.
    Originally posted by Paul_DNAP
    I am not sure its even possible to get a 1 year ISA with 1.5% fixed interest - even with no withdrawals.

    I've not been saving very long but I was building good balances with the Cheshire and the old Nationwide monthly saver (you could put in £1000 each month) before both closer.
    It was very easy just having 2 accounts especially as both had no end dates but now I've had to adapt and the proceeded of these are spread across several different regular savers.
    “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.”
    • Paul_DNAP
    • By Paul_DNAP 13th Oct 17, 1:19 PM
    • 19 Posts
    • 24 Thanks
    Paul_DNAP
    I do consider my ISA-pots as a long-term investment so I would not be adverse to go for a longer term, 5 years if the rate is much better than the 1.5% at YBS. But I can't lock it all away as the YBS with it's "one access per year" was nominated as my "emergency fund" if any large unforeseen expenses came up because after my 123 current account I don't have much that is "instant access".


    It is going to a depressing April, I have an ISA, a Fixed rate saving bond, and now this YBS regular saver that will all need a new home, and probably all at a fraction of the rate they're maturing from.


    There does seem to be a bit of a dearth in regular savings type accounts. One option that has just sprung to my mind is that instead of funding the YBS saver I could increase my pension contributions, either the AVC to my work pension or my secondary private pension pot. Again, that's a very long term option and it's well and truly locked away - but if I consider that the primary aim of my savings is to be there to spend when I stop earning then it makes sense as a strategy.


    I will need to put a pencil sharpener and a new notepad on my Santa list this year to work this one out!
    • mhoc
    • By mhoc 13th Oct 17, 1:40 PM
    • 16,087 Posts
    • 199,737 Thanks
    mhoc
    I do consider my ISA-pots as a long-term investment so I would not be adverse to go for a longer term, 5 years if the rate is much better than the 1.5% at YBS. But I can't lock it all away as the YBS with it's "one access per year" was nominated as my "emergency fund" if any large unforeseen expenses came up because after my 123 current account I don't have much that is "instant access".


    It is going to a depressing April, I have an ISA, a Fixed rate saving bond, and now this YBS regular saver that will all need a new home, and probably all at a fraction of the rate they're maturing from.


    There does seem to be a bit of a dearth in regular savings type accounts. One option that has just sprung to my mind is that instead of funding the YBS saver I could increase my pension contributions, either the AVC to my work pension or my secondary private pension pot. Again, that's a very long term option and it's well and truly locked away - but if I consider that the primary aim of my savings is to be there to spend when I stop earning then it makes sense as a strategy.


    I will need to put a pencil sharpener and a new notepad on my Santa list this year to work this one out!
    Originally posted by Paul_DNAP
    There are much fewer than there was but have a look at the thread further down called

    Regular Savings Accounts: The Best Currently Available List!

    Its a good place to find the less obvious regular savers - some of the regional ones are quite acceptable - better than 1.5% anyway
    “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.”
    • oldfella
    • By oldfella 14th Oct 17, 6:43 AM
    • 1,500 Posts
    • 573 Thanks
    oldfella
    full interest paid today up to mid December. Moved most of the capital out, then will move in £500 a month starting next week.
    • Yorkshire Pud
    • By Yorkshire Pud 14th Oct 17, 8:07 AM
    • 800 Posts
    • 506 Thanks
    Yorkshire Pud
    Yes interest added today but Faster Payments take a few days with YBS.

    I believe the instruction has to be made or is counted as being before 5pm on a working day and the Faster Payment is then sent the next working day, which means even if instruction is made today saturday or tomorrow and account debited immediately, the money won't arrive until Tuesday? Although think I've done a FP request on a Sunday and it gets paid on the Monday.
    Last edited by Yorkshire Pud; 14-10-2017 at 8:22 AM.
    • oldfella
    • By oldfella 14th Oct 17, 9:38 AM
    • 1,500 Posts
    • 573 Thanks
    oldfella
    My memory is that a transfer early morning reaches your bank by midday on working days.

    Not sure though.
    • Yorkshire Pud
    • By Yorkshire Pud 14th Oct 17, 11:37 AM
    • 800 Posts
    • 506 Thanks
    Yorkshire Pud
    Done payment request account debited immediately but no matter as not earning any interest now.

    Noticed a message atop opening page saying YBS Internet banking will not be available Sunday 15th from 2.30am until 18:00 approximately.
    • Frogletina
    • By Frogletina 14th Oct 17, 11:41 AM
    • 2,924 Posts
    • 10,696 Thanks
    Frogletina
    full interest paid today up to mid December. Moved most of the capital out, then will move in £500 a month starting next week.
    Originally posted by oldfella
    Have you not paid any money in this month? I've already paid in £10 and I was sure the £500 limit still exists so I was going to withdraw everything except £10 and then add £490.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • Yorkshire Pud
    • By Yorkshire Pud 14th Oct 17, 12:19 PM
    • 800 Posts
    • 506 Thanks
    Yorkshire Pud
    Have you not paid any money in this month? I've already paid in £10 and I was sure the £500 limit still exists so I was going to withdraw everything except £10 and then add £490.

    frogletina
    Originally posted by Frogletina
    Snap! That's what I've done.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,942Posts Today

7,736Users online

Martin's Twitter