What to do with YBS Regular Saver

pmorrison_2

Hi,

I have been paying in the full £500 to a YBS Regular Saver for 11 months, the anniversary is September and then I need to decide what to do with the money. When I opened the account the rate was 7.1% but it is now down to 6.35% - I can get 6.5% from kaupthing edge with better access to the money so is it best to transfer the money from YBS to kaupthing, or should I keep the money in the YBS account in case the rate goes up again?

I have just opened the Halifax Regular Saver at 10% so I do have the higher interest regular saver - is it worth keeping the YBS one?

Cheers,

pmorrison

debbie42

I closed mine recently as the rate could easily be bettered elsewhere, and this one had too many restrictions regarding earning the bonus. If the rate does go up again then great, but I wasn't prepared to lock away the cash on that off chance when it could be working harder somewhere else.

YorkshireBoy

I emptied mine of all but £10, and continue to deposit £10 per month.

Never say never?

TomsMom

Mines being closed on Monday. Proceeds will be transferred to Tesco at 6.5% then fed into two Skipton Special Savers at 6.8%, one already open and another to be opened as these have a limit of £250 a month but you can open up to three.

YorkshireBoy

TomsMom wrote: »

Mines ...Tesco at 6.5%

6.5% ??? Which account is that?

Nick_C

I'm with you Yorkshire Boy, transferred out to a better account but keeping it going with a minimal balance so I can easily reactivate it if becomes good again.

pmorrison_2

Thats to everyone for your replies, I assumed it was best to take the majority, if not all, of it out as otherwise it is in there for another year. Ill decide whether to keep it open with the minimum payments, Im trying to reduce the amount of different accounts I have so may just close it and if the rate does go up I can always open a new account with them

YorkshireBoy

pmorrison wrote: »

...may just close it and if the rate does go up I can always open a new account with them

Unless the rate only goes up for existing customers in some kind of loyalty drive of course.

Decisions, decisions!

Bisoy

I've closed mine last month and just opened Barclays and Abbey RS. If they starting to be more competitive again I'm sure it would not be problem opening an account with them again.

pmorrison_2

YorkshireBoy wrote: »

Unless the rate only goes up for existing customers in some kind of loyalty drive of course.

Decisions, decisions!

Is that something that happens regularly? Id not heard of that happening before, although Ive only been looking into interest rates about a year ago when I first discovered this site - hence the upcoming anniversary on the YBS account!

TomsMom

YorkshireBoy wrote: »

6.5% ??? Which account is that?

Oops, beg pardon, bit of wishful thinking there. Tesco is 6.25% - good job you said and I checked or I'd have put it in the wrong one. Instead it will go in my Coventry 50+ fixed at 6.4% awaiting transfer to the Skipton Special Savers.