Yorkshire BS Regular Saver

dudenstumpy

thanks for the replies. Here is what my online statement reads like

01-Sep-2008 GROSS INTEREST 2.85

01-Sep-2008 PROJ BON CREDIT 2.85

01-Sep-2008 PROJ BON DEBIT 2.85

with no money added apart from the standard gross interest at 2.85%

my bonus interest for the first year was £112 ( @3.6 % bonus interest ) so I currently stand to lose approximately the same.
At my local branch, they were only too happy to open my account on 28th Sept 2006 with my initial £500 deposit.

I've been with the Yorkshire since 1984 and would be reluctant to leave them, however, if they decide to " penalise" me in year 2 after having paid my bonus in year 1, then all 7 family accounts will be closed

In reply to Yorkshire boy. The bonus rate was 3.6% in year one, and ( according to my husbands statement ) is currently 2.85%

bristolleedsfan

opinions4u wrote: »

Why oh why do most Regular saver accounts not collect funds by direct debit on a specified date, instead of relying on the patheticness of the BACS standing order system?

Hopefully Faster Payments will be used for all standing orders soon.

quote]


"Why oh why do" some Regular saving people have an obsession with payments having to reach their regular savings accounts on or near the first of the month.

If such regular savers merely set a standing order up for the money to leave their outgoing accounts on the first monday of each month ( manually adjusting the dates as appropriate) they wouldnt end up with the situation that some posters on this thread describe.

YorkshireBoy

dudenstumpy wrote: »

In reply to Yorkshire boy. The bonus rate was 3.6% in year one, and ( according to my husbands statement ) is currently 2.85%

You're either reading it incorrectly, or they have made a mistake. I suspect the former

The bonus rate has *always* (and certainly over the last two years) been 3.5%. The underlying rate has fluctuated over that same period, and peaked at the 3.6% rate you mentioned above.

See...

http://www.ybs.co.uk/savings/interest_rates/regularsaver.jsp

PS: sorry for calling you a "he".

opinions4u

RayWolfe wrote: »

No. It will cost the other members of the society.
The terms and conditions could not be clearer and what you are advocating is the line of Compensation Speakers throughout time. I notice that local authorities have now stopped capitulating and are fighting every silly case and the level of claims is starting to reduce.

It's a reasonable point as to where the cost lies. Personally I think the concept of members actually benefiting from building society membership died a long time ago. Even the Britannia's bonus payments seem to be at the expense of mediocre rates.

My point is that if the customer has honestly believed that he/she has done everything to comply with the terms and conditions, and they have been accidentally breached by a minor technicality, it is in any organisation's interest to settle this amicably - from the simple point of member retention.

I would agree that if they have properly expalined when a standing order should be set up from, and the time it takes to get money from A to B, they should not have to capitualte.

YorkshireBoy

bristolleedsfan wrote: »

"Why oh why do" some Regular saving people have an obsession with payments having to reach their regular savings accounts on or near the first of the month.

I couldn't agree more.

It's like the people on the current accounts board who complain that they've incurred charges because they transferred some money from their linked savings account on the same day as their DD's were due to go out...and all because they were trying to eek out the last little bit of interest.

Look after the pennies...

Biggles

What exactly is the bonus rate on the Yorkshire Regular Saver?

It was certainly 3.5% when I opened the accont, but only the base interest rate (originally 3.1%) is ever shown when I access the account online.

It still appears to be 3.5% (though the Regular Saver has been withdrawn, the current rate (0.75% without, 4.25% with bonus) is still visible on their site under 'accounts no longer available').

But it calls it a 'conditional bonus' and doesn't say what the conditions are, thus I have no idea what I'm actually receiving (the first anniversary is not till April).

And the summary of the account is shown on www.money.co.uk (http://www.money.co.uk/savings-accounts/savings-account-details/Yorkshire-Building-Society/Regular-Saver.htm) and suggests that the bonus is only 3.5% while the BoE rate remains at 3% or higher.

So where does this leave us?

YorkshireBoy

The 3% BOE figure is mentioned in their 'Saving and investing for the future' booklet* (page 14).

However, it doesn't say what it will fall to.

The full text reads...

"Interest

<snip>

Both elements are variable but the guaranteed bonus rate will not fall below it's current level unless the Bank of England's base rate falls below 3%."



* These are the account T&C's, according to the application form.


EDIT: YBS general T&C's say they will update rates by the 15th of the month following the month in which the base rate changes. Maybe the change (to the website and personal rates) will take place shortly?

Lansdowne

I started the Regular Saver in January and £147 net interest showed up today 1st Jan. It is shown in two parts presumably one is the interest and the other is the bonus.
The bonus is earned if:
- You save between £10 and £500 each calendar month
- You save in 11 months out of 12 in your account year
- You can make no more than 1 withdrawal in an account year
- You do not exceed the maximum balance of £20,000 [not sure how you could!]

And the rates on the Web site are "Effective 28 December" so have included the December BOE reduction.

YorkshireBoy

Lansdowne wrote: »

- You do not exceed the maximum balance of £20,000 [not sure how you could!]

There's no 'end date', so around 3 years of £500 per month plus added interest will mean you're nudging £20K and need to start reducing your monthly payments and/or make a partial withdrawal.

p1an0player

Lansdowne wrote: »

- You save in 11 months out of 12 in your account year

Are people taking this to mean "11 or 12 months per account year" rather than specifically 11?