YBS E-Saver/Internet Saver

silversand

I opened an E-Saver with Yorkshire Building Society a few years ago, and there it sat as I couldn't get into the online part and never did anything about it!

A few weeks ago I wanted to shift some money & so rang them up and they sorted out my online access. Upon logging in and looking at the interest rates I noticed they didn't match, so emailed them to query it - at which point I discovered that they hadn't simply renamed the E-Saver to Internet Saver as I'd assumed, but they were two completely different accounts.

Apparently

The E-Saver and Internet Saver pay different interest rates because of the availability and differences of the products, such as the option of monthly interest and a lower minimum operating balance for the Internet Saver. Although the interest rate for the Internet Saver may be higher than the E-Saver at times it does not have the base rate guarantee that the E-Saver has.
The E-Saver's lifetime equal to base rate guarantee, ensures that customers have peace of mind for the longer term. The account will always be equal to or above the base rate, and in the event of a base rate change, the interest rate will be updated no later than the 15th of the following month. Also, it is well accepted in the financial sector that longer guarantees, as in the E-Saver attract lesser interest rates than accounts that offer short-term or don't offer such guarantees.

Is it worth getting my E-Saver converted to an Internet Saver or should I just leave well alone? I can't find a comparison to see whether the E-Saver rates have consistently been lower than the Internet Saver or not. I'm thinking changing would be better, but I'm conscious of the fact if I do that I'll never be able to have this account again and wanted to make sure I wasn't overlooking something!

easteregg_2

I have one of the original E-Saver accounts. To be honest I cannot see a difference apart from the fact that my interest is lower than for the newer Internet Saver.

This was a very hot topic on the YBS Q&A session a while ago and everyone was asking this. It is very "bankish" to drop rates on an account, make it obsolete, then bring in a virtually identical account with a higher rate.

Dean101

If I remember right, the ESaver had a lifetime guarantee that the rate would never fall below the BOE base rate (in the T&C), something that's never appeared in the T&C of any other offering - always until 20xx.

It's always paid a slightly lower int rate - 0.2% at the minute - than the Internet Saver and requires a min of £250 (rather than the normal £1)

Is that extra guarantee worth losing a bit of interest on £250 for? Why not!

dougz_2

Why not keep one of each so you can withdraw double the limit at cash machines?