Yorkshire BS - Fixed Rate until 30 June 2009 (4.5%)

Saver-Rob

I have just applied for the Yorkshire BS - Fixed Rate until 30 June 2009 (4.5%) e-Bond ( http://www.ybs.co.uk/savings/online/ebond/index.jsp ).

A short term fixed rate @ a good % but also web access which is excellent.

It claims that you do not need to do any paperwork in applying, however at the end of the application it said I needed to confirm my ID via sending them a copy of my passport (signed by a solicitor/banker etc) or take it into a nearby branch. So beware - things are never as easy as they seem.

But if this stays open long enough for me to get some money in it looks like a nice account that doesnt tie your money up for too long. :T

dwsjarcmcd

If you pass the Experian anti-money laundering data that is being run in the background as when you submit the application, then no you won't have to send any ID verification anywhere. Not everyone passes this but about 85% do, unfortunately you were one of the 15% or so, who don't.

Nothing suspicious about it, just a missing piece of data somewhere on the checks that Experian run.

Saver-Rob

Thanks for that. Its just frustrating as we do not have a branch nearby at all therefore verifying my ID will take time and I may end up losing out on another rate which might send me over the edge!!

dwsjarcmcd

You could be quicker sending it to their head office, it may be quicker and easier.

Saver-Rob

They say:

We accept copies of documents certified by solicitors, accountants or bank/building society staff. Certified copies must include full name, profession, business address and telephone number for the certifying party. The words "certified true copy" must be written or stamped on the documents, which should then be signed and dated by the certifying party.

So I will have to go to a bank and ask somebody randomly to do it?! I have a Yorkshire BS 'Agency' nearby (it must be a one-man-band) as it is inside the offices of a local estate agent. It is all legit and the branch is listed on their website. I wonder if they will be able to verify there and then and update their system? I will have to phone them in the morning to find out I suppose....

dwsjarcmcd

Rob,
They well be able to, or at least they may be able to certify the document.

Saver-Rob

And then at the very least I can shove it straight in the post and send it off to the address they have provided for it........... although currently the money I wish to put in is in an easy access savings account. So I am wondering do I take my chance and initiate a transaction to move it to my current account now or wait until the account is approved. But by then it may be too late and it could be withdrawn before I had the chance. Whereas if I initiate a move to my current account now and I miss the boat with the account I will miss a week or so of interest on the money (a substantial amount) Oh dear!

It all seems to take so much time. But I will definately be on the phone to them in the morning.

dwsjarcmcd

They cannot by law take money from you until your identity has been established. Usually YBS will still allow a period of time after the issue has closed for depositors to fund their accounts, if only because of situations like your and also many people open accounts with £100 to start with and have to organise money from other accounts, which takes time.

Once you have confirmation from them, put the money into your main bank account and fund the account from your debit card.

David

Saver-Rob

Thanks for your advice. You are helping to keep me calm and not too on-edge!

I will do that. Send a copy of my ID (if they cannot verify it 'in branch') along with a cheque for £100 and then get straight onto getting more funding from my other accounts when it is all approved.

lkmc01

unless you need your money back at the end of June 2009 is no one a bit reluctant to use this yorkshire building society ebond account as fixed saving rates will probably be even less towards the middle of 2009?

Saver-Rob

I understand where you are coming from but I have looked at other options and this is one of the best, especially with internet access.