Need confirmation YBS are OK

dwsjarcmcd

Another vote of confidence here, I have several accounts and can manage them easily. I have used them much more regularly since they introduced the debit card facility.

savetilibleed

chickmug wrote: »

I have money with PO but angry re Irish position.
Money with Tesco but postings here regularly seem to slate them.
Money with Northern Rock without problem.

I now need to put some other money somewhere and was reading back posts and the YBS seem to be spoken about quite well. Is this still the case? I am not chasing, and re-chasing, the top interest rates for this new account but one that is easy to open and civilised service.

Hope YBS are ok still. I have more than the £50,000 with them :eek: though once the bonds are closed in June and July and I can transfer them out I will probably be just under. I like their website and online "banking" site. Clean look and works fast and reliably. Transfers out take some time though, but balanced out by the flexible arrangement where you can set up several transfer accounts. So if you need to transfer into an account that will accept payments from an account other than your chequeing account, then it is flexible.

cottager

Another thumbs up here. I was a new customer to YBS about 3 months ago, but very straightforward and quick to open the Internet Saver and then a bond. The only thing which held it up slightly for me was not making it through online verification and having to send ID by post, but all dealt with very promptly.

Like savetilibleed, what I particularly liked was being able to easily nominate other online accounts held elsewhere to transfer funds to, in addition to the linked account... unlike with a similar Principality eSaver account. PBS appear to require a cheque first from any other account I want to set up a payment to (impossible requirement to meet for an online savings account!) so I'm querying it with them and quoting YBS as another agency bank which does this with no such condition or restriction.

97trophy: after emailing YBS about Faster Payments early December, for info they replied:
The faster payment system was launched at the end of May 2008 but due to the complexity of the processes and the inherent risks associated with a 'near real-time' payment system such as this, the launch is being performed on a restricted basis and will only involve a handful of leading UK banks (e.g. Barclays, HSBC, Royal Bank of Scotland Group)in the early stages.
Depending on the outcome of the initial launch, the service will gradually be implemented by other UK banks and will eventually be offered to financial organisations such as YBS, who are known as agency banks.
This is something we are looking at implementing, however, significant costs attached to introducing the service and we are therefore considering whether this should be made available to YBS members and if so, when. We are unlikely to make a firm decision until we are in a position to assess system performance and market reaction to the new facility.

savetilibleed

My reply in September 08 from YBS was almost exactly the same, except for the last paragraph was:
It is likely that YBS will be able to receive incoming faster payments towards the end of 2008, and to make outgoing payments at some point during the first half of 2009. There are, however, significant costs attached to introducing the service and we are therefore considering whether this should be made available to YBS members and if so, when. We are unlikely to make a firm decision until we are in a position to assess system performance and market reaction to the new facility.
So they expected to start faster payments by now, but didn't.

chickmug

Yesterday after all the positive comments I opened an account online and have sent the papers back with my cheque. The procedure was easier than other accounts I have opened in past year.

So thank you everyone.