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Old YBS REgular Saver Account

I've been very guilty of apathy I'm afraid and just left my meagre savings to their own devices for long enough. I'm now in the process of doing something about my accounts but I seem to have quite a few old ones scattered around.

I had a YBS Regular Saver Account that was opened yonks ago now and you could deposit £500 a month, which I did for the first year. I then withdrew the lump sum and only saved £50 a month from then on in. Interest rates were as follows....

01-Feb-2009 0.25
28-Dec-2008 0.75
30-Nov-2008 1.25
02-Nov-2008 2.35
27-Apr-2008 2.85
02-Mar-2008 3.10
30-Dec-2007 3.35
05-Aug-2007 3.60


It had to have 12 regular deposits in order to get the bonus rate.

Since the interest rate is so bad now, is there any point in keeping this going with another 3 payments to make up the full 12 months or should I just withdraw now and stick the money elsewhere? There is only a few hundred in the account at the moment, nothing worth writing home about. I'm skint these days. :o
Herman - MP for all! :)
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Comments

  • apt
    apt Posts: 3,204 Forumite
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    You'd be throwing away a 3% bonus if you failed to make the last three payments. At £50 per month that's only going to be about £7, but why waste the money. I would also keep the account ticking over as the guaranteed 3% bonus and the ability to save upto £20,000 in a regualr saver might be a useful thing to have if the present low interest rates last. The new YBS regular saver has a lower guarenteed bonus rate.
  • aliasojo
    aliasojo Posts: 23,053 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Is it still a 3% bonus for the old Regular Saver Accounts though? I thought that was for the first year it was opened only but I'm happy to be wrong. It's been so long since I've bothered with this account that I can't remember what the situation was.


    Edit: Thanks apt. I've just called YBS to clarify this and you are right (which I'm sure you knew, lol)...there IS still the 3% bonus rate applied to the account, so as long as the payments are made it will be 3.25% interest paid at the end of the 12 months.
    Herman - MP for all! :)
  • Careful_ly
    Careful_ly Posts: 622 Forumite
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    Did they say it is paying 3.25% ?

    The website shows this as the rate for the regular saver 2, it shows the original regular saver as 3.75%
  • aliasojo
    aliasojo Posts: 23,053 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Yes, was told it is 3.25% on the phone. :confused:
    Herman - MP for all! :)
  • bristolleedsfan
    bristolleedsfan Posts: 12,418 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Careful_ly wrote: »

    The website shows this as the rate for the regular saver 2, it shows the original regular saver as 3.75%



    http://www.ybs.co.uk/savings/interest_rates/regularsaver.html :T
  • JohalaReewi
    JohalaReewi Posts: 2,614 Forumite
    That makes the bonus on the old saver account 3.5% ? Also, the current rates are the same as the previous rates ?
  • oldfella
    oldfella Posts: 1,534 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    only allowed 1 withdrawal a year to get the bonus
  • That makes the bonus on the old saver account 3.5% ? Also, the current rates are the same as the previous rates ?

    They didn't change the rate on this account on 22FEB09, but did on other accounts.

    The bonus is fixed at 3.5% so they would not have been able to drop it to the rate that staff advised aliasojo on the phone. They quote in their terms that the interest is variable and bonus fixed so reducing the bonus to below 3.5% would be tricky/impossible.
  • Careful_ly
    Careful_ly Posts: 622 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    The bonus is 3% but the variable rate is still currently .75%, and the regular saver 2 is .25%. I am surprised as usually it is the older account which pay the poorer interest.:confused:

    EDIT ; Ignore above as it is incorrect, bonus is 3.5%
  • bristolleedsfan
    bristolleedsfan Posts: 12,418 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Careful_ly wrote: »
    The bonus is 3% but the variable rate is still currently .75%, and the regular saver 2 is .25%. I am surprised as usually it is the older account which pay the poorer interest.:confused:


    The reason is per post no 9. ;)
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