Yorkshire Building society Bond 4.65%

cepheus

I have a few hundred quid in the Yorkshire Building society not earning very much interest, so although it is a small amount, I thought it may be worth transferring it into this bond.

First of all they gave me a choice of a 15min telephone call or a postal application. I chose the first option, big mistake. :mad: It seems in addition to all the information recited about this product, they then send you an application form and literature anyway through the post which you have to sign. The bits which have been filled in already I could have achieved with a pen in 30 secs.

Worse still they are going the whole hog with identification, two forms including an original list of documents you can't afford to loose in the post! (you know the one Passport, driving licence etc.) Remember I already had an account with them!!!!

Do these people expect to survive?

ScarletBea

Very strange, because if you already have an account with them you don't need to provide additional ID.

I'm going to open this one as well, but because I need to transfer money from my other bank, I'd rather do it monday to save myself 2 days' worth of interest.
Then it will be just a question of paying into my internet saver and transferring from there into the bond.

When I initially opened an account with them, what I did for ID was to go to a branch and show them the documents, so I didn't have to post anything - nowadays I never open anywhere where it doesn't have a branch to where I can show my ID.

Just did the Halifax fixed rate 2 years at 4.15% and now will do this 4.65% 3 years.

noh

cepheus wrote: »

I have a few hundred quid in the Yorkshire Building society not earning very much interest, so although it is a small amount, I thought it may be worth transferring it into this bond.

First of all they gave me a choice of a 15min telephone call or a postal application. I chose the first option, big mistake. :mad: It seems in addition to all the information recited about this product, they then send you an application form and literature anyway through the post which you have to sign. The bits which have been filled in already I could have achieved with a pen in 30 secs.

Worse still they are going the whole hog with identification, two forms including an original list of documents you can't afford to loose in the post! (you know the one Passport, driving licence etc.) Remember I already had an account with them!!!!

Do these people expect to survive?

Or you could apply online here:-
http://www.ybs.co.uk/savings/online/ebond/index.html?int_cmp=ebond_topLeftBannerPromo_sept09


Your identity is verified electronically if that fails they request paper ID.
When I opened my account with YBS last year it was up and running within minutes.

cepheus

I think I will just send them my passbook with the forms and if that is unsatisfactory I will ask them to close the account. Applying twice (via the net) might confuse them even more than they already are!

martinman3

cepheus wrote: »

I think I will just send them my passbook with the forms and if that is unsatisfactory I will ask them to close the account. Applying twice (via the net) might confuse them even more than they already are!

Don't do that !

All they need is the account no. for your existing account and you put that in the space provided on the reverse of the forms.

cepheus

That's not what they say on the form, Dear Mr ... from you we require one document from the proof of name and two from the proof of address. They already know I am a member and have a passbook.

It's because the cannot identify me using their electronic ID system which they have to do even for new accounts for existing customers, probably Equifax was down.

savetilibleed

This is a good rate 4.65%, but I'm concerned about three years.

What does the forum think of three year fixed rates bonds liek these for reasonable amounts such as £10,000?

ses6jwg

savetilibleed wrote: »

This is a good rate 4.65%, but I'm concerned about three years.

What does the forum think of three year fixed rates bonds liek these for reasonable amounts such as £10,000?

Personally, with interest rates so low, realistically the only way is up over the next 3 years. I have a 2-year fixed rate ISA at 3.05%, but wouldn't stump to 3 years, personally.

bootman

Have just opened this one online myself, have 1 other savings account with them, took no more than 2 minutes and all done, no forms or ID to send off and can transfer from my other account tomorrow to new one as much as I want to.

Just called to clarify the transfer bit, got straight through to a really helpful lady talked me through what to do. Very quick one to open.

kostigovs

savetilibleed wrote: »

This is a good rate 4.65%, but I'm concerned about three years.

What does the forum think of three year fixed rates bonds liek these for reasonable amounts such as £10,000?

I suppose we would all love to know how and when interest rates will rise.
If you deposit your money in the best one year bond around then you are losing out on the better interest rates being offered for a 2 or 3 year bond.
Equally if you leave it in an instant access account waiting for a rise in interest rates you are still losing out on the best 2 or 3 year bonds.

You could invest in a 3 year account and then grimace if and when you see the rates rising on 1 and 2 year bonds. I suppose it's worth asking yourself what would I need to get year on year to equate with a 3 year bond