Yorkshire Building Society to increase saving rates

pjr1969

All very well but what about the older (and only for existing account holders) e-saver account which is identical to Internet Saver except that it guarantees to at least match the base rate? No mention of this on YBS website even though the T&Cs say it should be adjusted by the 15th of the month after any change.

pjr

Kazza242

pjr1969 wrote:

All very well but what about the older (and only for existing account holders) e-saver account which is identical to Internet Saver except that it guarantees to at least match the base rate? No mention of this on YBS website even though the T&Cs say it should be adjusted by the 15th of the month after any change.

pjr

I've just found the e-Saver account you are referring to, under the 'Accounts no longer available' section of the YBS website.

The e-Saver interest rate is showing as 4.70% gross, effective 28 August 2005.

pjr1969

Yes, it was the same rate as internet saver until the latest announcements.

4.7% is now below the base rate, so the terms don't seme to have been met (or else the website not updated).

Jake'sGran

derrick wrote:

Yes you are right, it takes a bit of finding, but the transfer form is HERE

Thank you. I hope that is right and did apply for an application form when I first looked so I'll see what it says on the instructions when I receive it.

YorkshireBoy

pjr1969 wrote:

No mention of this on YBS website even though the T&Cs say it should be adjusted by the 15th of the month after any change.

Might you have misread the T&C's?

I ask because I have a BOE tracker mortgage with YBS, and my rate has to change by the 15th of the month following the month of BOE rate change - which would mean you won't see a change until 15th September (at the latest).

pjr1969

YorkshireBoy wrote:

Might you have misread the T&C's?

I ask because I have a BOE tracker mortgage with YBS, and my rate has to change by the 15th of the month following the month of BOE rate change - which would mean you won't see a change until 15th September (at the latest).

Good point ..... (for some reason I thought the base rate change was annouced in late july but now realise it was early august).

But it is still rather harsh of YBS to break the link with internet saver given that they are identical accounts apart from the base rate guarantee. I guess they want lots of people to switch to internet saver, after which it can be made less attractive ....

Jake'sGran

Jake'sGran wrote:

Thank you. I hope that is right and did apply for an application form when I first looked so I'll see what it says on the instructions when I receive it.

They were quick sending the forms and I will be transferring. The rate is fixed for 12 months with a 30 days notice to take the money out at the end.

[Deleted User]

Jake'sGran wrote:

They were quick sending the forms and I will be transferring. The rate is fixed for 12 months with a 30 days notice to take the money out at the end.

As stated previously I have gone down this route already, but just to point out a possible downside

1) A fixed rate may be a double edged sword, depending which way the base rate moves, if at all.
2) There is a 90 day interest penalty if the account is closed or transferred outside the month of anniversary 'window'.

KTF

The rate increase is now mentioned on their front page (although no mention of the actual amount yet).

[Deleted User]

pjr1969 wrote:

All very well but what about the older (and only for existing account holders) e-saver account which is identical to Internet Saver except that it guarantees to at least match the base rate? No mention of this on YBS website even though the T&Cs say it should be adjusted by the 15th of the month after any change.

pjr

The YBS home page now states that the rate on both the Internet Saver and e-saver is being increased wef 27/8 (top right of page, 'what's new'). However it does not state what those rates will be, although I understand that the IS rate will be 5.10%. I guess the e-saver rate will be 4.70 + 0.25 = 4.95%?

(AFAICS The rates section of the web page has not been updated yet)