Yorkshire Building Society Interest Rates

Mr_Pumpendumpen

Could anyone please tell me why the Barnsley Building Soiety customers are getting 2.5% for their e savings and the YBS customers are only getting 2.10% for a similar account, when now they are one and the same company?
Surely thats not fair!
I have asked the head office but had no reply as yet.

alanq

The last time I looked, the YBS account offered an optional Link card and the Barnsley one didn't. There may be other differences.

Imnoexpert_2

Banks/Building Societies are commercial organisations. They seek (overall), to lend at the highest rate they can and borrow at the lowest rate they can. It serves their needs to use the inertia (unwillingness to move money to gain higher rates) of savers to give existing customers lower rates than the rates needed to attract new business. They segment their market into different types of savers either with new accounts with whizzy names or slightly different terms, or in this case different brands in their business.

I learned this when I took over the accounts of my elderly mother who was being 'cheated' by a number of societies because she was elderly, ill informed, ignorant about money, and delightfully trusting. She didn't of course have internet access.

I had an account with Yorkshire and moved it when it became uncompetitive. Just do this. But do post any reply you get from them. It should be amusing to read.

Mr_Pumpendumpen

I Did get a phone call explaining as stated in a previous reply that the account as a Link card, although I don't have one! But I could have one though. And that's about it really.
I was told it is a "Brand" thing BLAH BLAH. I thought that the YBS were proud to be looking after their customers? Justs turns out that they are as greedy as all the other banks.
Just another way to pull the wool over peoples eyes that think that they are getting the best from their bank and don't check their rates.
Very underhand in my opinion.

jimjames

Unfortunately its the same situation across all banks.

New accounts getting a better rate than an old account with same terms is pretty standard so this isn't anything different I'm afraid.

JohalaReewi

Just move your YBS 2.1% money to a Barnsley 2.5%.

Mr_Pumpendumpen

No- Made my mind up - just move my money to the post office or Santander, both paying more interest. Why should I give it back to the YBS when they have stuffed me. They obviously don't need the money enough. I think they have shut up shop to new customers. They are probably licking their wounds from allowing self assesment for mortgages. That was clever of them!!! Good job the directors are on the ball. NOT.:p

opinions4u

So you want to move your money to an Irish bank or a Spanish one with a shocking service reputation.

Have fun!