yorkshire 6.5% regular saver

monki_man

Is the best way to take advanatge is put in £500/month for three years and three months? then say take out £6k and carry on depositing £500 in a month and repeat the process in the year 4 and three months?

That's of course if you got enough money and not really bothered about withdrawing it all. Also can someone tell me what interest rates i should expect from the following...

end of year 1 £6k
end of year 2 £12k
end of year 3 £18k
Then in month three take out £6k but continue to invest £500/month
end of year four £17000

Ian_W

To be honest I can't work all that out for you but just one thought - why withdraw £6K?
On the way to the max you want to get as much in as soon as poss to benefit from the 7% rate. When you're nearing the top you want to take the minimum out so that as much as poss remains in the account and still benefits from the higher rate.
So given one withdrawal a year and a minimum of £10pm in each month I'd have thought withdraw £120 and reduce your monthly input to £10.
Makes perfect sense to me - hope that's right!

pbw

also, if i'm right, u would need to withdraw the £120 each year plus any interest you get so as not to go over the £20,000 mark...

...or does the interest not count?

monki_man

Actually you are right. just i wasn't thinking straight.

Quicker to apply online or by post? they send me some along with an appilcation file the otehr day, or given the rumours, interest rates might go up today best wait a bit?

Prudent

What is the rate on this account now please?

tom188

7% gross. https://www.ybs.co.uk

Ian_W

The rate from early Feb is now 7% Prudent.

Got the papers in the post and took them into the local branch, done in 5 mins with a passbook issued then hooked it up with the direct saver we already had to give internet access and allow monthly transfer online. It's a branch account so you can't, AFAIK, open it online but you can use t'internet once it's opened.

tom188

You can post them to a branch.

monki_man

monki_man wrote:

Is the best way to take advanatge is put in £500/month for three years and three months? then say take out £6k and carry on depositing £500 in a month and repeat the process in the year 4 and three months?

That's of course if you got enough money and not really bothered about withdrawing it all. Also can someone tell me what interest rates i should expect from the following...

end of year 1 £6k
end of year 2 £12k
end of year 3 £18k
Then in month three take out £6k but continue to invest £500/month
end of year four £17000

To answer my own question, according to smile calculations

http://www.smile.co.uk/servlet/ContentServer?c=Page&loc=l&pagename=Smile%2FPage%2FsmView&cid=971112827868

end of year one - £6,182.00
end of year two - £12,710.19
end of year three - 19,603.96
based on basic tax payer rates

Ian_W

tom188 wrote:

You can post them to a branch.

Yep. Mrs W did that to open hers and received a passbook back within a week or so.