Yorkshire BS savings and BACS transfers

montymole_2

I'm aware that BACS transfers between accounts with different "suppliers" can take up to 5 business days, but has anyone else found that Yorkshire BS seem to be slacker than most when it comes to outgoing transfers from their savings accounts?

When the going was good with ING, I used to regularly transfer between my First Direct current account and the ING account (both ways) and the money would consistently arrive on the third business day (inclusive). When ING went off the boil, I cleared the account, putting some of the money into a YBS Internet Saver account to get a better rate (not the best, I know Icesavers!). The ING -> FD -> YBS transfer chain was initiated on a Monday and completed by the Friday. However, when a time came where I needed to use some savings, a subsequent single YBS -> FD transfer did not complete until the fifth business day.

I'd opened the YBS Internet Saver after years of having one of their Postal Saver accounts. With that account I'd not had such a close eye on BACS transfer times, but with this latest delayed transfer I decided to look back at them. It turns out that in the past two years, not a single transfer from the Postal Saver account to my current account had completed before the fourth working day. One had taken a full calendar week to complete.

This probably sounds like a whinge over a day or two's delay, but it's frustrating to wait when you've got plans for the money being withdrawn.

It's almost enough to make me put my cash back into ING... almost!

tom188

What time of day do you make the transfers, many institutions have a cut off time of between 11am and 3pm after which time it will take a day longer. this is particularly the case of companies such as YBS who are not a clearing bank.

montymole_2

Thanks for your reply, Tom.

I usually perform the transfers out from my FD current account in the early morning, when I've logged on first thing and seen my salary or some other incoming transfer arrive in my account. Transfers out from my savings accounts are usually set up in the evening to be performed the following day. I haven't counted that set-up date in the times I've provided; the figures I've given are based purely on the date-stamps shown on account statements.

The minimum of four days for a Postal Saver transfer is probably to be expected from what you've said, i.e. a YBS employee processes the request and stamps the passbook but the transaction isn't initiated until the following day. I'm not sure about the one that took a week, though!

Perhaps it looks like I'm being a little unfair to YBS, but they're the ones that I feel have under-performed in my personal experience. What experience do other Money Savers have with YBS and other institutions in this regard?

YorkshireBoy

montymole wrote:

What experience do other Money Savers have with YBS and other institutions in this regard?

I've experimented with transfers out* of the YBS Internet Saver account.

Those initiated up to 23:59 on a Sunday arrive in the destination account on Thursday morning.

Those initiated a couple of minutes later at 00:01 on a Monday arrive a full 24 hours later on Friday morning.

To be fair to YBS, they do say that BACS transfers take up to 5 days. It's just that you don't expect it in this day and age - especially since even the much maligned A&L can manage it in 4 days!


* Transfers in are a little bit unusual though. In my experience, if I make a BACS payment from my current account early on Thursday morning, YBS are somehow able to credit the Internet Saver on Saturday morning - total time 48 hours!!

Finally, in the Yorkshire's favour, there aren't that many savings accounts around that pay 5.30% and give you a cash card as well.

Save&Spend

I have the YBS Internet Saver account and YBS access saver. Its take 4/5 days to transfer money from the internet account to the access saver!!!. The most annoying thing is that your money came out of the internet saver immediately and than you wait 4/5 days for it to appear in your saver account!

montymole_2

YorkshireBoy wrote:

Those initiated up to 23:59 on a Sunday arrive in the destination account on Thursday morning.

Those initiated a couple of minutes later at 00:01 on a Monday arrive a full 24 hours later on Friday morning.

Thanks YorkshireBoy, that's very useful to know. Understanding the account's behaviour should reduce the frustration. Of course, many institutions would have the money transferred by the Wednesday morning in both cases, but that may be due to them being clearing banks as tom188 mentioned.

As you say, there are some features that make the YBS IS account attractive, even though the interest rate isn't quite market-leading. I'll be making several transfers from the account over the next few months for mortgage overpayments, so I'll have to see if the annoyance of the longer transfer times starts to count too heavily against the "pros".

Froglet

The only bad thing about Ing is it's poor interest rate,which is why so many of us have left.But their facilities and service were excellent.I did not think i would be able to match the speed that money is transferred ,either way,in or out,but the Northern Rock silver savings online account is equally as quick.

Course,as has been said before you need to be over 50.I knew eventually i would find being older has it's advantages!!

MiserlyMartin

YorkshireBoy wrote:

Finally, in the Yorkshire's favour, there aren't that many savings accounts around that pay 5.30% and give you a cash card as well.

Thanks for that info re: transfer times thats handy to know. I haven't quite worked out why I asked for a cash card - you can only take the money out in small chunks. I read in a book advice against having a large amount of money in an account with a cash card. I guess this is in case you are mugged and the crooks clear out your account. Though with the the limit per day I would have thought this was difficult!

I see they've raised the rate to 5.3 % it took them long enough!!