New Fixed Term Deposit Accounts from Yorkshire Bank

Nine_Lives

I've only skim read, so maybe this has been mentioned...

I had problems when pressing print also.

The only problem was i had pop up blocker enabled & the form i was to print ended up being blocked. There was a link to open it again though, so there was no bother when i did this, but had to do a bit of looking for it.

If i'd have given up early, i'd probably have been posting in this thread slating Yorkshire bank a few pages back. As it is, i'm just waiting on them taking the funds from my bank account.

MarcoM

Hi I would like to open one of their fixed term saving account in branch.
Can anyone tell me how the money is returned once the deposit term expires ie. online, via post, via cheque picked up in branch?

Thanks

SallySunshine

this link might help
https://help.eu.nabgroupdirect.com/system/selfservice.controller?CONFIGURATION=1000&PARTITION_ID=1&CMD=VIEW_ARTICLE&ARTICLE_ID=2947

Unfortunately it seems a cheque will be issued.

Serves me right for not looking into this in more depth.

I can't remember when I was last issued with a cheque when a term deposit/fixed rate bond matured. more loss of interest, especially if you happen to be away on holiday for example.
If it is a large sum, sometimes it is better to pay for CHAPS if possible, the cost of that can be cheaper than a cheque languishing around. Or altenatively, they can come up with another decent fix.

As far as I'm concerned it is a very archaic method.

RetiredInThailand

I have one of these fixed deposits but I also opened a regular savings account at the same time (which pays a lousy rate but that doesnt matter). My yearly interest and the final balance at maturity will go directly to that savings account, and from there I can move it around in the normal way via internet banking and FPS/BACS.

So you dont have to have a cheque if you think ahead.

SallySunshine

Depending on the amount in the bond, a bacs transfer could take a few days anyway, so it may have meant still faffing about as well as opening an account I didn't really want.

NatWest is the worst for that, making you open a holding account at a low rate to put your bond deposit in, hanging onto it until the bond starts, often weeks if your'e not careful. Then the annual interest was moved into the opening account to withdraw. couldn't believe it when they insisted on giving me cash only.

The worst thing was that they only moved 10% into the starting bond, I nearly had a fit when my certificate arrived.:eek:
Not the best experience.

MoneySavingUser

Got an email from them saying they have received my form etc. today

Ifts

MarcoM wrote: »

Hi I would like to open one of their fixed term saving account in branch. Can anyone tell me how the money is returned once the deposit term expires ie. online, via post, via cheque picked up in branch?

As SallySunshine said in their post, unfortunately a cheque will be issued upon maturity of your fixed term deposit account and posted out to you.

Unless if you have got another account with Yorkshire Bank, then they can transfer the matured funds into that account, and you can move it out from there via internet/telephone banking (if registered for int/tel banking).

If you are going to open the fixed term deposit in branch, then it is worth opening a basic account there and then with the odd pound (as bank/savings accounts can only be opened in branch), that way you will be able to receive the matured funds into it, it saves waiting for a cheque in the post!

Again like SallySunshine, this is the first time I have been caught out like this, until now never had to wait for a cheque to be sent out from a fixed term maturing.
I took out a 3 year fixed term account in Nov 11, and didn't realise that the money will be returned via cheque (if I don't have any other accounts with YB), spoke to YB today and they confirmed its cheque only for those that have not got another account with YB.

I have put a date, 3 months before mine matures in 2014 and I will ring them again in case hopefully they may offer electronic transfers of the matured funds to other banks by then, if not I will open another account with them closer to the maturity date to receive the money and send it out from that account. Forget waiting for a cheque when you have got a large amount in there!

nad1611

I've followed this discussion with great interest as I was hoping to invest in this.
However since reading I see you have to have an account with them?

Can someone explain what "The Interest is capitilised". I understand compound interest, I've tried looking it up but I see it in reference to Loans.

Thanks

RetiredInThailand

SallySunshine wrote: »

Depending on the amount in the bond, a bacs transfer could take a few days anyway, so it may have meant still faffing about as well as opening an account I didn't really want.

By the time these deposit accounts mature all payments should be by FPS rather than BACS, unless its over 100K, and even then you could just make two or more payments to clear the balance.

Yes, it is a slight inconvenience having another account, but it's all done online anyway so not the end of the world.

Ifts

nad1611 wrote: »

I've followed this discussion with great interest as I was hoping to invest in this.
However since reading I see you have to have an account with them?

No. You will only need to have an account with them if you want the interest re-paid to you either monthly or annually. If you are happy to have the interest paid in to the fixed term deposit account then you don't need to have an account with them.

Although if you do have an account with them it will be easier to transfer the fixed term deposit money out once it matures (see the last 5 post before yours). Otherwise the money from the matured fixed term will be paid back to you with a cheque in the post.

Can someone explain what "The Interest is capitilised". I understand compound interest, I've tried looking it up but I see it in reference to Loans.

Explained in the Terms & Conditions -
Under Section 3 Product Specific Terms and Conditions - 3.1 Retail Term Deposits

3.1 - Also tells you which fixed term account requires you to have a repayment account (to receive monthly or annually interest re-paid to you).

This link explains the different interest options: https://help.eu.nabgroupdirect.com/system/selfservice.controller?CONFIGURATION=1003&PARTITION_ID=1&CMD=VIEW_ARTICLE&ARTICLE_ID=2091