New Fixed Term Deposit Accounts from Yorkshire Bank

RetiredInThailand

You are looking forward to April 6 2012 as QTDs will stop then, but not everyone would agree with you.

For me, as a non-resident, QTDs are excellent; my interest is paid gross without me even having to fill in a form. And as not all banks accept R105 forms, the QTD is a much better solution.

So I will be sorry to see them go and will be loading up with as many 5-year ones as I can before April 6. That at least will see me through to 2016/17, by which time the world financial system will probably have collapsed anyway, and we will all be trading plastic beads for tins of baked beans.

Ifts

I posted my application form to them for one of their fixed term deposit accounts on 19th Nov, and today received a text message from them:

Dear XXXXXX, ref #123456. We have received your application form with deposit and are now processing your request. Thank you, Yorkshire Bank.

Nice touch from Yorkshire Bank, letting you know they have received your application.

RobStaffs

Ifts wrote: »

I posted my application form to them for one of their fixed term deposit accounts on 19th Nov, and today received a text message from them:



Nice touch from Yorkshire Bank, letting you know they have received your application.

thats reassuring..I sent one off last week so hopefully I will get a text//:j

Nemo

How long are these taking to open? I'm just waiting for them to phone me back as no-one was available when I just called.

Applied on 10th Nov. over the internet and sent the cheque off the next day. Got an email on 15th Nov. saying cheque received and will be processed within 2 days then account opened and cheque cleared into account. 7 days later and the money is still in my current account earning the best part of zilch.

As we're now on 22nd Nov., that's 12 days in total. Seems really slow and backwards having to send a cheque off a then wait for the cogs to grind.

calypso_rhapsody

Nemo - i agree Yorkshire not the most user-friendly bank when it comes to opening an account. I filled in the form but in fact have not sent it off with cheque as i was able to get the same rate with less hassle from KRBS.

Have you had a go at finding your nearest branch on the Yorkshire website? what a laugh ... you get to a pdf list of branches in the most bizarre order - alphabetic but not all by town - some are things like 'The High Street' or similar! And no map to help you ....

The only glimmer of light in my dealings with Yorkshire has been the excellent lady manager at Wellingborough branch (my nearest) who sorted out transferring a bond into another without my having to go into a branch ... goodness only knows why the call centre was insisting i had to.

Nemo

Quick update from my post above...

They've just called back said there's a backlog due to high demand. My funds should move tomorrow, but they're backdating interest to the 17th which is when she says the cheque was put forward for clearance.

SallySunshine

Just filled in most of their form tonight, actually it was the Clydesdale one.

Even after reading through this thread and squinting through their terms and conditions I got a little confused.

And yet their help page on filling in the form is very clear, but still had to think about their wording for the interest.

Since my funding deposit from a maturing bond isn't due until next week, it was good to be able to fill in most of the form on-line and then save it. I'll make sure I send the cheque and application form in on a Monday morning though first class, don't want it hanging around over a w/e.

I hate sending cheques through the post so might send it signed-for, however when you do complete your form, and add the cheque details to it they give you a unique reference no to write on the back of the cheque.

Although knowing my luck they'll close their offer on the day I post:eek:

I've chosen the option to accumulate my interest on the 2 yr term.
Apparently if you need a statement of the annual interest, for tax purposes, you have to apply to a branch and they will give you one.

Since it is a joint account, my O.H. will claim his tax back, but he prefers to claim it back on a S.A. tax form.

Had to laugh about the list of branches, they were rather weirdly listed. My nearest is 20 miles away.

Ifts

SallySunshine wrote: »

Although knowing my luck they'll close their offer on the day I post:eek:

When I completed my Yorkshire Bank online application for one of these fixed term deposit accounts, at the end of the process when I printed of the form, a message popped up saying I had to get the form and opening deposit cheque to them within 7 days.

When the form printed, the Interest rate box remained blank. I phoned them up to query this, was told for the term deposit (3 yr, int capitalised annually) I applied for I need to manually write in the rate (4.30%) in the box, and they would honour that rate providing I got it back to them within the 7 days.

MoneySavingUser

Do they ask for ID with these accounts? - current accounts say passport etc. needed to be shown in branch but doesn't mention for savings - no branches near me

Ifts

MoneySavingUser wrote: »

Do they ask for ID with these accounts?

No. Just need to print off the application form (sign and date it) and post it to them with a cheque for the opening deposit.