Yorkshire Building Society Regular Saver

Chadsman

You can make more than one deposit per calendar month into the account as long as the total deposits do not exceed £500.

Compound_2

Suzey wrote: »

As I didn't open mine at the end of the month, this doesn't apply to me.

It's not as simple as that. If an interpretation can't cover all possibilities, then it's not the correct one.

baby_boomer

When I opened my first YBS regular saver I foolishly forgot to set up the standing order in time and so closed it and started again.

Now that I have done things properly I find that my stupid bank has duplicated the first £500 pm standing order, thereby breaking YBS's rules for the maximum monthly input .

What are the odds that YBS close my new account ?

gelato_cat

Yes, but if I stick to depositing after 7th Feb each year, I'm safe, no?

Suze

Compound wrote: »

It's not as simple as that. If an interpretation can't cover all possibilities, then it's not the correct one.

bristolleedsfan

baby_boomer wrote: »

When I opened my first YBS regular saver I foolishly forgot to set up the standing order in time and so closed it and started again.

Now that I have done things properly I find that my stupid bank has duplicated the first £500 pm standing order, thereby breaking YBS's rules for the maximum monthly input .

What are the odds that YBS close my new account ?

most reg savers state that if payments in exceed the allowed max in any month the excess will get returned ..YBS dont appear to say what happens should payments in exceed the max, perhaps they assumed that nobody would exceed the stated maximum

LittleVoice

Suzey wrote: »

Yes, but if I stick to depositing after 7th Feb each year, I'm safe, no?

Suze

Yes, Suze. You avoid any possible problem if you don't move the payment to earlier in the month than the date you opened the account.

Compound_2

Suze: Yes, you're 'safe', but you've possibly lost an opportunity to add an extra £500 to this restricted top paying account.

baby_boomer: Unlike Halifax, the YBS account shouldn’t be closed for missed payments. The penalty is you lose the 3.5% interest bonus. You’re allowed to miss one payment anyway, and since there seems to be a ‘13th month’ you could miss two and still have the required 11 payments. The first of these is the cash/cheque opening deposit. Unless the account was dormant for many months, it seems YBS acted too hastily in closing the account.

gelato_cat

How, if you can only add a maximum of £500 per calendar month?

Suze

Compound wrote:

Suze: Yes, you're 'safe', but you've possibly lost an opportunity to add an extra £500 to this restricted top paying account.

Compound_2

Suzey wrote: »

How, if you can only add a maximum of £500 per calendar month?

Suze

Because the account year rule may take precedence over calendar month rule. Thus February is divided into 2 months allowing 2 X £500.

masonic

Compound wrote: »

Because the account year rule may take precedence over calendar month rule. Thus February is divided into 2 months allowing 2 X £500.

This could be a loophole, but it seems pretty speculative without any supporting quotes from the accounts T&Cs (Although I have this account, I've never seen the full T&Cs beyond what was on the application form and what has been stuck to the front of my passbook, so couldn't comment). It seems to me that for an extra £500 of contributions, you could be risking losing the bonus or the whole account. I'd want to have something in writing that at least implied the account year could run over 13 calendar months without affecting the next account year.