YBS Internet Saver - best for feeding money into Lloyds Reg Saver?

greyskittles

I searched, but couldn't find anything.

I'm asking this I've just opened an HSBC online saver, read through everything and somehow missed the bit about losing your interest when you make withdrawals!

So, I'm now looking for an account which preferably pays the interest monthly, has high street branches AND doesn't penalise you for making withdrawals. Yorkshire BS's Internet Saver seems to fit the bill, but is it the best one out there? I've read through the T&Cs and couldn't see anything about losing your interest if you make a withdrawal, but I just want to be doubly sure before opening one!!

I will be using the account to feed money into my Lloyds Regular Saver, which is why it needs to pay interest regardless of withdrawals. Any other suggestions are welcomed (apart from ICICI and Icesave)!

LittleVoice

I've just noticed 5.7% at Birmingham Midshires - but only 6 penalty-free withdrawals a year - so you would need to drip-feed to another account (their Websaver or perhaps the YBS). But that's probably a lot of trouble with loss of interest during transit times.

I'm sure someone else will come up with better option - or agree your original suggestion of YBS.

YorkshireBoy

Two points to bear in mind with your proposed arrangement...

1. The YBS account doesn't offer the facility for regular payments, meaning you'll have to manually initiate the transfer each month.

2. Because YBS use a NatWest collection account, BACS transfers out take 5 days - ie action Monday, arrive Friday meaning 4 days interest is lost each month (should improve when faster payments come on stream later this year).


However, if your LTSB branch is 'handy' (and you set up the SO from your LTSB current account) you can use the YBS link card to withdraw your regular savings amount from the ATM and pop inside to pay it into your LTSB current account the day before the SO is due.

BTW, have you taken a look at the YBS regular saver?

greyskittles

^Thanks for that info Yorkshire Boy, I didn't know that about the Internet Saver. I really want an account where I can set up a standing order... But are there any savings accounts that allow you to do that?!

Ugh, I think I might just keep the money in my Lloyds current account and save myself the hassle!

pbw

why not open a yorkshire RS account, it is a good account which pays 7% as suggested before

Gambler

YorkshireBoy wrote: »

Two points to bear in mind with your proposed arrangement...

1. The YBS account doesn't offer the facility for regular payments, meaning you'll have to manually initiate the transfer each month.


BTW, have you taken a look at the YBS regular saver?

I've been impressed with the ease of opening and transferring my existing cash ISA to YBS.

Not so impressed Icewaste ! I've been looking at the YBS internet saver and also looking into these regular savings deals.

Does the YBS account offer the facilty for regular payments to it's own regular saver.

Have trawled the website but can't see anything.


Thanks

YorkshireBoy

Gambler wrote: »

Does the YBS account offer the facilty for regular payments to it's own regular saver.

No. You have to manually initiate them.

EDIT: Since the transfers are (almost) instantaneous, don't initiate them before the first of the month - otherwise you'll fund the account twice in one month and contravene the T&C's.

missile

greyskittles wrote: »

I think I might just keep the money in my Lloyds current account and save myself the hassle!

Classic Plus pays 4.25% Thus on an average balance of say £1,000 in your current account, you could gain an extra ~ £10 per year by using YBS account. I would suggest this really is not worth the hassle.

Gambler

missile wrote: »

Classic Plus pays 4.25% Thus on an average balance of say £1,000 in your current account, you could gain an extra ~ £10 per year by using YBS account. I would suggest this really is not worth the hassle.

Does anybody have a spreadsheet or a link so I can compare how much interest extra a regular saver really earns.


Thanks

Biggles

missile wrote: »

Classic Plus pays 4.25%

That does rely on you paying at least £1,000 per month into the account; and the 4¼% is only paid on balances up to £5,000 (0.1% paid on balances above that).

Milarky

YorkshireBoy wrote: »

If your LTSB branch is 'handy' (and you set up the SO from your LTSB current account) you can use the YBS link card to withdraw your regular savings amount from the ATM and pop inside to pay it into your LTSB current account the day before the SO is due.

This is the method I use -have fallen into- for the LTSB Monthly Saver. Just to add that you can tweak your SO dates online with LTSB so that the collection day corresponds to a 'banking day' immediately after another 'banking day' (eg a Tuesday) rather than the first banking day after a weekend..