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

bluu2k

YorkshireBoy wrote: »

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.

You are not quite right on this, YorkshireBoy

Last month, I wanted the same thing as Gambler but couldn't do it online. I phoned them and was advised to request in writing. Then, I sent YBS a letter instructing it to set up a standing order for me, stating:

a/c number to transfer,
a/c number to receive,
name of a/c holder,
date of transfer each month,
date of first transfer, and
last date of transfer (I choose as untill further notice).

And it worked. They did not get back to me but on my requested transfer date, fund moved. :T

Their address:

Internet Accounts
Yorkshire Building Society
Yorkshire Drive
Bradford
BD5 8LJ

As I myself can't manage the standing order via YBS website, I decided to transfer only 10 pounds per month to my regular saver a/c--to make sure that I will not miss any monthly payment. The rest I will deal with by depositing at a YBS branch (very near my office), or manually online each month, depending on how much money available for me then.

Hope this helps.

Cheers,

:beer:

Gambler

Gambler wrote: »

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


Thanks

I've done some quick calculations comparing £250 over 12 months into a RS paying 8% against Icesave 5.7%. Over the year I would gain £38 extra interest and this is without taking loss of interest during the time of transfer into account.

Could somebody please confirm this is correct as it doesn't seem very worthwhile in my opinion.


thanks

missile

Biggles wrote: »

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).

You are being pedantic. I am sure the OP will know the T&Cs for his LTSB current account. My comment is that there is very little to be gained from shuffling money from his LTSB c/a to YBS and back to LTSB regular saver.

missile

Gambler wrote: »

I've done some quick calculations comparing £250 over 12 months into a RS paying 8% against Icesave 5.7%. Over the year I would gain £38 extra interest and this is without taking loss of interest during the time of transfer into account.

Could somebody please confirm this is correct as it doesn't seem very worthwhile in my opinion.


thanks

Assuming you pay £250 into RS on day one and £250 per month thereafter, I estimate you will earn an extra £28 at month 12, after basic tax.

YorkshireBoy

bluu2k wrote: »

You are not quite right on this, YorkshireBoy

Hmmm, interesting!

I wasn't 'guessing' when I made the post. I based my reply on what I thought was good information.

I was aware I could set up standing orders and direct debits on the YBS Offset Savings Account linked to my mortgage (it's clearly stated in their "how your mortgage works" brochure).

So, when I opened my Internet Saver account I asked YBS at the time if the same DD/SO options were available with this account and was told that they definitely were not allowed.

My curiosity got the better of me when I opened my Regular Saver. I asked the branch CSA if SO's from the Internet Saver were possible and again I was told they were not (after he'd contacted Head Office).

Still not satisfied, I queried the matter yet again with the YBS Member Contact Centre. Again, the answer was "no".

The last contact I had with YBS on this was around 6-8 weeks ago, and I've posted recently on here that they're not allowed - and until now nobody has picked me up on it.

Rather than telephone them again, I'll write to them asking for clarification.

Thanks for picking me up on it.

Prudent

Is the internet saver paying the same rate as the regular saver? I already have Ltsb 8%, Abbey 7% and YBS 7% regular. I use cahoot as my internet saver, but know the rate is no longer that competitive.

thumshie

Prudent wrote: »

Is the internet saver paying the same rate as the regular saver? I already have Ltsb 8%, Abbey 7% and YBS 7% regular. I use cahoot as my internet saver, but know the rate is no longer that competitive.

No, otherwise it'd be topping the saving account lists on all web-sites

5.55% annual, from their web site:
http://www.ybs.co.uk/savings/interest_rates/internet.jsp