YBS transfers

gelato_cat

Hi all

What are people's experiences of the amount of time it takes to transfer a) to a YBS account and b) within YBS?

I put in a request for £500 to go from my Halifax websaver to my YBS Regular Saver, effective date Monday 2nd April. The money only reached the YBS account yesterday, which IMO is a bit slow.

I only have £1.02 in my YBS online saver and want to boost that a bit, so will be transferring maybe £1k to it and then doing an internal transfer of £500 to the RS next month. Any ideas if that transfer would be instant?

TIA

Suze

YorkshireBoy

Hello (again ) Suzey,

Yorkshire bank=>YBS transfers take 3 days IME (action Monday/arrive Wed).

A&L=>YBS take an extra day (arrive Thurs).

A couple of recent Halifax(C/A)=>YBS transfers have taken an extra day, ie the same as yours appears to have done this week. Not sure if all Halifax transfers are 'held back' (as A&L appear to do) or whether I was too late actioning them?

I have noticed though, that YBS have occasionally credited transfers on a Saturday (when I've actioned a YB=>YBS transfer on a thursday).

Re the internal YBS transfers, the source account balance is affected immediately whereas the destination account balance is updated at the end of the day (just after midnight). However, on checking the following morning, the destination account balance (for interest earning purposes) accurately shows the date of deposit as the date it left your source account.

As an aside, I've grumbled before that BACS transfers out of YBS take a full 5 days to arrive (they use a NatWest collection account so maybe that's why?). However, I've noticed recently that some of my transfers out have arrived in 4 days and wondered if they were experimenting with the new faster payments system that is planned for later this year?

gelato_cat

YorkshireBoy wrote:

Hello (again ) Suzey,

Hey there, maybe I should just start PMing you with my questions

YorkshireBoy wrote:

Yorkshire bank=>YBS transfers take 3 days IME (action Monday/arrive Wed).

A&L=>YBS take an extra day (arrive Thurs).

A couple of recent Halifax(C/A)=>YBS transfers have taken an extra day, ie the same as yours appears to have done this week. Not sure if all Halifax transfers are 'held back' (as A&L appear to do) or whether I was too late actioning them?

I doubt it was because you were too late actioning them. I set up the transfer last weekend and manually put in the 2nd April as the date I wanted the money to move. Good thing I set it for a Monday - I'll have to remember to keep doing that in future. I've only made three deposits so far and each of them were from different sources (cheque from Halifax current account, BACS from HSBC savings account and this one).

YorkshireBoy wrote:

I have noticed though, that YBS have occasionally credited transfers on a Saturday (when I've actioned a YB=>YBS transfer on a thursday).

That's not bad, I wonder if it works for other source banks...

YorkshireBoy wrote:

Re the internal YBS transfers, the source account balance is affected immediately whereas the destination account balance is updated at the end of the day (just after midnight). However, on checking the following morning, the destination account balance (for interest earning purposes) accurately shows the date of deposit as the date it left your source account.

Thanks, I know what to expect next month now

YorkshireBoy wrote:

As an aside, I've grumbled before that BACS transfers out of YBS take a full 5 days to arrive (they use a NatWest collection account so maybe that's why?). However, I've noticed recently that some of my transfers out have arrived in 4 days and wondered if they were experimenting with the new faster payments system that is planned for later this year?

Maybe. It will be so much better when it gets here although will have huge knock-on effects (eg I will be opening a lot more regular savers and I'm sure other people will too).

Suze

YorkshireBoy

Suzey wrote: »

...although will have huge knock-on effects...

But what if one of them is 50p per transfer? :think:

realaledrinker

My (limited, only after the £100) experience with a halifax C/A is that transfers take 4 working days to arrive. Same with Cahoot.

ED

Suzey to YorkshireBoy, "maybe I should just start PMing you with my questions" - Hope you keep it public, folks, as we all can learn from your respective experiences re duration of transfers. I am amongst those hoping to find a prudent method to deposit (each month) into Yorkshire BS's Internet Saver (5.55% + instant access via ATM card) ready for manual internal transfer monthly into Regular Saver (7%). A YBS branch is within reasonable travelling distance. Anyone know if I need to open an additional account to make cash deposits - and would internal transfers from that to Internet Saver be same-day?

YorkshireBoy

ED wrote: »

Anyone know if I need to open an additional account to make cash deposits...

From the Key Features - depositing money...

Your initial deposit may be made by cheque, but all subsequent deposits must be direct transfers, either from another bank or building society account, e.g. by standing order, or another account held with the Yorkshire. Please note, we do not accept postal orders.

...it looks like you can.

...and would internal transfers from that to Internet Saver be same-day?

My guess would be yes, but perhaps that's a question you should put to YBS.

To me though, your plan seems like an awful lot of trouble to save a few pennies. I could understand it for a large cash deposit (perhaps from the sale of a car), but to do it each month?...I couldn't be bothered with the hassle!

gelato_cat

I was joking, hence the



Suze

ED wrote: »

Suzey to YorkshireBoy, "maybe I should just start PMing you with my questions" - Hope you keep it public, folks, as we all can learn from your respective experiences re duration of transfers.

Gambler

I sent £3K to my cash ISA for the new tax year on Tue 03 Apr, thinking it would get there today.

It arrived 3 days later (on Good Friday!).

Very impressed with the quick and easy transfer of an ISA to YBS. So much so I was going to open an internet saver account but monthly interest can only be paid to an external account which was a shame.

ED

YorkshireBoy - a year or so ago I did indeed ask Yorkshire BS if internal transfers were same-day. Alas not. The amounts I would be shifting would be £600 per month (£500 to RS; £100 to MS account). Instant transfers would encourage me to regularly fund Internet Saver - useful for ATM withdrawals.

gelato_cat

ED wrote:

YorkshireBoy - a year or so ago I did indeed ask Yorkshire BS if internal transfers were same-day. Alas not. The amounts I would be shifting would be £600 per month (£500 to RS; £100 to MS account). Instant transfers would encourage me to regularly fund Internet Saver - useful for ATM withdrawals.

That's weird, it seems to contradict YB's experience/knowledge:

YorkshireBoy wrote:

Re the internal YBS transfers, the source account balance is affected immediately whereas the destination account balance is updated at the end of the day (just after midnight). However, on checking the following morning, the destination account balance (for interest earning purposes) accurately shows the date of deposit as the date it left your source account.

Also, what's the MS account?

Suze