YBS transfers

medic1978

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?

Does that mean transfers to/from Natwest are quicker than other banks?

Just opened reg saver today...

Thinking of opening their internet saver. Once this is done can i see my reg saver balance online and transfer from the internet saver online?

ED

My questions to the Society of last autumn have been supplied again this eve. I'll let you folk know the outcome. Meanwhile, hopefully YorkshireBoy's experience is a sign of improvement. To Suze, "MS account" refers to Monthly Saver - no-longer available to open. (Existing account holders receive 6.25%, compared with the later entrant Regular Saver @ a tasty 7%.)

YorkshireBoy

Suzey wrote: »

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

ED's information is a year old, whereas mine is based on the statement information from my February/March transactions.

Also, what's the MS account?

A branch-based monthly saver perhaps?

medic1978 wrote:

Thinking of opening their internet saver. Once this is done can i see my reg saver balance online and transfer from the internet saver online?

Yes.

ED

Yorkshire Bdg Society have replied (as follows) to my questions re 'internal transfers' within YBS accounts.

- YBS is currently working on the changes required to allow online transfers out of Access Saver accounts. The Society hopes to introduce it during this Summer. First it needs to be thoroughly tested.

- YBS aims to enable deposits to accounts via debit card, and other exciting new services.

- Transfers between YBS accounts are processed overnight, funds crediting to the receiving account the day after the transfer is made. However the credit is backdated to the previous day so there is no loss of interest.

- This also applies to transfers from an Internet Saver to a Regular Saver (+ Monthly Saver).

- YBS customers can make deposits at any Britannia Building Society branch.

- Closer to launch date of the new YBS online services, the Society will contact all online customers.

I'm one happy Yorkshire Bdg Society customer. Not only is their news hopeful, they were also efficient, prompt and courteous in replying to my inquisition! Hope this post helps MSE readers.

exel1966

I currently have a reasonable sum with ICICI, but looking to open up a YBS regular saver to take advantage of the £500 allowance per month. As I can't transfer direct from ICICI to the YBS Reg Saver I was thinking of opening a YBS Internet saver and transferring £6K ( 1 years deposits) via a LLoyds current account to drip feed into the YBS Reg saver. Hopefully only losing 6 days in total transfer time as the transfers fron YBS accounts will be (in effect) immediate. The only downside is that the Internet saver pays 0.10% less than ICICI.
Would I actually gain very much by doing all this ? Anyone able to advise ?

ED

While you await input from others, it occurs to me 0.10% less on £6,000 amounts to only £6 (pre-tax). Yorkshire BS tends to adjust interest rates swiftly after Base Rate changes, so there may be a gain here. An advantage of their Internet Saver is convenient ATM withdrawals without first needing to go online to transfer funds from, say, a savings account to a current account, as happens with many or most banks and building societies. People often leave a 'float' for emergencies earning not very much in their current account.

bristolleedsfan

ED wrote: »

While you await input from others, it occurs to me 0.10% less on £6,000 amounts to only £6 (pre-tax). Yorkshire BS tends to adjust interest rates swiftly after Base Rate changes, so there may be a gain here. An advantage of their Internet Saver is convenient ATM withdrawals without first needing to go online to transfer funds from, say, a savings account to a current account, as happens with many or most banks and building societies. People often leave a 'float' for emergencies earning not very much in their current account.

as u in contact with yorkshire perhaps u could ask them now that the following guarantee is finished "The gross rate was guaranteed to be at least equal to the Bank of England base rate until 28 February 2007"
appreciating that the rate is higher than the base rate do the yorkshire plan to keep the account as one of the highest paying online savers

re your post about yorkshires future plnas eg debit card payments, ive been thinking recently its time overdue that building societies did more to encourage electronic payments, its very primitive going to 1 building society to get a cheque and having to post a cheque to another society

YorkshireBoy

exel1966 wrote: »

I currently have a reasonable sum with ICICI, but looking to open up a YBS regular saver to take advantage of the £500 allowance per month. As I can't transfer direct from ICICI to the YBS Reg Saver I was thinking of opening a YBS Internet saver and transferring £6K ( 1 years deposits) via a LLoyds current account to drip feed into the YBS Reg saver. Hopefully only losing 6 days in total transfer time as the transfers fron YBS accounts will be (in effect) immediate. The only downside is that the Internet saver pays 0.10% less than ICICI.
Would I actually gain very much by doing all this ? Anyone able to advise ?

Personally, your plan would be third on my list.

Option 1: Send the £500 from income each month.
Option 2: Send the £500 each month (ICICI=>LTSB=>YBS Reg Saver), thereby leaving more of your money making 5.65% with ICICI.

Option 3: Your plan...

Reg Saver Int = £6,000 x 7% / 12 x 6.5 = £227.50
Int Saver Int = £6,000 x 5.55% / 12 x 5.5 = £151.25
Total YBS interest = £378.75

ICICI 6 day loss = £6,000 x 5.51% / 365 x 6 = £5.43

Total (YBS interest less ICICI transfer loss) = £378.75 - 5.43 = £373.32

Leaving it with ICICI = £6000 x 5.65% = £339

Your plan would gain you an extra £34.32 GROSS interest over doing nothing. However, where the YBS account comes into it's own is that you will continue to earn 7% on the whole amount from year 2 onwards (whereas you'd only get 5.65% with ICICI).

It's definitely worth doing. All you have to do is choose an option.

exel1966

Thanks YB !

As for the alternatives :-

Option 1 - could be a possiblity though I have various other regular savers taking from income, though I could shuffle the amounts to put more into YBS, but that would mean 36 days p.a in transfer delays ? Does that make it viable ?

Option 2 - Again it would equate to 36 days p.a in transfer times, wheras taking option 3 would only be 6 days.

Or am I looking at this the 'wrong way' ?

YorkshireBoy

exel1966 wrote: »

Option 1 - could be a possiblity though I have various other regular savers taking from income, though I could shuffle the amounts to put more into YBS, but that would mean 36 days p.a in transfer delays ? Does that make it viable ?

Unless you have a high interest current account, you have to send your money 'somewhere' each month, thereby incurring transit losses. Better to send it to a 7% paying account than a 5.65% paying account surely.

Option 2 - Again it would equate to 36 days p.a in transfer times, wheras taking option 3 would only be 6 days.

Or am I looking at this the 'wrong way' ?

Yes.

1 transfer of £6000

suffers the same transit interest loss as

12 transfers each of £500

because you're still moving £6,000 however you do it.

The benefit is that your (future planned) £500 monthly transfers are earning 5.65% until you send them.