Yorkshire BACS transfers take 8 days!

Geoffo_M

I have a Yorkshire BS internet saver, where the interest is transferred to your external bank account every month. This is my first month and interest appeared in my YBS account on the 22nd April and then reached my Lloyds current account on the 30th - 8 days (6 excluding weekends).

I've never known any BACS transfers take this long - usually my other accounts take 3/4 days. Is this normal with YBS? It's a shame the interest can't just stay in the internet saver account.

Geoff

ashcarrot

I noticed that, I wonder if its just a special case with interest.

[Deleted User]

I have an Internet Saver with YBS and my interest gets paid yearly into my Internet Saver account. Although looking at the key features of the account it says that that is not possible! So I have no idea what is going on there, unless this is a recent change? (Just checked my account and the interest was definitely credited straight back into the account)

But wrt BACS transfers, I have made several transfers out of the account to another bank and it has never taken more than 3 working days to complete. So unless there is some particular reason why interest payments are slower, it should hopefully be quicker for you next time.

Milarky

With Nationwide, they sometimes credit interest to another account several days before the interest is paid up to on the first account (a bit like an advance - if the balance on the paying account was reduced in the meantime they may recover an 'overpayment' the following month)

So is it possible that the anniversary of the YBS internet saver is a few days after they pay the interest out of it into another YBS account? if asked to transfer this amount to an external bank account, YBS might hold sending payment until the interest is actually 'earned'? (after all, BACS payments should always take the same time - two clear working days - once they are entered by the sender of the payment) So it could be a 'cleared funds' issue maybe?

Geoffo_M

Milarky wrote: »

With Nationwide, they sometimes credit interest to another account several days before the interest is paid up to on the first account (a bit like an advance - if the balance on the paying account was reduced in the meantime they may recover an 'overpayment' the following month)

So is it possible that the anniversary of the YBS internet saver is a few days after they pay the interest out of it into another YBS account? if asked to transfer this amount to an external bank account, YBS might hold sending payment until the interest is actually 'earned'? (after all, BACS payments should always take the same time - two clear working days - once they are entered by the sender of the payment) So it could be a 'cleared funds' issue maybe?

Good point - it maybe that interest always gets paid into the external account on the last day of the month (as it did in my example), and be recorded much earlier in the yorkshire a/c. How do they know that I won't make a withdrawal then and overpay me. I can only wait til next month and see what happens. I've e-mailed them but had no reply yet.