Yorkshire BS cutting savings rates

agrinnall

I received an email from YBS yesterday to say they are cutting rates on 4th March; of particular interest to me is that the Easy Access Internet Saver will drop from 2.1% to 1.65%. I think this used to be in the best buy list but isn't there now (the email suggests that the rate was lower anyway for new accounts from 21/12/12 so that could be why it was removed). Another nail in the coffin for vaguely decent rates for savers.

xylophone

Another nail in the coffin for vaguely decent rates for savers.

Indeed- I have one of these and thought the rate cut very disappointing.

Purple_Rein

Will be moving my funds out of this account

talexuser

Internet Saver was good account for consistency but it's a long time since it was a best buy.

alanq

agrinnall wrote: »

I think this used to be in the best buy list but isn't there now ...

I don't remember that. There have been a lot better rates out there, especially with bonuses. However, Issue 1 of this account has a rate that hasn't changed since 29 March 2009. That was one of its attractions. It's a great shame that the interest rate drop is going to occur.

Still, given then general fall in rates and the fact that the account comes with an optional Link card, it may still be worth considering.

oldfella

any change in the Regular Saver 1 - currently 3.75% ?

brewerdave

I have cash in Internet Saver (ex E Bond) which I presume is issue 1- showing 2.1% and I haven't had any communication about a reduction??
I use it as a parking place for cash savings prior to new year ISAs being available, and was about to move ~ £5k across - if it is dropping I might look elsewhere.

C_Mababejive

Savers have only themselves to blame. They allow institutions to shaft them. If you do nothing else,pull your money out and/or invest it. Force institutions to use their free printed Government money,not to fritter your hard earned cash away.

brewerdave

Just had an answer to my question posted thru account page -yup, interest rate dropping from 2.1% gross to 1.65% gross from 4th March -time to start looking for a new temp. home for cash:(
Don't know why I haven't received an email.

grey_gym_sock

i suppose the thing is: if they'd left the rate at 2.1%, it would now be back in the best-buy tables.

C_Mababejive wrote: »

Savers have only themselves to blame. They allow institutions to shaft them. If you do nothing else,pull your money out and/or invest it. Force institutions to use their free printed Government money,not to fritter your hard earned cash away.

that doesn't hurt the institutions at all, though. it just means giving up your 1.65%, or whatever you can get (not much more).

or perhaps, if a lot of ppl did it, it would force the best rates up from about 2% to 2.1% ... which would be good for those of us not doing it ... so yes, go right ahead and take your money out

meggsy

"We want to make sure we do what's right for all our customers. That's why, if you'd like to, we're giving you up until 30 April 2013 to switch your affected account to another account with us, or close the account altogether, without giving any notice or losing any interest. Just so you know, if you do choose to close your account, you can do this online by visiting https://www.ybs.co.uk and logging in to your account. Also if you're closing an ISA you'll need to transfer it directly to another ISA to protect the tax-free status of your savings".

I inherited this account in their Egg takeover, will probably leave £5 to keep it open, only a small amount there anyway.