Yorkshire BS cutting savings rates

Speculator

oldfella wrote: »

have checked with YBS - the regular savers are not changing

I've been keeping my YBS regular saver issue 1 going with £10pm automatic internal transfers since about 2008.

Now the rate is competitive again, does anyone know if we are allowed to make more than one payment per month?

I've already paid in £10 this month via internal auto transfer. Can I make another payment of £490?

Thanks.

FLAPJACK

From the looks of it, it seems anyone with cash to put away (low risk... whether fixed bonds or easy access accounts) is now faced with looking at most financial institutions as places just to safely lodge the cash.....instead of under the mattress.

It seems a hopeless task to try and find a decent return (if writing this next year I would probably say ANY return) for our cash.

I really don't see the reasoning behind thinking that the economy will be reinvigorated by people spending money.....for most families money is short as important things such as utilities, petrol and food are taking the majority of the income.

For pensioners who may have a "nestegg" can't spend it as whatever is spent is no longer (to a degree) being replaced by interest, and it seems it won't be for the foreseeable future.

The only thing I can see sense in at the moment is to pump up your cash ISA...even though it will get peanuts in interest...at least the money is in the tax-free wrapper should the "goodtimes" ever return in our lifetime.

Mind you maybe the economic outlook could look different towards the end of the year once the BofE takes over????

Thrugelmir

FLAPJACK wrote: »

The only thing I can see sense in at the moment is to pump up your cash ISA...even though it will get peanuts in interest...at least the money is in the tax-free wrapper should the "goodtimes" ever return in our lifetime.

The FSA is still collecting levies from banks and building societies to cover the cost of Icelandic bank bailouts. At the rate of around.25% from borrowers.

So the good times were in reality an illusion.

skitskut

Speculator wrote: »

I've been keeping my YBS regular saver issue 1 going with £10pm automatic internal transfers since about 2008.

Now the rate is competitive again, does anyone know if we are allowed to make more than one payment per month?

I've already paid in £10 this month via internal auto transfer. Can I make another payment of £490?

Thanks.

Yes I'm sure you can. I did just that (£10 then £490) a few years ago.

ctdctd

Speculator wrote: »

I've been keeping my YBS regular saver issue 1 going with £10pm automatic internal transfers since about 2008.

Now the rate is competitive again, does anyone know if we are allowed to make more than one payment per month?

I've already paid in £10 this month via internal auto transfer. Can I make another payment of £490?

Thanks.

I've got the original leaflet for the account and it just says:-
"You can save between £10 and £500 each calendar month"

No mention of only one payment, so yes, I'd agree with skitskut.

Watch out for the maximum balance allowed of £20K

Speculator

Just to confirm the YBS regular issue 1 allows multiple payments:-


Hello Mr Speculator

Thank you for your email on 09 March 2013 regarding your regular saver account.
You are allowed to make as many transactions as you like into the account per month as long as the total does not exceed the maximum payment per month.
The payments can be made via a bank transfer into the account.
If we can be of any further assistance please do not hesitate to contact a member of our customer service team on 0845 1200 100.
Our opening hours are Monday - Friday 8.00am - 8.00pm and Saturday 9.00am-1.00pm.

Kind Regards
Timothy Mallett
Internet Customer Service Team

Glen_Clark

The Yorkshire Building Society is what a Building Society should be, in my opinion. I have always found them efficient, and they never offered 'bonus' to get your money then quietly dropped the rate to 0.1% at the end of it like the bankers do. They have been fair and consistent all along, and have rescued less well run societies like the Chelsea and Barnsley.
I have long held an account there, but I'm ashamed to say I haven't invested much with them because I have been getting a better rate as a bonus chasing rate tart shifting it between the banks.:o
But I recommended to my Mum who keeps all her cash there because she wouldn't bother to chase the latest best rate, as I do.:)

talexuser

Glen sums it up well, they have have better consistent record than almost anyone else. The Postal Saver beat the equivalent Nationwide one for years, and my mother has both that (for cheques in) and the Internet Saver for topping up day to day money. Not the best rate for some time, but not a bad "forget about it " rate for people who don't want to worry.

Milarky

Glen_Clark wrote: »

The Yorkshire Building Society is what a Building Society should be, in my opinion. .. They have been fair and consistent all along, and have rescued less well run societies like the Chelsea and Barnsley.

They are not immune from having silly 'save-the-change-like' schemes though. In other words they do rely on customer inertia to get something back when it suits them