Still no rate rise from Yorkshire?

Kazza242

bristolleedsfan wrote: »

yorkshire must be running it at a loss esp now we are in at least the 10th month of its operation ( in its current form) many of us within next few days will have 5000 lump sum in our reg saver account, nationwide cant afford to pay 7% even with a lower max monthly possible balance increase

Some of us will actually already have £5,500 in our YBS regular saver - courtesy of opening an account by August 31st 2006.:D My payments go in as near to the 1st as possible and as the 1st fell on a weekday this month my payment was credited last Friday.

bristolleedsfan

Kazza242 wrote: »

Some of us will actually already have £5,500 in our YBS regular saver - courtesy of opening an account by August 31st 2006.:D My payments go in as near to the 1st as possible and as the 1st fell on a weekday this month my payment was credited last Friday.

yep ive always ed about that, i read in mail on sunday that yorkshire was launching the newly revamped R/S on 1st september last year so i waited till then, of course when i went in and saw product guide i discovered it was launched on 28th august , so u lot have had 1000.00 in for a year bar a few days , similar to loughborough thing opened near end of march x 3 so in early april i had 1500 in loughborough earning 8% gross :j

Compound_2

It seems come August Kazza will have a dilemma about when to make the balance £6500, but bristolleedsfan can do it any time in September!

Speculator

Compound wrote: »

It seems come August Kazza will have a dilemma about when to make the balance £6500, but bristolleedsfan can do it any time in September!

I am in the same boat and I'll pay in £500 on the 1st of August to make the balance £6500. Why should I have a dilemma?

Compound_2

Speculator wrote: »

I am in the same boat and I'll pay in £500 on the 1st of August to make the balance £6500. Why should I have a dilemma?

See my posts on this thread:
http://forums.moneysavingexpert.com/showthread.html?t=370098

Back to the topic in hand, if the account's interest rate continues to fall relative to the base rate, perhaps there's no need to rush in that extra £500! YBS's failure to pass on any of the rise means there is a danger of the account becoming uncompetitive in the future, should this behaviour continue. Since there's only one penalty-free withdrawl, if you ever need to make a withdrawl best take out almost everything as you don't want the possibility of money being tied in a poor account.

bristolleedsfan

Compound wrote: »

See my posts on this thread:
http://forums.moneysavingexpert.com/showthread.html?t=370098

Back to the topic in hand, if the account's interest rate continues to fall relative to the base rate, perhaps there's no need to rush in that extra £500! YBS's failure to pass on any of the rise means there is a danger of the account becoming uncompetitive in the future, should this behaviour continue. Since there's only one penalty-free withdrawl, if you ever need to make a withdrawl best take out almost everything as you don't want the possibility of money being tied in a poor account.

i dont believe yorkshire will allow the account to become uncompetitive even with no rate rise which is a ing shame its still the highest paying regular saver that doesnt come to an end ( 20000 limit)

RayWolfe

Not sure that you're right here. Before the RS and then, I think, their ISA, they were uncompetitive for years.

Kazza242

Compound wrote: »

It seems come August Kazza will have a dilemma about when to make the balance £6500, but bristolleedsfan can do it any time in September!

You've misinterpreted YBS's T&C's; what you've said above is incorrect. YBS clearly state in their T&C's that monthly payments from £10 up to a total of £500 are allowed per calendar month to qualify for the bonus. The fact that my 13th payment will be made early August isn't going to cause any problems. The only time I could see a 13th payment being a problem is if the account concerned was running for only 12 months. I won't be paying in more than £500 per calendar month so there won't be any problems.

From the Yorkshire BS regular saver thread:

Compound wrote: »

I think there's a danger with this account that unlike the other top paying regular savers, this rate is variable. So it could be downgraded and you’d be tied in, still having to add monthly. There is the one penalty free withdrawal, but this means that if you ever need some money you MUST withdraw down to the minimum regardless of how you assess your needs, losing the building up of funds in the high paying account. This is because by doing one withdrawal you lose the right of a penalty-free withdrawal in the event that the account becomes uncompetitive in future.

I am certain that this isn't going to be a problem for me. I have money available in easy access accounts should I need money at a moments notice. I've never needed to withdraw from any of my regular savers because I've needed some money. The only time I've withdrawn from a regular saver is if the rate became uncompetitive e.g. Derbyshire's (£10 - £1K) regular saver.

The best thing to do is not to make any withdrawals from your YBS regular saver - (or if you must, do so near the end of an account year and then wait for the new account year to begin). In the event that the rate becomes uncompetitive use your one penalty free withdrawal to withdraw nearly the whole balance leaving at least £10. Then make minimum monthly payments until your (bonus rate ) interest has been credited. You could then close the account without loss.

Afahmaep

Kazza242 wrote: »

Some of us will actually already have £5,500 in our YBS regular saver - courtesy of opening an account by August 31st 2006.:D My payments go in as near to the 1st as possible and as the 1st fell on a weekday this month my payment was credited last Friday.

And some of us have got the previous 3 year Regular Saver (closed to new investors when the new one was offered) running concurrently as well at a current 6.25%. Mine matures in January 2008.

bristolleedsfan

Afahmaep wrote: »

And some of us have got the previous 3 year Regular Saver (closed to new investors when the new one was offered) running concurrently as well at a current 6.25%. Mine matures in January 2008.

which allows u the "opportunity", correct me if im wrong to invest a further 100.00 a month at a rate which can be matched/beaten by regular savings elsewhere :cool: