Still no rate rise from Yorkshire?

anniecave

I have one of these and also believe it runs via calender month. So as I made my first payment towards the end of a month , then swapped to paying at the start of the month, I will be paying thirteen payments within a 12 month period. Not a problem. If it says at least 11 payments must be made out of the 12 then it just means you can miss one month and still receive the bonus rate?

gelato_cat

... as long as you don't deposit more than £500 in a calendar month.

Suze

anniecave wrote: »

I have one of these and also believe it runs via calender month. So as I made my first payment towards the end of a month , then swapped to paying at the start of the month, I will be paying thirteen payments within a 12 month period. Not a problem.

Compound_2

Kazza242 wrote: »

May I ask where this was suggested Compound? If you are referring to my post where I said:


I think as you seem to be leaning towards a different interpretation of what a month is I think it is a perfectly reasonable question to ask if anyone knows of any other regular savers that don't use the calendar month to determine when payments are allowed. As no one has yet come up with any regular savers that don't use this approach then I think my interpretation makes sense.

I was referring to that comment. For an example of a regular saver which goes by dates rather than calendar months, I would point to Barclays. There’s little point trying to analyse my interpretation of the conditions when my position is they are incomprehensible. I believe that YBS do go by calendar months with the exception of the anniversary month, where I believe the situation is complicated by month being partitioned into two because of account years.

Suzey wrote: »

I'm surprised Compound hasn't written to YBS yet to get the definitive answer!

I queried the 13th month issue at my branch, and the lady rang up Head Office. However, her English was poor and her answer useless, so I gave up. I'm somewhat behind others in the length of my account, so I’ll wait to see what happens to Kazza's account from 28 August. You can bet that I will demand resolution of the matter if I’m still unclear at the time of my 12th payment.

To confuse things further, the following is from the account’s interest rate leaflet:

Bonus paid if 11 or 12 monthly payments received in each account year subject to minimum and maximum limits. Account launched 29 August 2006.

Kazza242

anniecave wrote: »

I have one of these and also believe it runs via calender month. So as I made my first payment towards the end of a month , then swapped to paying at the start of the month, I will be paying thirteen payments within a 12 month period. Not a problem. If it says at least 11 payments must be made out of the 12 then it just means you can miss one month and still receive the bonus rate?

To anniecave and Suzey - thank you! Maybe I was being a bit paranoid, but I was beginning to think that I was being rounded on by some of the others on this thread.:D anniecave, I did the same as you in opening my account near the end of the month and then I made my second payment at the beginning of the following month. Your interpretation of the section "save in at least 11 months out of 12 in an account year" is the same as mine. I think that we will still qualify for interest at the bonus rate, as we won't have made payments exceeding £500 per month.

Compound wrote:

I was referring to that comment. For an example of a regular saver which goes by dates rather than calendar months, I would point to Barclays.

Barclays is not an example of an account that doesn't use the calendar month approach. They do use the calendar month approach, but they insist that all subsequent payments are made on the same date of the month as the opening one. That's all. They still require a customer to make a payment in each calendar month - they're just not allowed to change the date. Same with A&L's 12% regular saver. A date is chosen at the outset and it can't be changed - but there is still the requirement to make a payment in each calendar month.

Compound wrote:

I believe that YBS do go by calendar months with the exception of the anniversary month, where I believe the situation is complicated by month being partitioned into two because of account years.

No offence - but what you've said above is very different from what you've been saying in your earlier posts. I think that the calendar month applies even in the anniversary month. I don't think it would be possible to make two payments in one calendar month just because the month in question is the anniversary one. This would really complicate things big time.

I believe that the simplest interpretation is that YBS allow payments between £10 - £500 per calendar month. I agree that YBS haven't exactly spelled it all out, but I can't see how YBS could pull someone up for sticking to the maximum amounts per calendar month stipulation. I'm happy to post the amount of interest I receive, so I'll let you guys know which should make it easier for those of you who'll still be awaiting your account anniversary.

Compound_2

Kazza242 wrote: »

To anniecave and Suzey - thank you! Maybe I was being a bit paranoid, but I was beginning to think that I was being rounded on by some of the others on this thread.

On the other thread Suzey was in favour of delaying her 13th payment. For the record: Kazza, I still regard you as the hero of the Savings Forum, and am grateful for your many helpful posts. This is just a disagreement about the published rules of one product. I think it right to point out flaws in what’s been written (and would do so if it were Martin). Only through discussion can we make progress. I’m grateful that you’re not delaying the 1 August payment, and look forward to hearing the interest result. After calculating you’ve got the full rate on everything, why not enquire about making a further deposit by 31 August, as it’s a new account year?

No offence - but what you've said above is very different from what you've been saying in your earlier posts.

I don’t agree with this. After opening, I’ve brought forward my monthly deposits to as close as possible to the 1st.

bristolleedsfan

Compound wrote: »

, why not enquire about making a further deposit by 31 August, as it’s a new account year?

.

that would be two ( 500.00 ) payments in same calendar month :cool:

gelato_cat

I disagree. By discussing it, we're merely sharing our interpretations of what little information we've been given. Only through asking YBS questions can we get answers and make progress.

Suze

Compound wrote: »

This is just a disagreement about the published rules of one product. I think it right to point out flaws in what’s been written (and would do so if it were Martin). Only through discussion can we make progress.

Kazza242

Compound wrote: »

On the other thread Suzey was in favour of delaying her 13th payment.

Yes, but after being told by others on the other thread that making a payment before the 7th February would cause a problem. I was thanking Suzey for posting:

Suzey wrote:

I opened my account on something like the 7th or 12th of February and handed over a cheque for £500. I asked the guy if the account ran in calendar months - he said yes. To clarify, I asked if this meant I could make my next deposit on 1st March, to which he replied in the affirmative.

Compound wrote: »

For the record: Kazza, I still regard you as the hero of the Savings Forum, and am grateful for your many helpful posts. This is just a disagreement about the published rules of one product.

Thanks, that's nice of you to say. Like you, I'm all for discussion on MSE.

Compound wrote: »

I think it right to point out flaws in what’s been written (and would do so if it were Martin). Only through discussion can we make progress.

Agreed.

Compound wrote: »

I’m grateful that you’re not delaying the 1 August payment, and look forward to hearing the interest result.

I've added this thread to my favourites so I can post the interest info as soon as it's been credited, as I don't want to rely on this website's search facility.;)

Compound wrote: »

After calculating you’ve got the full rate on everything, why not enquire about making a further deposit by 31 August, as it’s a new account year?

I wouldn't risk doing this as I would then have made two £500 payments in the same calendar month - which as I understand it, is not permitted. I wouldn't want to risk YBS closing my account or paying me only the standard rate of interest on the lump sum I will have accumulated.

Kazza242

Suzey wrote: »

I disagree. By discussing it, we're merely sharing our interpretations of what little information we've been given. Only through asking YBS questions can we get answers and make progress.

Suze

I should have mentioned in my previous posting that I've e-mailed YBS about all of this. I await their response. I also popped by a branch today, as I was in the area, but they were more interested in giving me a "financial review" than answering my questions.:rolleyes:

masonic

Kazza242 wrote: »

You and Compound are also making "an assumption" and a negative one at that. I agree that YBS could have made things a tad clearer. However, many financial institutions do not spell out everything in minute detail, so I use my common sense to work out the most likely meaning. So far I've never been wrong on this and I really don't think I'm wrong in this case either.

I'm certainly not making any assumptions, nor am I saying you're wrong. What I am saying is you might be because the T&Cs don't make sense and you are interpreting them one way when other interpretations exist. Common sense often prevails, but you still run the risk of having a fight on your hands if YBS decide that they actually meant something different than what you have assumed and I think that's something you need to be careful about.

I think some of you are getting too bogged down with this argument of the "account year" as well as the interpretation of a "month". If you opened your YBS regular saver on say the 24th of September and then made your second payment on October 1st, I presume that would be breaching the T&C's according to your interpretation of what constitutes a "month".

Personally, I was told in branch that it was OK to do this, so that is where the finger will point if there is any problem - the T&Cs certainly did not convince me it was allowed, and in fact I originally interpreted their definition of a month to be something along the lines of 'from the day in the month the account was opened to the previous day in following calendar month', since that's the only way there are always 12 months in an account year. I still haven't seen anything definitive to suggest that isn't the case. It seems unlikely, but let's face it, it's the only way their T&Cs make sense.

I have not, as yet, determined whether I am allowed to make a 13th payment in an account year (mainly as I don't want to alert them to a possible loophole they might then close). Since you will be making a 13th payment well before I have to make the decision whether or not to, Kazza, I'll look forward to hearing the outcome.

Edit: ...and it will be very interesting to find out what YBS have to say for themselves about the '13th payment'. I think getting confirmation before doing is much safer than taking a risk.