Still no rate rise from Yorkshire?

bristolleedsfan

masonic wrote: »

...or July if you hadn't yet missed a payment.

OK, so the first account year ends early if the account is opened part-way through a month. If they had stated that 'An account year starts from the beginning of the month the account was opened', then everything would have made perfect sense.

yorkshire state that interest is paid on each anniversary in common with many other ( but not all) ongoing regular savers, where this is the case ive always assumed that the new account year starts on the first day following ( or on) the anniversary date ( as long as people have their funds in a 6%+ feeder account whether they are able to start the next anniversary year on 1st or 28th of the month they opened the account relates to about 30 odd pence gross

masonic

bristolleedsfan wrote: »

yorkshire state that interest is paid on each anniversary in common with many other ( but not all) ongoing regular savers, where this is the case ive always assumed that the new account year starts on the first day following ( or on) the anniversary date

That is what others had also assumed, which is why it wasn't clear whether a (13th) payment before the anniversary date was allowed. According to Speculator's response from YBS, though, it seems they treat the whole anniversary month as belonging to the second account year.

Kazza242

bristolleedsfan wrote: »

interest paid on maturity sounds as if hes thinking about the 3 year closed issue reg saver although principle is the same 12 months finishes in july like he says, 1st payment in august is 1st of next anniversary year, but question is still the same can they start new year on 1st of august 2007 or do they have to wait until anniversary is complete ie on ar after day they opened account in august, my belief is that it should be the latter cos thats when the interest is paid so 1st year of next anniversary year should follow the ending of the first year

I was very specific in my e-mail to them about the account I was referring to. I asked them to confirm whether there would/wouldn't be a loss of interest at the bonus rate if a "13th" payment was made before the anniversary. I still await their response, which should be specific to the 7% regular saver.

anniecave

Thanks kazza242, suzey and others, hopefully we are getting to the stage where we understand those Yorkshire terms and conditions!

Still no rate rise then?

Speculator

Suzey wrote: »

Spec, remind me when your first deposit was please?

Suze

First payment was made on the 30th of August 2006. I was very specific in my email and even quoted my account no.

ED

sly_dog_jonah wrote: »

I think that's the £100 bonus on acceptance for a mortgage... which is separate to the interest rate. It talks of a conditional rate of interest, but I guess that is to do with the minimum £100 deposit each month?

As they don't appear to have the T&Cs online, I will have to wait to confirm

As mentioned by me subsequently, I wrote to Yorkshire Bdg Soc for confirmation of my old notes taken from the Terms (prior to recycling). Here is the response from YBS :

''a First Time buyer account must be taken out by the people who will be named on the mortgage only or the bonus does not apply.''

The link below gives the full details

http://www.ybs.co.uk/savings/regular/ftb/index.jsp

sly_dog_jonah

ED wrote: »

As mentioned by me subsequently, I wrote to Yorkshire Bdg Soc for confirmation of my old notes taken from the Terms (prior to recycling). Here is the response from YBS :

''a First Time buyer account must be taken out by the people who will be named on the mortgage only or the bonus does not apply.''

The link below gives the full details

http://www.ybs.co.uk/savings/regular/ftb/index.jsp

Yep spot on Ed, so this isn't a suitable account for me as it doesn't give me the flexibility to move my savings to the best rate if their rate becomes uncompetitive. Plus you could be waiting years to get the bonus interest, and I could be a higher rate tax payer by then and get stung for more tax even though the interest was earned (but not paid) while being a basic rate tax payer.

Kazza242

masonic wrote: »

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.

Compound, masonic and bristolleedsfan, I've finally had a written response from YBS. They first responded to my e-mail by telephone, where the Customer Savings Team manager told me that if I made what would be my 13th monthly payment on 1st August 2007, I would definitely still qualify for the bonus rate of interest. He said that the section in the T&C's where it states:

Earn a bonus rate of interest if you save in at least 11 months out of 12 in an account year...

Is there to inform customers of the minimum number of payments required to qualify for the bonus - not the maximum. He went on to say that YBS do not penalise customers who are able to make a 13th payment before their account anniversary, as long as they don't exceed the maximum £500 per calendar month and make no more than 1 withdrawal per account year. He put this information onto their system in the notes of my account.

They also replied to me by e-mail the following day. Here's what they said:

Thank you for your e-mail.

I have spoken to our Customer Savings Team and they have confirmed that you will be able to make your thirteenth payment from the 1st August 2007 without it affecting your bonus for the 1st account year.

If you have any further queries then please contact us on 0845 1 200 100. Our hours of opening are detailed below.

Regards

Ian Wainwright

Web Representative
Member Contact Centre

As I thought all along, I will still qualify for the bonus rate of interest even though I will be making my 13th payment before my account anniversary.

baby_boomer

Good work, Kazza. And your instincts, combined with your experience at reading multiple t&cs, proved correct .

Ian_W

Yes kazza well done.
Just rec'd email notification from YBS re internet saver which I use to feed the RS:

Dear Mr W,
e-Saver Rate Change Notification

On 10 May 2007, the Bank of England Base Rate was increased to 5.50%. The new rate for your e-Saver will be 5.55% gross p.a./AER* from 3 June 2007
If you have any queries, please call our Member Contact centre ...

Website shows rate at 5.7% and all lines to member contact centre are busy - not surprised!! - but I'm presuming it's just a typo in the email.