2% 'Almost' Easy Access 40 days notice (amounts over £24k)

TCA

Yorkshire_Pud wrote: »

What I did find in the small print is that IF you make a withdrawal without giving the required 40 days notice which you do by letter or in branch if you can find one, (there's no printed form of course), you are charged a minimum of £30 or 40 Days interest whichever is highest on the entire balance of the account!:mad:

Yes, the devil is indeed in the detail. I think it's a bit cheeky to charge based on the entire balance, but as colsten said, it's up to us to read the terms fully before committing. 40/365 of 2% might not matter to many but of course if you haven't earned any interest at all and withdraw with no notice, then seeing your capital reduced would stick in the craw for sure. I see in that situation they also transfer any remaining balance to their instant access Cash ISA. Another reason for making sure you can give 40 days notice.

Next month I'm planning on transferring a maturing cash ISA to this lot (Clydesdale Bank), but that's largely influenced by the fact that the maturing ISA is with them already, so not a transfer as such. Odds on them cocking it up anyway?

Yorkshire_Pud

colsten wrote: »

It's not unusual but well done for reading the T&Cs and making your decision based on whether they meet your needs. Too many people never read T&Cs and then are surprised if the T&Cs apply to what they agreed to.


No cut price service at YB and CB - they are happily splashing out multiple £150s for people interested enough to switch current accounts to them.

They should really have added the info about the entire amount invested being affected to the summary page, not used more words to say look at the T&C for further details. Sheisters. A big invester could really come unstuck.


Feeding the fatted calf ready for a sell off? Thanks for the link, I think I'm about to become a Yorkshire Bank customer after all!:o

beefturnmail

The only way the amount you get it could be less then put in is if you fund the account and then make a withdrawal without notice less then 40 days after opening. Not being funny, but why would anyone do this? Most people can budget for 40 days ahead even if something unexpected crops up - you can buy that amount of time with most credit cards.

linkliter

Tried to open one of these in my local branch, transferring over 40 grand yesterday. The customer service was appalling, had all the necessary identification etc but they said I would have to make an appointment some time in the future with the person who deals with them or try online, which appears you can't.

Will give a bigger branch a go tomorrow but if that is unsuccessful will forget about them.

Obviously they don't need the money that much.

xylophone

http://www.ybonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-40-day-notice/

Download an application and transfer form and apply by post?

Archi_Bald

linkliter wrote: »

Will give a bigger branch a go tomorrow but if that is unsuccessful will forget about them

You could get disappointed again if you have not booked an appointment.

Opening a new account
There are three ways to open a new Cash ISA 40 Day Notice:

By post –

Open new account only – download an Application Form (opens in new window)

Open and transfer funds from existing ISA- download an Application and transfer form (opens in a new window). Please see full postal instructions below.

In branch – Request a branch appointment

By phone – call us on 0800 012 1111 (Monday to Friday 8.00am-8.00pm, Saturday 9.00am-5.00pm, Sunday 10.00am-4.00pm)

http://www.ybonline.co.uk/personal/savings/tax-efficient-savings/cash-isa-40-day-notice/

Yorkshire_Pud

Yorkshire_Pud wrote: »

I was attracted by the 2% rate and phoned to fill in an application by a helpful friendly operator. So far so good.

Paperwork arrived for signing but half the info I was asked for over the phone was missing so had to fill in all these bits again, including 'Marketing Preferences'.

The promised pre addressed envelope for return of signed application was missing. All the paperwork is A4 b&w print low quality printed off from a computer. No money wasted on glossy leaflets or nice presentation here! Not a colour logo or anything coloured at all in fact over about 10 pages. The small print is vereeeeeey small indeed and very feint so hurts your eyes to read the T&C etc.

What I did find in the small print is that IF you make a withdrawal without giving the required 40 days notice which you do by letter or in branch if you can find one, (there's no printed form of course), you are charged a minimum of £30 or 40 Days interest whichever is highest on the entire balance of the account!:mad:

To reiterate 40 days interest equivalent charged on the ENTIRE balance so if in forced circumstances, say you had £30,000 in the account and withdrew £50 say without notice you would be fined, I mean charged £66.

That is outrageous. I've never heard of an account charging more than the interest on THE AMOUNT WITHDRAWN only, never on the ENTIRE balance. If you had £90,000 in the account didn't give notice and withdrew £50 it would cost you a charge of £198!!

Clearly an account to make sure you give 40 days notice on!

However because of this appalling unfair money grab I'm not willing to take the risk to get .5% more interest. Plus the above mentioned things.

The parent company National Australia Bank has made clear its intention to offload Yorkshire Bank and Clydesdale Bank and I can't help thinking that their operations are under resourced and staff have to give a cut price service. Nothing against the staff, the operator I spoke to was very good but its AA long time since I have seen such poor quality paperwork and almost a DIY method to make withdrawals or make further deposits.

For that reason(s), I'm out.:(

As this account is listed as a TOP ISA on this site I think the grossly inflated penalty charge/fine on any withdrawal without notice should be added to the product description!?

Looking at their T&C today they now state in the event of not giving 40 days notice that 40 days interest is lost on THE AMOUNT WITHDRAWN.

So they have changed it from 40 days interest lost on the whole amount invested however small the withdrawal! Much fairer. Must have taken notice;)

Now the account will no longer be available for ISA transfers from 17th, tomorrow, anyone in a position to take advantage of this can open an account on the phone today and it counts as within the deadline even though the paperwork will not arrive for a week

TCA

Yorkshire_Pud wrote: »

Looking at their T&C today they now state in the event of not giving 40 days notice that 40 days interest is lost on THE AMOUNT WITHDRAWN.

So they have changed it from 40 days interest lost on the whole amount invested however small the withdrawal! Much fairer.

Yes, from memory I think this was changed some time last month. It was mentioned here on one of the many Clydesdale/Yorkshire Bank threads. A welcome change indeed, especially as the details of the previous charge were quite well hidden. Now I see it's clearly detailed on the main page of the product.

darren72

Their website now states:

"Please note with effect from the 17th April we will no longer accept balance transfers in to the 40 Day Notice Cash ISA, this applies to new and existing customers. Any applications to transfer previous years subscriptions received after this date will be returned."

intalex

Yorkshire_Pud wrote: »

anyone in a position to take advantage of this can open an account on the phone today and it counts as within the deadline even though the paperwork will not arrive for a week

+1 I was told the same yesterday and therefore I opened the account by phone. I told them I would process a transfer in 2/3 weeks due to waiting for a maturing fixed term ISA, and was told it should be fine.