Confused by Regular Savings accounts! Help!

Jolly_Saver

Having read the interest rates for the Yorkshire BS, I'm confused by the 7.1% rate. Is this the rate plus their bonus if you make don't make any withdrawals in the financial year? or is it inclusive?? If so, should I be opening an account with them now considering that we are already well into the 'financial' year?

Hope the above makes!

Would welcome any advice.

Many thanks

Jolly Saver

YorkshireBoy

Jolly_Saver wrote: »

Having read the interest rates for the Yorkshire BS, I'm confused by the 7.1% rate. Is this the rate plus their bonus if you make don't make any withdrawals in the financial year? or is it inclusive??

The account currently pays 3.60% AER. However, if you make no more than one partial withdrawal in the 'account' year (and comply with all the other T&C's, eg save in at least 11 out of 12 months) you will earn a bonus of 3.50% AER, meaning the rate paid is 7.10% AER.

If so, should I be opening an account with them now considering that we are already well into the 'financial' year?

The 'financial' year plays no part. This account runs on 'account' years. ie, interest is paid on the anniversary of account opening.

Jolly_Saver

Thanks for clearing that up.

DebtphobicDeirdre

I have just opened one of these accounts and they d[EMAIL="Don@t"]on't[/EMAIL] tell you that. However it is a good one if you do not want a lot of switching as it will last 3 years if you save the maximum each month or more if you save less. There is a 5 year signaway so if you keep the account more than 5 years and there is then a demutualisation you may be in line for a windfall.

YorkshireBoy

DebtphobicDeirdre wrote: »

I have just opened one of these accounts and they don't tell you that.

They don't tell you what, Dierdre?