YBS Regular Saver - interest

Kazza242

Save&Spend wrote: »

Sorry for the confusion. Just check my statement again, the above interests is gross interests NOT nett.

OK, no problem. Thanks for clarifying it.

metrobus

Started my YBS reg savers with £500 aug 30th 2006,then deposited £500
every month on the 1st of each month via online banking.

Noticed they had not paid the bonus rate,rang them yesterday and was told
of the tech problem.

They said they would add on the bonus manually by today.

Checked today and this has been done £128.24 gross int £128.24 bonus.

I did make 13 deposits in the account year and it was not a problem.

Speculator

My bonus has been manually adjusted in and the amount exactly matches the normal interest amount. Shouldn't the bonus interest be higher than the normal interest??

bristolleedsfan

Speculator wrote: »

My bonus has been manually adjusted in and the amount exactly matches the normal interest amount. Shouldn't the bonus interest be higher than the normal interest??

http://www.ybs.co.uk/savings/interest_rates/regularsaver.jsp

YorkshireBoy

Speculator wrote: »

Shouldn't the bonus interest be higher than the normal interest??

It would have been, had the underlying interest rate on the reg saver stayed the same over the year.

If you log in to your secure area and go to "view all transactions", you'll see how the underlying rate has come from a 'less than bonus rate' position to one of a 'greater than bonus rate' position over the last year.

However, it does seem a heck of a coincidence that the net result is a mirroring of interest payments and I'd certainly be questioning it.

Speculator

I am very suspicious bearing in mind Kazza received a higher bonus amount than his normal interest and we opened our accounts at about the same time. My wife also received identical amounts for her bonus and normal interest.

I will probably write to Yorkshire and ask for a breakdown the the interest calculations.

metrobus

What I was told by customer support was that each acc had to have its bonus calculated individually and manually due to a computer error.

I thought at the time that it would be a bit labour intensive.

I suspect they have just doubled the interest after realising how long it
would take having done the first few hundred accs, of which Kazza was no doubt one.

Speculator

There's no reason why we should lose out due to their system error. I am going to request a complete breakdown of the interest calculation.

RayWolfe

My interest was higher for the bonus than the underlying. And it appeared to be calculated by the computer. And it's anniversary date was 31st August.
So, my feeling would be that you should do the calculation yourself to check.

Kazza242

metrobus wrote: »

What I was told by customer support was that each acc had to have its bonus calculated individually and manually due to a computer error.

I thought at the time that it would be a bit labour intensive.

I suspect they have just doubled the interest after realising how long it
would take having done the first few hundred accs, of which Kazza was no doubt one.

I've just finished calculating my interest in an Excel spreadsheet. The interest YBS have credited to my account is correct and matches the Excel calculation.

RayWolfe wrote:

My interest was higher for the bonus than the underlying.

Mine was too, by nearly £3.

RayWolfe wrote:

And it appeared to be calculated by the computer. And it's anniversary date was 31st August. So, my feeling would be that you should do the calculation yourself to check.

Agreed. That's what I did this evening.