YBS Regular Saver - interest

T'Pau

Like other posters my account has only been credited with the 'basic' element, and not the conditional bonus, as at 6th September (and nothing since). Therefore I have the unwanted aggravation of having to follow this up with YBS, so it would appear that there is still a so-called 'system error', and it is ongoing. Why do they split the interest in this way? None of the other institutions appear to. Presumably it was to make the interest calculation easier, but practice has proved different to theory.

This is exacerbated further by the fact that YBS appear to have screwed up an internal transfer between two of their ISA accounts, and have 'mislaid' a substantial amount of my hard earned savings. The amount makes the above RS 'missing' interest look like chicken feed. I despair - surely competence is not too much to ask for. :mad:

Once resolved I will be looking to move my funds. I have lost confidence in YBS.

T'Pau

Does anyone have the historical interest rate detail for the last 12 months, including the current? I seem to recall that it started as 3.00% basic plus 3.50% conditional.

Has the conditional rate remained at 3.50% throughout, and it is only the underlying basic that has varied?

LittleVoice

The conditional rate has remained at 3.5%. My spreadsheet records the combined rates as being:
6.50% up to 9 Dec 06 (I opened my account in September)
6.75% from 10 Dec 06
7.00% from 29 Jan 07
7.10% from 7 Aug 07

YorkshireBoy

T'Pau wrote: »

Does anyone have the historical interest rate detail for the last 12 months, including the current?

The 'gross interest rate - exc. conditional bonus' historical detail can be found in your transaction history ('Search Transactions') - if you have online access.

T'Pau

YorkshireBoy wrote: »

The 'gross interest rate - exc. conditional bonus' historical detail can be found in your transaction history ('Search Transactions') - if you have online access.

I do have online access and I am aware of the detail you refer to. However

1) There is no reference in that detail to the actual effective date of the rate change.
2) There is no reference to the conditional rate in that detail, so it only tells part of the story.

YorkshireBoy

T'Pau wrote: »

1) There is no reference in that detail to the actual effective date of the rate change.

You didn't specifically ask for the date of the change. I'm sorry for assuming incorrectly!

T'Pau wrote:

2) There is no reference to the conditional rate in that detail, so it only tells part of the story.

I didn't say there was. In fact I was very careful to point that out in my reply. I didn't comment further because LittleVoice had already answered your second question.

LittleVoice wrote:

7.00% from 29 Jan 07
7.10% from 7 Aug 07

I think you may be a couple of days 'out' on your spreadsheet.

According to the e-mailed rate change notifications (for this year) for my Internet Saver and e-ISA accounts, the YBS rate change 'effective' dates were:

28th January
3rd June (no change to Reg Saver)
5th August

As far as I know, all account rates were changed on the same day.

T'Pau

T'Pau wrote: »

Like other posters my account has only been credited with the 'basic' element, and not the conditional bonus, as at 6th September (and nothing since). Therefore I have the unwanted aggravation of having to follow this up with YBS, so it would appear that there is still a so-called 'system error', and it is ongoing. Why do they split the interest in this way? None of the other institutions appear to. Presumably it was to make the interest calculation easier, but practice has proved different to theory.

I have spoken to YBS Customer Services and, surprise surprise, they are going to make a manual adjustment for the conditional element. I fully expect this to be for exactly the same amount as the basic element, as experienced by other posters, even though it should be for more. For most of the past year the bonus rate has been more than, or equal to, the basic rate. Only since 5/8/07 has the basic been more than the bonus.

No apology or explanation was offerred, and no reference was made to a 'system error'.

bristolleedsfan

just out of "interest" :rotfl: is their anybody who missed a monthly payment and therefore didnt make 13 payments who has had their interest with bonus added automatically ( without querying it)

oldfella

I am in the same situation as several other posters where I made 13 payments starting from late August 2006 - YBS has corrected the interest by doubling the initial interest payment. Is this correct - has anyone got them to change it again ?

T'Pau

oldfella wrote: »

I am in the same situation as several other posters where I made 13 payments starting from late August 2006 - YBS has corrected the interest by doubling the initial interest payment. Is this correct - has anyone got them to change it again ?

In my opinion it is incorrect and the bonus element should be greater, not equal, but it is the easy option for YBS (see the post by metrobus), and seems to have been adopted as ‘policy’ by HO. The reason is included in my post above, and this is supported by the anecdotal posts of those lucky customers, such as Kazza and RayWolfe, who have had their interest applied ‘properly’ without query. The difference is only around £3, but there is a principle involved, and those £3s will soon mount up across numerous customers. To the benefit of YBS, of course.

What concerns me even more though, is the thought that unless I had queried it, YBS would not have paid it to me at all, and that error of underpayment would have been compounded in future periods. Luckily, I am fairly on the ball, and have access to forums such as this. Am I alone in thinking one should not have to check every single little thing?

I was also singularly unimpressed with the Customer Support staff I spoke to – I am sure one of them was actually eating when she was talking to me.