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Yorkshire Bank Child Savings Bond problem
organlips
Posts: 4 Newbie
I opened 2 child savings bonds 5 years ago with Yorkshire Bank. The amounts invested were £6749 & £4045 at an interest rate of 4.25% per annum.
These matured recently so I took the opportunity to withdraw the funds rather than have them moved into a Yorkshire Bank acct, which paid a rate of 2.20%, and transferred them into Junior ISA's (well unto £4080).
I've checked the paperwork for the Child Savings Bond and realised that Yorkshire Bank sent me cheques for £6479 & £4045. It looks to me like theres been a mistake in one of the amounts as it's £270 short of the initial investment and no interest has been accrued on either account, which is a substantial amount.
The T&C's state that interest is accrued annually the money can be withdrawn or transferred after expiry without penalty. I have lodged a complaint with Yorkshire Bank about this but wondered if anyone had experienced a similar situation.
These matured recently so I took the opportunity to withdraw the funds rather than have them moved into a Yorkshire Bank acct, which paid a rate of 2.20%, and transferred them into Junior ISA's (well unto £4080).
I've checked the paperwork for the Child Savings Bond and realised that Yorkshire Bank sent me cheques for £6479 & £4045. It looks to me like theres been a mistake in one of the amounts as it's £270 short of the initial investment and no interest has been accrued on either account, which is a substantial amount.
The T&C's state that interest is accrued annually the money can be withdrawn or transferred after expiry without penalty. I have lodged a complaint with Yorkshire Bank about this but wondered if anyone had experienced a similar situation.
0
Comments
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You are certain that the accounts did not automatically transfer into the Maturity Accounts so that there is still some cash with Yorkshire Bank?
You are certain of the amounts that you requested as withdrawals?0 -
Did you manage to get this sorted? I have received my daughters maturity notification today. As she is under 17 they are only 2 choices for maturity. As you say there is no mention of the interest. Did you fill in the part to make a withdrawal? I can't get any help from anyone over the phone as they say this is a branch product although paperwork says to call for help!!0
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that sounds like very poor service Vicky, and having had a brief spell with current accounts with YB i am not surprised.
any news organlips?0 -
Did you manage to get this sorted? I have received my daughters maturity notification today. As she is under 17 they are only 2 choices for maturity. As you say there is no mention of the interest. Did you fill in the part to make a withdrawal? I can't get any help from anyone over the phone as they say this is a branch product although paperwork says to call for help!!
Presumably you kept the product information?
What does it say about when interest is paid?
What does it say about what happens on maturity?
What are the options on maturity that you have been offered?0
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