Opening YBS Regular Saver

YorkshireBoy

The_Fiddler wrote: »

I presume though you could pay in elctronically from other accounts...

Yes, YBS will supply the details (NatWest collection account sort code, 8 digit account number, and 10 digit account number for the reference).

Personally, I transfer my monthly deposit from my 6.20% paying YBS Internet Saver online on the first of each month. It's an instant transfer, although your account isn't updated to reflect this until after the overnight processing run.

oldagetraveller

oldagetraveller wrote: »

Further payments can be made by Standing Order if required. They sent form with details or can be set up online with your own bank if you have online banking.

According to the booklet provided with the account details the only methods to pay in to account are "at a branch, agency or standing order". It's a branch based account so the only electronic payments allowed are by standing order.
You can make two further withdrawals/annum, as well as the one allowed, but lose the interest bonus if you do for the current year. The account year starts from the date of opening.

The_Fiddler_2

Thanks - payments to my other accounts are by electronic standing order anyway, so this would be no different. I assume you could also do a manual transfer from Sainsbury's?

YorkshireBoy

The_Fiddler wrote: »

I assume you could also do a manual transfer from Sainsbury's?

Yes (see post #12).

dougz_2

YorkshireBoy wrote: »

Personally, I transfer my monthly deposit from my 6.20% paying YBS Internet Saver online

Are you absolutely sure that still qualifies for the bonus? I carefully read the leaflet and online details and had noticed that they never mention transfer from an existing YBS account as one of the valid methods of depositing for the regular saver. I would prefer to do what you do but have always deposited from my bank just in case. Has anyone asked them about this?

dougz_2

I am still wondering does anyone know for sure that internal online transfers to the regular saver qualify for the bonus rate?

RayWolfe

Would it not be quicker to ask YBS?

dougz_2

RayWolfe wrote: »

Would it not be quicker to ask YBS?

I was about to email them but discovered that that I had actually already asked them a similar question back in february and forgotten about it. They basically said no then: (my bold)

[FONT=arial,sans-serif]I can confirm that to deposit funds into the Regular Saver account, you can choose form:

- Standing order from an external bank or building society account[/FONT]
[FONT=arial,sans-serif]- Standing order from a Yorkshire Building Society Cash Transactor account
- Paying in cash or cheque at any of our branches or agencies.[/FONT]
[FONT=arial,sans-serif]
You are only able to transfer funds up to £500 for the opening account balance from any other Yorkshire Building Society account subject to to the conditions of the originating account.[/FONT]

This was in reply to me asking because I wanted to know if BACS from external bank was as acceptable as standing order, which they did later admit was, which in a way sort of contradicts this earlier reply.

Anyway, if someone else still wants to try internal transfers maybe they can pester them this time? Perhaps by phone and ask to speak to a supervisor.

I am still of the opinion that if you just do it anyway you risk being very disappointed when your interest gets added at the end of the year.

CLAPTON

There is no way YBS can distinguish between a BACS transfer initiated by you from your bank account from a standing order from the same bank account. In both cases they are simply a BACS transfer.

RayWolfe

CLAPTON is not only right in his factual observation, I can confirm it is right in practice. I operate this and other MS accounts in this manner. I can then chose my payment dates and avoid cash in transit over weekends.