Yorkshire BS Regular Saver c2008 vintage slashed

Yorkshire_Pud

Bitteswell wrote: »

You can open the Yorkshire Building Society Regular saver through the post - no need to visit a branch. It allows up to £500 a month to be paid in for 2 years. The 1.75% rate is variable.

The Virgin Regular Saver lasts just one year and the maximum you can pay in is £250 a month. The rate is 2.25% and it is fixed. You can apply on-line.

For anyone currently making monthly payments into the Regular Savers that the Yorkshire is closing,. you will just get 1.5% on the money for the next 12 months from 14 December and then 0.6% after that. Although the closure letters tell you that you don't need to do anything, if you follow that advice, it is to your detriment.

Not sure if you think the YBS Regular Saver is better than Virgins multi offerings? £500 a month means more needs to be in a holding account (at a low rate?) for longer to feed the YBS ac and its variable rate and a low return in comparison to Virgin RS.

1.5% is still a good rate and above the best buys for instant access savings albeit only one withdrawal allowed.

Horses for courses really. A two year fixed rate bond gets more than the 2 year YBS RS and all the capital is getting interest from day one not drip fed over time which might suit those with the Issue 1 or 2 RS with a maximum holding to find a home for.

earthlover

Hi all,

I got my letter on the Regular Saver (which I've had from 2007) at the end of last week.

I decided to do what a few of you have already done, top up to the maximum for October, then do the same in November and December.

Unfortunately,because the letter was so complicated and I have had problems before with this account, and missed out on several hundred pounds bonus one year, I thought about going in to the branch to speak to someone to make sure I was OK to do that.

Thought I would come on here before going to the branch to see if anyone knew more than me about the situation and I am thinking I have missed the boat regarding the October interest and bonus.

Is it too late now to make the October top up of £490 to get full bonus?

oldfella

Is it too late now to make the October top up of £490 to get full bonus?

---

no, you will get a next day interest payment of around £2.60

if you do the same in Nov and Dec, its about 2.10 and 60p

Yorkshire_Pud

earthlover wrote: »

Hi all,

I got my letter on the Regular Saver (which I've had from 2007) at the end of last week.

I decided to do what a few of you have already done, top up to the maximum for October, then do the same in November and December.

Unfortunately,because the letter was so complicated and I have had problems before with this account, and missed out on several hundred pounds bonus one year, I thought about going in to the branch to speak to someone to make sure I was OK to do that.

Thought I would come on here before going to the branch to see if anyone knew more than me about the situation and I am thinking I have missed the boat regarding the October interest and bonus.

Is it too late now to make the October top up of £490 to get full bonus?

No its not too late to get almost two months worth of bonus by topping up £490, I did it Monday and they add the bonus £2.75 same or next day AND you can then withdraw all that £490 just leave a minimum of £10 in the account or they can close it I think.

The what happens after 14October page of the letter is worth reading again for clarity. I tend not to rely on customer service staff if I can avoid it! Variable quality of advice by any BS or bank.

lr1277

As a 20+ year member of YBS, one thing I am going to factor into my decision is voting rights. I opened the regular saver in 2007 and I am fairly certain this comes with voting rights but I note that most new accounts offered by building societies don't offer voting rights.

I hope the single access saver continues with the voting rights I think I have.

dale_cotterill

lr1277 wrote: »

As a 20+ year member of YBS, one thing I am going to factor into my decision is voting rights. I opened the regular saver in 2007 and I am fairly certain this comes with voting rights but I note that most new accounts offered by building societies don't offer voting rights.

I hope the single access saver continues with the voting rights I think I have.

Pretty sure all accounts still come with voting rights;
http://www.ybs.co.uk/your-society/member-benefits/members-involvement/agm-eligibility/index.html

EarthBoy

lr1277 wrote: »

.. I note that most new accounts offered by building societies don't offer voting rights..

That's simply not true, -where did you get that idea? Can you please give some examples of building society accounts which don't offer voting rights. Most, if not all, building society accounts are share accounts, which come with voting rights, providing you keep a minimum amount in them (usually £100). Some societies also used to offer deposit accounts, which didn't come with membership and hence no voting rights, but I don't know of any society which still offers these.

Having said that, voting rights aren't worth much, unless you're hoping for a conversion and a windfall? If so, all I can say is dream on! There's no chance of that happening in this economic climate.

IanManc

lr1277 wrote: »

As a 20+ year member of YBS, one thing I am going to factor into my decision is voting rights. I opened the regular saver in 2007 and I am fairly certain this comes with voting rights but I note that most new accounts offered by building societies don't offer voting rights.

I hope the single access saver continues with the voting rights I think I have.

For private investors the accounts which building societies offer are share accounts, where you become a member and acquire voting rights. Businesses, clubs etc are usually only able to open deposit accounts, which do not carry voting rights.

I wonder if you might be thinking of rights to any windfalls if the society ever converts? Some societies require you to assign these rights to charity for five years when you open an account and therefore become a member, while others, such as Nationwide, require you to assign them for ever.

However, if you are already a member with windfall rights and open a new account then any windfall rights which you already have continue, unless you break the period of your membership - even by only a few minutes - for example by closing your old account and then opening a new one. Rather you should open a new account then close your current one, so ensuring that your membership continues without a break.

Irrespective of rights to windfalls though, all share account holders over 18 with over £100 invested in the society have voting rights.

Hope this helps.

apt

Bitteswell wrote: »

You can open the Yorkshire Building Society Regular saver through the post - no need to visit a branch. It allows up to £500 a month to be paid in for 2 years. The 1.75% rate is variable.

The Virgin Regular Saver lasts just one year and the maximum you can pay in is £250 a month. The rate is 2.25% and it is fixed. You can apply on-line.

For anyone currently making monthly payments into the Regular Savers that the Yorkshire is closing,. you will just get 1.5% on the money for the next 12 months from 14 December and then 0.6% after that. Although the closure letters tell you that you don't need to do anything, if you follow that advice, it is to your detriment.

The Virgin Regular Savers do not last 12 months. They each last about 14 months if you open one when the new issue comes out. As they have brought out a series of them you can put away a lot of money each month and 2.25% will be available for over 2 years and counting if you keep recycling the money.

lr1277

Yes, having read the general terms of YBS, I was confusing voting rights with the right to get a windfall.

I was under the impression that voting rights are offered to account holders where the minimum balance allowable in the account is £100. That was stated in the T's & C's of the account, if memory serves. I have read in the past, if the balance falls below £100, then you lose the rights to a windfall.

On my incorrect impression, the YBS Internet Saver Issue 4 should not offer voting rights, because the minimum balance is £1. But the web page with the account's details doesn't mention voting rights. Which is another reason I don't think they are offered to the account holders of this account.

However according to the general terms of YBS, all account holders are members of the society, unless the account's terms say otherwise.

Thanks for helping me to clear up my confusion.