Yorkshire BS Regular Saver c2008 vintage slashed

skitskut

pafpcg wrote: »

The funds in the account are still earning interest at 0.5% (until Dec14th when it becomes 1.5%).

What we've had credited to our accounts today (Oct14th) is the bonus interest at 2.0% for the days since the last bonus payment (eg Aug1st) until Dec13th (when the bonus ceases).

Yorkshire Pud will be referring to the Issue 1 regular saver.

Speculator

pafpcg wrote: »

The funds in the account are still earning interest at 0.5% (until Dec14th when it becomes 1.5%).

What we've had credited to our accounts today (Oct14th) is the bonus interest at 2.0% for the days since the last bonus payment (eg Aug1st) until Dec13th (when the bonus ceases).

I thought it was 0.05%

bristolleedsfan

Speculator wrote: »

I thought it was 0.05%

Pafpcg will be referring to Issue 2 Regular Saver:rotfl:

pafpcg

Speculator wrote: »

I thought it was 0.05%

It's 0.05% Gross/AER for Issue1 and 0.5% Gross/AER for Issue2.

So everyone's right (and wrong)!

oldfella

Frogletina wrote: »

Have you not paid any money in this month? I've already paid in £10 and I was sure the £500 limit still exists so I was going to withdraw everything except £10 and then add £490.

frogletina

I was talking generally - its another £475 this month, take it out once interest is paid, then repeat with £500 in Nov and Dec

darren72

My interest has just been added this morning. Just to double check we have been paid the interest until December regardless? - So no point in leaving anything at all in now, as we won't earn anything else until after December ?

pafpcg

darren72 wrote: »

My interest has just been added this morning. Just to double check we have been paid the interest until December regardless? - So no point in leaving anything at all in now, as we won't earn anything else until after December ?

It depends......

What was credited to your account on the 14th Oct was just Bonus Interest but NOT the base-level interest. This payment covers the period from your last interest payment until 13th December and has been paid regardless of whether you run down your balance between now and 13th December. If you make any additions to your account (such as more monthly payments) between now and 13th December then those payments will also create further Bonus Interest payments.

You will still receive the base-level interest (0.05% for Issue1 and 0.5% for Issue 2) on the cleared daily balance until 13th December when your account will be converted to a Single Access Saver account (paying 1.5%). The new Single Access Saver account has a maximum balance of £22,000.

What you might wish to do with your account depends on your circumstances, which Issue of Regular Saver you have and whether the 1.5% offered by the replacement account has any appeal to you. The decision process is complicated in that these YBS accounts allow only one withdrawal per year unless the account is closed.

As you will see from posts above, some posters will be withdrawing most of their funds immediately but make further monthly payments (up to the maximum £500pm) until 13th December to gain the extra bonus payments and then either close the account or top-up the replacement Single Access Saver account to get the 1.5% interest rate (there being no limit on any credits up to the £22,000 maximum balance).

pafpcg

oldfella wrote: »

I was talking generally - its another £475 this month, take it out once interest is paid, then repeat with £500 in Nov and Dec

Be careful! The YBS Regular Saver Issue2* account allows only ONE withdrawal per year, until you finally close the account. So you can't pay-in each month's £500 and then withdraw it.

My guess as to the optimal approach to maximising interest (assuming you can get better than 0.5% (or 0.05% for Issue1)) would be to:

1. Pay in the October monthly contribution of the maximum £500 (if not done already), then withdraw all but say £100. (This is the one allowed withdrawal.)
2. Pay in November's £500 during the month.
3. Pay in December's £500 on December 1st, wait until the extra Bonus Interest payment for December appears, then close the account.

This is assuming that you're not interested in the 1.5% interest rate of the replacement Single Access Saver, and of course you've not already made a withdrawal earlier in the year!

*Is this also true for the Issue1 of the Regular Saver?

mhoc

Still have not fully decided on my plan of action.

Mine is an Issue 2 saver and the annual interest date was October 1st when I got £232.70 bonus and another 69.07 in interest.

On October 2nd another £500 went into the account.

On October 14th I got £59.88 in bonus.

So if another £500 goes in on November 1st will I get another bonus payment of £59.88 a few days later - well slightly more actually ?

Same on December 1st if a further £500 goes in will another £59.88 bonus payment plus a bit extra go in a few days later.

When I rang and asked the girl she said each payment would trigger another bonus but think it would take an advance maths genius to say what this will be

mhoc

If you decide to close your account and use the funds instead for funding regular savers ones that takes £500 a month would soak up £6000 in a year - very few accept £500 pounds a month now.

Mostly its £250 a month - £3000 in a year.

If someone has a full YBS with say £21000 in you would need 7 regular savers of £250 a month to replace it, ideally with staggered maturity dates - possibly Virgin money will continue bringing out new ones every 2 months.

In the meantime its were to hold your former YBS funds which gives you full flexibility.