Yorkshire BS Regular Saver c2008 vintage slashed

skitskut

pafpcg wrote: »

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 towards the end of 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?

The info I received states that I'll be able to make unrestricted withdrawals during the period 14 Oct to 13 Dec with no loss of bonus or interest. I have an issue 1.
(see post #21)

BTW my withdrawal request from yesterday has now turned up in my Tesco account.

Frogletina

skitskut wrote: »

BTW my withdrawal request from yesterday has now turned up in my Tesco account.

My withdrawal has turned up in my Santander account now - you prompted me to check.

At the beginning of this month I had to use some money in my Lloyds account for some regular transfers - I've now been able to refund that and the balance has topped up my Santander account.

frogletina

skitskut

mhoc wrote: »

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

If another £500 goes in on Nov 1st you'll only get interest on that £500 up to 13th Dec so not £59.88, more like £1.18

EarthBoy

skitskut wrote: »

If another £500 goes in on Nov 1st you'll only get interest on that £500 up to 13th Dec so not £59.88, more like £1.18

That's correct. You've already had the bonus for the rest of your balance, it was paid early on 14 October, so all you'll get now is the bonus on the extra £500.

Ed-1

mhoc wrote: »

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

Is your balance around £15,000?

The bonus payment on 14th October in your case is for 74 days from 1st October to 13th December. (2% x £15,000)/365 x 74 is around £60.

Future bonus payments will be much less. e.g. pay in £500 on 1st November and the bonus payment will be (2% x £500)/365 x 43 = £1.18 as there's only 43 days until 13th December.

Speculator

I probably won't bother with any more £500 payments.

We paid in an extra £490 x 2 on the 11th of October to get 2 months free interest on it and we've withdrawn everything today apart from £100 in each account to maintain membership.

Ed-1

Speculator wrote: »

I probably won't bother with any more £500 payments.

We paid in an extra £490 x 2 on the 11th of October to get 2 months free interest on it and we've withdrawn everything today apart from £100 in each account to maintain membership.

Any significance to the £100?

Speculator

Ed-1 wrote: »

Any significance to the £100?

You need £100 to be a member.

In the very unlikely event they will convert in to a bank or are taken over, they will normally only give shares or cash bonus if you have at least £100 in your account.

Yorkshire_Pud

With my balance reduced to £10 in issue 1 I will put £490 in tomorrow which should generate £2.89 at 3.55% to 13 December. If my understanding is correct YBS calculate and pay the bonus interest the day after so Tuesday this week then I'm free to take the £490 out and then £500 in on Nov 1 and out on 2nd, same December then decide what to put in the YBS replacement account.

A lot of faff for a small amount of money but I like this kind of faff just to see what happens:)

No worse than feeding payments into a monthly saver even if I don't withdraw the funds the day after, except the £10 to keep the account open.

My transfer of funds out of YBS has not happened yet unlike some others in this thread:o

mhoc

Ed-1 wrote: »

Is your balance around £15,000?

The bonus payment on 14th October in your case is for 74 days from 1st October to 13th December. (2% x £15,000)/365 x 74 is around £60.

Future bonus payments will be much less. e.g. pay in £500 on 1st November and the bonus payment will be (2% x £500)/365 x 43 = £1.18 as there's only 43 days until 13th December.

thanks for this - the maths was beyond me - so very little to look forward to ....