Yorkshire BS Regular Saver c2008 vintage slashed

Bitteswell

Yorkshire Building Society still offers a 2 year Regular Saver paying 1.75%. You can pay £500 a month into it. They call themselves "A Society where You really matter" but it's all about profits really. Nowhere in the letters announcing the closure of Regular Savers does it mention their current Regular Saver. Instead they are pushing people to carry on saving at 1.5% and then 0.6% after a year. They even say in a box on the letters that you don't need to do anything. By doing nothing you lose out and they gain. They have breached their FCA obligation to "Treat Customers Fairly". So get complaining and demand compensation for this breach. The same thing happened at the Leeds Building Society 2 years ago and their CEO was forced to apologise publicly at their AGM for the Regular Saver closure program and their failure to tell customers about the better alternatives than the account being offered. Treating customers fairly is now an obligation. It is not optional.

oldfella

not sure you can compare a Regular Saver with a Single Access account.

Frogletina

After leaving just £10 in my account I added £490 yesterday.

I have now had my interest added which amounts to £2.82. I believe I can now withdraw £492.82 (and could take out 502.82 - thought I'd like to keep £10 in the account) as the interest is paid up to the end of the month and add a further £500 in November.

frogletina

Frogletina

Bitteswell wrote: »

Yorkshire Building Society still offers a 2 year Regular Saver paying 1.75%. You can pay £500 a month into it. They call themselves "A Society where You really matter" but it's all about profits really. Nowhere in the letters announcing the closure of Regular Savers does it mention their current Regular Saver. Instead they are pushing people to carry on saving at 1.5% and then 0.6% after a year. They even say in a box on the letters that you don't need to do anything. By doing nothing you lose out and they gain. They have breached their FCA obligation to "Treat Customers Fairly". So get complaining and demand compensation for this breach. The same thing happened at the Leeds Building Society 2 years ago and their CEO was forced to apologise publicly at their AGM for the Regular Saver closure program and their failure to tell customers about the better alternatives than the account being offered. Treating customers fairly is now an obligation. It is not optional.

The advantage as I see it is that you can have up to £22,000 in the account earning 1.5% as opposed to a monthly £500 limit earning 1.75%.

However if you have a different account earning 1.5% - in my case my Santander had capacity for most of my money, you would find it more advantageous to transfer the lump sum there and transfer £500 monthly to the new Regular saver at 1.75% (not that I will be doing that as there are still Regular Savers giving 2% and 2.25% that I can utilise).

frogletina

Paul_DNAP

I wonder why the 1.75% saver isn't available to open online? Are they just wanting to drag me into a branch to patronise me or up-sell me a "financial review" - that tactic may backfire on them given my current mood.

But, I am thinking of that, but I the Virgin Money one at 2.25% is better, I can put £250 in there each month, but I have never dealt with them before, so I wonder how easy it is to start a new account with them.

Frogletina

Paul_DNAP wrote: »

I wonder why the 1.75% saver isn't available to open online? Are they just wanting to drag me into a branch to patronise me or up-sell me a "financial review" - that tactic may backfire on them given my current mood.

But, I am thinking of that, but I the Virgin Money one at 2.25% is better, I can put £250 in there each month, but I have never dealt with them before, so I wonder how easy it is to start a new account with them.

I have several Virgin Regular savers, both online and the store ones. I found both types to be easy to open, the staff at my local branch are really good.

frogletina

Westie983

Paul_DNAP wrote: »

I wonder why the 1.75% saver isn't available to open online? Are they just wanting to drag me into a branch to patronise me or up-sell me a "financial review" - that tactic may backfire on them given my current mood.

But, I am thinking of that, but I the Virgin Money one at 2.25% is better, I can put £250 in there each month, but I have never dealt with them before, so I wonder how easy it is to start a new account with them.

I have opened/Currently funding 14 Virgin Regular Savers and have had no problems opening any of them, the online ones are opened with in 3 or 4 mins and you can fund them straight away.

Not the highest interest but its flexibility works for me, and the fact I can change the amount, and make up in other months, which helps this side of Christmas.

its all in the planning and YNAB helps greatly

Westie983

Paul_DNAP

Frogletina wrote: »

I have several Virgin Regular savers, both online and the store ones. I found both types to be easy to open, the staff at my local branch are really good.

frogletina

Thanks.

Well, I've got and opened one, made a standing order to Virgin and deleted one to YBS.

Bitteswell

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.

Paul_DNAP

Oh yes, as always I am making clear notes in my "upcoming plans" sheet of exactly when these rates expire and such things. Quite a few things to take care of next year now.


P.S. Just checked and my brand new Virgin regular e-saver has £250 in it now (not cleared yet) so that's YBS's loss.