The Top Easy Access Savings Discussion Area

SonOfPearl

soulsaver said:

Kazza242 said:

Yorkshire BS has launched Internet Saver Plus (issue 12) which currently pays the same interest rate as the previous issue: 1.60% (on £50K+), 1.55% (£10K+) and 1.25% (£1 - £9,999).

See https://www.ybs.co.uk/savings/product?id=YB681614W

ToTP page 627 edited to show Iss 12, thanks.

Weirdly, IMO, same rate as Iss11. 
What's the point of that?

I assume that the rates will diverge in the near future, with issue 12 pulling ahead of issue 11. Strange not to start it at a higher rate though! 

Section62

soulsaver said:

Kazza242 said:

Yorkshire BS has launched Internet Saver Plus (issue 12) which currently pays the same interest rate as the previous issue: 1.60% (on £50K+), 1.55% (£10K+) and 1.25% (£1 - £9,999).

See https://www.ybs.co.uk/savings/product?id=YB681614W

Weirdly, IMO, same rate as Iss11. 
What's the point of that?

Maybe so they have the option of increasing the rate paid on issue 12 later, without (necessarily) having to pay more to all those holding money in issue 11?

southone

Section62 said:

soulsaver said:

Kazza242 said:

Yorkshire BS has launched Internet Saver Plus (issue 12) which currently pays the same interest rate as the previous issue: 1.60% (on £50K+), 1.55% (£10K+) and 1.25% (£1 - £9,999).

See https://www.ybs.co.uk/savings/product?id=YB681614W

Weirdly, IMO, same rate as Iss11. 
What's the point of that?

Maybe so they have the option of increasing the rate paid on issue 12 later, without (necessarily) having to pay more to all those holding money in issue 11?

They seem to be Coming up with a new issue each month and hoping that nobody notices that the interest hasn't gone up on the old issue

Kazza242

soulsaver said:

Kazza242 said:

Yorkshire BS has launched Internet Saver Plus (issue 12) which currently pays the same interest rate as the previous issue: 1.60% (on £50K+), 1.55% (£10K+) and 1.25% (£1 - £9,999).

See https://www.ybs.co.uk/savings/product?id=YB681614W

ToTP page 627 edited to show Iss 12, thanks.

Weirdly, IMO, same rate as Iss11. 
What's the point of that?

I suspect that YBS will only increase the rate on the new issue 12 Internet Saver Plus account while the earlier issues won't have the same increases.  A number of savings providers use that tactic.  

southone

Kazza242 said:

soulsaver said:

Kazza242 said:

Yorkshire BS has launched Internet Saver Plus (issue 12) which currently pays the same interest rate as the previous issue: 1.60% (on £50K+), 1.55% (£10K+) and 1.25% (£1 - £9,999).

See https://www.ybs.co.uk/savings/product?id=YB681614W

ToTP page 627 edited to show Iss 12, thanks.

Weirdly, IMO, same rate as Iss11. 
What's the point of that?

I suspect that YBS will only increase the rate on the new issue 12 Internet Saver Plus account while the earlier issues won't have the same increases.  A number of savings providers use that tactic.  

Which begs the question what's the point in having variable rate accounts that can go up or down when the base rate changes?

Bridlington1

I've opened the YBS internet saver issue 12 with £1 in it for now. At least this way if the interest rate rises in a fortnight I can simply move everything from the issue 11 account and still have the whole lot easy access, rather than having to put up with the no withdrawals for the first fortnight after opening the account.

Kazza242

southone said:

Kazza242 said:

I suspect that YBS will only increase the rate on the new issue 12 Internet Saver Plus account while the earlier issues won't have the same increases.  A number of savings providers use that tactic.  

Which begs the question what's the point in having variable rate accounts that can go up or down when the base rate changes?

Well, I think it's all about being savvy.  When a savings provider launches a new issue, it's sensible to open it and then monitor the situation in regards to any interest rate increases that may be applied.  

I have both YBS Internet Saver Plus issues 11 & 12.  The higher balance is in issue 11, but I also opened issue 12 on the day it launched with £1. 

If they do apply any interest rate increases, I suspect that they will apply only to the 'on sale' issue 12.  I can then do an internal transfer to move my savings over without loss of interest.    

Expotter

Al Rayan Everyday Saver Issue 3 instant access 1.8%, min £5k, interest (profit) paid monthly.

janusdesign

Expotter said:

Al Rayan Everyday Saver Issue 3 instant access 1.8%, min £5k, interest (profit) paid monthly.

out of interest, do Al Rayan accept initial test deposits of £1, or do they literally need to be £5k ?

jaypers

Investec Online Flexi Saver increased to 1.4% today.