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ForumUser7

I think it would only be useful if you accidentally originally requested a withdrawal for the wrong amount (if too low)

allegro120

ForumUser7 said:

I think it would only be useful if you accidentally originally requested a withdrawal for the wrong amount (if too low)

Good thought.  It could be beneficial for someone who wanted to withdraw 900, but mixed up 9 with 6 because they are the same scribble upside down and if they notice the mistake within 24 hour window they can get the remaining £300 out.  

ForumUser7

allegro120 said:

ForumUser7 said:

I think it would only be useful if you accidentally originally requested a withdrawal for the wrong amount (if too low)

Good thought.  It could be beneficial for someone who wanted to withdraw 900, but mixed up 9 with 6 because they are the same scribble upside down and if they notice the mistake within 24 hour window they can get the remaining £300 out.  

I suppose yes.

Though I was more thinking silly mistakes like selecting a button near the intended button the keypad. Similar I suppose, could be 600 rather than 900 - 172 rather than 483. Though would hope people checked to try and avoid these mistakes.

friolento

adindas said:

Thanks. I fail to understand who on earth will need to do several withdrawals in one day considering you could only save £150 per month.

Say half way you would have saved 6X£150=£900. Who would want to spend time to do multiple withdrawals for such amount if he could just withdraw what he needs in one go. Also considering your time to do multiple withdrawals for such a tiny interest.

Have I missed something here. Is there any logic behind this such as soemone could benefit this "multiple withdrawals" but you only have one day window ??

You don’t have to make multiple withdrawals on your chosen withdrawal day. In fact, you don’t have to make any at all. 

But you can if you want to, and other people might want to even if you don’t 😀

To those who say it would be irrational to make more than one withdrawal on the same day: someone might want to take some money out of YBS to one if their current accounts, and some  to another YBS account. Whilst I have never needed this flexibility myself, I think it’s good that this option exists.

GibbsRule_No3.

where_are_we said:

GibbsRule_No3. said:

I set up the Nationwide 8% savings yesterday, transferred £200 from my normal account but hope I have now set up a SO from 2nd February going forward. It would not accept the SO for yesterday 31st January. Decided not to do it from the 1st Feb.

Congatulations on making first deposit on last day of January meaning you can have £400 earning 8% from early February. Maximum deposit of £200 per "calendar month" allowed, so second deposit by SO for 31January would not be allowed and anyway it can take up to 2 "working days" to set up a SO. You would have been marginally better off doing your 2nd deposit manually by FP today 1st February than setting up your SO to start 2nd February. This way your SO`s would start on the 1st of March. When setting up your SO`s make your final payment for 1st January 2025 so that you manage to get in 13 payments. Obviously review your account and payments, if Nationwide reduce the variable interest rate. 

Above strategy gives you the best return and is a guide to best practice.

SO went out overnight, so up and running. Confused by your suggestion of cancelling in January 2025 to get 13 payments. How does that work, I thought I could only save £2400? I was going to stop the SO after the December 2024 had gone out. Thus initial £200 transfer and then 11 SOs.

Bridlington1

GibbsRule_No3. said:

where_are_we said:

GibbsRule_No3. said:

I set up the Nationwide 8% savings yesterday, transferred £200 from my normal account but hope I have now set up a SO from 2nd February going forward. It would not accept the SO for yesterday 31st January. Decided not to do it from the 1st Feb.

Congatulations on making first deposit on last day of January meaning you can have £400 earning 8% from early February. Maximum deposit of £200 per "calendar month" allowed, so second deposit by SO for 31January would not be allowed and anyway it can take up to 2 "working days" to set up a SO. You would have been marginally better off doing your 2nd deposit manually by FP today 1st February than setting up your SO to start 2nd February. This way your SO`s would start on the 1st of March. When setting up your SO`s make your final payment for 1st January 2025 so that you manage to get in 13 payments. Obviously review your account and payments, if Nationwide reduce the variable interest rate. 

Above strategy gives you the best return and is a guide to best practice.

SO went out overnight, so up and running. Confused by your suggestion of cancelling in January 2025 to get 13 payments. How does that work, I thought I could only save £2400? I was going to stop the SO after the December 2024 had gone out. Thus initial £200 transfer and then 11 SOs.

You can save up to £200 per calendar month, there's no maximum balance on the account and there is no maximum number of deposits specified. You can therefore deposit £200/mth into the account each month from Jan 2024 up to and including January 2025, thus making 13 payments.

Section62

adindas said:

Have I missed something here. Is there any logic behind this such as soemone could benefit this "multiple withdrawals" but you only have one day window ??

Flip your comment around - why, if the account allows you to withdraw up to the minimum working balance on one day, would the bank or building society then impose an arbitrary 'one transaction' limit on the account?

Anyone reading the T&C's should be able to work out that you can only withdraw money on one day per year.  Where is the harm in allowing people to make more than one withdrawal on that day?

allegro120 said:

adindas said:

I don't know what the minimum withdrawal amount is at YBS.  If it is 1p then in the scenario above one can attempt the challenge to make 90.000 withdrawals in 24 hours, if it's £1 then it's only 900. If one can do three £1 withdrawals per minute they can complete the mission in 5 hours shift.  Not sure how YBS can possibly benefit from encouraging irrational behaviours of their customers??? 

I would guess that YBS are working on the basis their members wouldn't do something as pointless and damaging to other members as attempting to make 900 or 90000 withdrawals from one account on a single day.  (I.e. most of their members are rational and sensible people)

I imagine someone attempting that number of withdrawals, just because they can, would get one of those polite letters saying they are no longer wanted as a customer.

Gers

When you took out your Christmas Regular eSaver 2024 account, we provided you with a factsheet containing important information about it. Unfortunately, the projected interest illustration in the factsheet was incorrect. We’re very sorry about this. On the original factsheet, the projected interest illustration read:   £150 per month saved at 6.00% gross† p.a./AER* would lead to a balance of £1,552.03 at the end of 10 months. We have worked this out assuming you have deposited on the first day the account was available and have subsequently made a £150 deposit on the first day of each month throughout the term the account is held. No withdrawals are made, the interest earned is added to the account and no changes are made to the current interest rate.   The correct projected interest illustration should be:   £150 per month saved at 6.00% gross† p.a./AER* would lead to a balance of £1,540.97 at the end of 10 months. We have worked this out assuming you have deposited on the first day the account was available and have subsequently made a £150 deposit on the first day of each month throughout the term the account is held. No withdrawals are made, the interest earned is added to the account and no changes are made to the current interest rate.   We've now fixed this and you can access the updated factsheet here.    Thanks, YBS Savings Team

flaneurs_lobster

Gers said:

When you took out your Christmas Regular eSaver 2024 account, we provided you with a factsheet containing important information about it. Unfortunately, the projected interest illustration in the factsheet was incorrect. We’re very sorry about this.

Woops, someone calculated 12 months rather than 10 methinks. Unprofessional that it wasn't picked up by YBS prior to publication, they're the third largest BS in the country FGS.

I'm also astonished that no one here picked it up before YBS did.

allegro120

flaneurs_lobster said:

Gers said:

When you took out your Christmas Regular eSaver 2024 account, we provided you with a factsheet containing important information about it. Unfortunately, the projected interest illustration in the factsheet was incorrect. We’re very sorry about this.

Woops, someone calculated 12 months rather than 10 methinks. Unprofessional that it wasn't picked up by YBS prior to publication, they're the third largest BS in the country FGS.

I'm also astonished that no one here picked it up before YBS did.

I never look at that section when applying for RSs, I don't find them useful.