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Kim_13

I opted for closure of the YBS account which has added another 7p interest, presumably as they still aren’t sending the balance until tomorrow.

Does anyone know if Tipton and Coseley are any more efficient when it comes to getting the proceeds back? Like another poster I have this account and wouldn’t expect anything from them for about another month. I was wondering if they’d pay out on 31.10 or are they like YBS and it will be 1.11? I don’t think they allow early closure so whatever will be will be, I’m just trying to plan meeting minimum pay ins.

PloughmansLunch

Kim_13 said:

I opted for closure of the YBS account which has added another 7p interest, presumably as they still aren’t sending the balance until tomorrow.

Does anyone know if Tipton and Coseley are any more efficient when it comes to getting the proceeds back? Like another poster I have this account and wouldn’t expect anything from them for about another month. I was wondering if they’d pay out on 31.10 or are they like YBS and it will be 1.11? I don’t think they allow early closure so whatever will be will be, I’m just trying to plan meeting minimum pay ins.

I've just checked and my nominated account had the full balance from Tipton RS1 deposited 3am 1st August, the day after maturity. I chose this option in advance via an app notification (I think), and it was super-clear and quick to set up.

sta0612

Another quirk of the YBS withdrawal system is that the transaction details for my withdrawal show the correct sort code for the account I withdrew to, but under ‘Account Number’ show the 10 digit YBS account number that I transferred from.

I called YBS and they confirmed that the transfer has been processed correctly and that I should receive the funds by 5pm tomorrow (as others have stated above).

Posting in case anyone else was concerned about the same thing to perhaps save you a phone call.

Bridlington1

Gers said:

Bridlington1 said:

Though continuing with the conversation about maturing YBS regular savers. It may be worth noting that the YBS Christmas 2024 regular saver matures next month on 31/10/24.

If you wait for this account to mature and then make a withdrawal/closure from it the funds won't arrive in your nominated account until Sat 2/11/24, thus if you are wanting to use the funds to feed other regular savers I'd advise closing it early at some point on 31/10/24 to ensure your funds arrive on time for the regular savers.

My account says it matures on 01/11/24 but I'll take your tip anyway. 

The Christmas 2024 RS has matures exactly a year after the 2023 one did. The 2023 Christmas RS converted into its maturity account overnight on the night of 31/10/23 to 1/11/23. Consequently those who waited till it had matured before making withdrawals/closure did so on 1/11 with funds arriving on 2/11.

It's probably a more important point this year given that 1/11/24 is a Friday and many regular savers class deposits received on non-working days as having been received the next working day for interest purposes so if (like myself) you are relying on funds from the maturing regular saver to fund November's regular savers, letting the account mature and receiving the funds on Sat 2/11/24 would effectively force you to delay a load of your deposits till Mon 4/11/24 (unless you want funds sat earning no interest for a couple of days, which I certainly don't). By closing on 31/10/24 you ensure you'll receive the funds on a Friday.

Additionally a point that may have been lost in discussion (I believe it was briefly mentioned though) is that the YBS 8% RS, unlike many of their previous regular savers, doesn't allow deposits by internal transfer from another YBS account- funds must come from an external account, consequently you couldn't make a deposit into it directly from the maturity account.

AmityNeon

Bridlington1 said:

Additionally a point that may have been lost in discussion (I believe it was briefly mentioned though) is that the YBS 8% RS, unlike many of their previous regular savers, doesn't allow deposits by internal transfer from another YBS account- funds must come from an external account, consequently you couldn't make a deposit into it directly from the maturity account.

Did you attempt an internal transfer and it failed? I had no issues funding mine with an internal transfer (two of them in fact from different accounts, totalling the £50).

allegro120

AmityNeon said:

Bridlington1 said:

Additionally a point that may have been lost in discussion (I believe it was briefly mentioned though) is that the YBS 8% RS, unlike many of their previous regular savers, doesn't allow deposits by internal transfer from another YBS account- funds must come from an external account, consequently you couldn't make a deposit into it directly from the maturity account.

Did you attempt an internal transfer and it failed? I had no issues funding mine with an internal transfer (two of them in fact from different accounts, totalling the £50).

IIRC this was the case with Gatehouse.  Can't fund from internal account, but I did it without any repercussions.

Bridlington1

AmityNeon said:

Bridlington1 said:

Additionally a point that may have been lost in discussion (I believe it was briefly mentioned though) is that the YBS 8% RS, unlike many of their previous regular savers, doesn't allow deposits by internal transfer from another YBS account- funds must come from an external account, consequently you couldn't make a deposit into it directly from the maturity account.

Did you attempt an internal transfer and it failed? I had no issues funding mine with an internal transfer (two of them in fact from different accounts, totalling the £50).

I funded mine from an external account. I was going off the summary box, which states:



Other regular savers that they offer/have offered, such as their Loyalty Regular eSaver do not have these terms.

Then again what the terms of a regular saver state and what their systems end up allowing can be two different things (ask Gatehouse, LBG, Coventry, Principality, HSBC etc) so they may well decide not to enforce the highlighted term in practice.

Personally given that it makes little difference to me whether I fund it from an internal account or an external account I'm inclined to play it safe and fund it from outside of YBS.

allegro120

Bridlington1 said:

Gers said:

Bridlington1 said:

Though continuing with the conversation about maturing YBS regular savers. It may be worth noting that the YBS Christmas 2024 regular saver matures next month on 31/10/24.

If you wait for this account to mature and then make a withdrawal/closure from it the funds won't arrive in your nominated account until Sat 2/11/24, thus if you are wanting to use the funds to feed other regular savers I'd advise closing it early at some point on 31/10/24 to ensure your funds arrive on time for the regular savers.

My account says it matures on 01/11/24 but I'll take your tip anyway. 

It's probably a more important point this year given that 1/11/24 is a Friday and many regular savers class deposits received on non-working days as having been received the next working day for interest purposes so if (like myself) you are relying on funds from the maturing regular saver to fund November's regular savers, letting the account mature and receiving the funds on Sat 2/11/24 would effectively force you to delay a load of your deposits till Mon 4/11/24 (unless you want funds sat earning no interest for a couple of days, which I certainly don't). By closing on 31/10/24 you ensure you'll receive the funds on a Friday.

Thank you @Bridlington1 for your tips.  I've changed the closure date to 31st Oct in my diary

Gers

Bridlington1 said:

Gers said:

Bridlington1 said:

Though continuing with the conversation about maturing YBS regular savers. It may be worth noting that the YBS Christmas 2024 regular saver matures next month on 31/10/24.

If you wait for this account to mature and then make a withdrawal/closure from it the funds won't arrive in your nominated account until Sat 2/11/24, thus if you are wanting to use the funds to feed other regular savers I'd advise closing it early at some point on 31/10/24 to ensure your funds arrive on time for the regular savers.

My account says it matures on 01/11/24 but I'll take your tip anyway. 

The Christmas 2024 RS has matures exactly a year after the 2023 one did. The 2023 Christmas RS converted into its maturity account overnight on the night of 31/10/23 to 1/11/23. Consequently those who waited till it had matured before making withdrawals/closure did so on 1/11 with funds arriving on 2/11.

I'll make a withdrawal in time to get at least some of the funds ready for re-distribution - thanks for the heads up.

Kim_13

Alternatively, some may wish to close on 30/10 in order to receive the funds on 31/10 - depending on the RS allowances you may have remaining for October vs what you’re likely to have available in November.