Yorkshire Building Society Monthly Regular Saver

ashteadgirl

I have Issue 1,2 and 3 of these and with the decrease in interest rates was considering either stopping or minimizing contributions. I looked through the paper work i have and could not find out if I can miss monthly contributions or what the minimum is .
The website front page section states "Open one of our regular savings accounts with as little £10 and make regular payments to receive one of our best savings rates. Withdrawals are limited to one day a year which is a great opportunity to save for something special."  The product factsheet does not seem to state whether can miss payment or minimum amount. 
I then tweeted YSB twice and their answer was  " The minimum monthly payment on all Regular Saver products has been £10.00 for many years, and is always advised clearly on the product description on the website."
Can anyone point me to where this info is - tried phoning but could not get through
I believe these conditions related to the much older Regular saver product that is now defunct.
Can anyone shed any light please . 
Thanks

colsten

I believe you can stop making contributions, and to make withdrawals, without any penalty. I am planning on closing my last  YBS regular saver on April 20, when its rate drops to 1%, as I can still get more than 1% elsewhere.

surreysaver

I will be doing the same as @colsten with my Issues 1 & 3, but I'll be keeping my Issue 2 going for the time being as that will be going down to 1.3%, so still worthwhile for the time being 

ashteadgirl

colsten said:

I believe you can stop making contributions, and to make withdrawals, without any penalty. I am planning on closing my last  YBS regular saver on April 20, when its rate drops to 1%, as I can still get more than 1% elsewhere.

Thanks Colsten.  Have you managed to miss payments or can tell me how you came to this conclusion. If there is anyone else that has an opinion on this would be most grateful to hear from you.

Thanks

colsten

I asked YBS.

ashteadgirl

colsten said:

I asked YBS.

Interesting as your answer is different from the one I got. Yours agrees with my interpretation of the product key information. Think  they need challenging on the phone in the next few day. Do get fed up when key product information is  rather  missing answers to obvious key questions.  

veryintrigued

ashteadgirl said:

colsten said:

I asked YBS.

Interesting as your answer is different from the one I got. Yours agrees with my interpretation of the product key information. Think  they need challenging on the phone in the next few day. Do get fed up when key product information is  rather  missing answers to obvious key questions.  

'Challenging on the phone'.

Fill your boots - looking at their website their limited staff have probably not got anything better to do anyway....

surreysaver

Checking the T&Cs of the Issue 3 I have saved on my phone, it doesn't say anything about minimum monthly deposits, only the £10 minimum to open the account. That therefore implies that you do not have to pay in every month.
I presume it would be the same for Issues 1 & 2, but I do not have the paperwork to hand for those 

margaretx9

I assume there are no plans for YBS to offer a new regular saver product. Very odd as mutuals neither they or NW offer such a product at all for adults when the banks are paying between 2-2.75% fixed on their one year regular savers.
Have YBS and NW forgotten what they were set up to do in the first place?

veryintrigued

You've already been given an answer by Colsten who is a very knowledgeable forumite.

This has now backed up by Surreysaver.

I'll add weight by confirming the same via the sticker in the front of my passbook.

I really don't think 'challenging by phone' for this is appropriate....

ashteadgirl

Veryintrigued - firstly thank you for the shot of the sticker in your passbook. I can assure mine doe not have one as the passbook was the first place I looked. I then found the keyproduct details which did not state then information as many other societies regular saver product details state exactly minimum monthly deposit requirements and whether you can have missed months.
Colsten and Surreysaver also many thanks for help
Veryintrigued - my choice of word in "challenging on the phone" may not have been the best but I do feel you rather abrupt in your comment  " Fill your boots - looking at their website their limited staff have probably not got anything better to do anyway.... "" I am very aware these are challenging times but am retired (ex frontline health worker) only trying to keep an eye on my income in these difficult time and not fall foul of account rules, which is precisely why I posted on here for some information. In these tumultuous times it would be so nice if we could be a little kinder to people - it is perhaps one of the good things that may come out of this horrid Covid 19 time.