YBS Reg Saver Why ?

Costabit

I wonder why YBS settled on 3.50% for their new Regular saver ?
What's in it for them, that they couldn't get for offering 3% or 2% etc ?
3.05% would have taken them to the top of the savings chart ( with a few exceptions from some restricted accounts) with all the publicity that that would have gotten them. I wouldn't have thought that they are so desperate for a cash injection to their ongoing cash flow model either.
Don't get me wrong, I'm grateful to find a product that seems a long way ahead of anything else that I am eligible for but not sure why.
Anyways, off to open one for OH now as well.

Pangolin76

Costabit said:

I wonder why YBS settled on 3.50% for their new Regular saver ?
What's in it for them, that they couldn't get for offering 3% or 2% etc ?
3.05% would have taken them to the top of the savings chart ( with a few exceptions from some restricted accounts) with all the publicity that that would have gotten them. I wouldn't have thought that they are so desperate for a cash injection to their ongoing cash flow model either.
Don't get me wrong, I'm grateful to find a product that seems a long way ahead of anything else that I am eligible for but not sure why.
Anyways, off to open one for OH now as well.

It should be pointed out that its a loyalty saver so only people who hold products with YBS before January can open on.

veryintrigued

I thought this was going to be a thread about why the need for a third thread on this product.

EarthBoy

Pangolin76 said:

Costabit said:

I wonder why YBS settled on 3.50% for their new Regular saver ?
What's in it for them, that they couldn't get for offering 3% or 2% etc ?
3.05% would have taken them to the top of the savings chart ( with a few exceptions from some restricted accounts) with all the publicity that that would have gotten them. I wouldn't have thought that they are so desperate for a cash injection to their ongoing cash flow model either.
Don't get me wrong, I'm grateful to find a product that seems a long way ahead of anything else that I am eligible for but not sure why.
Anyways, off to open one for OH now as well.

It should be pointed out that its a loyalty saver so only people who hold products with YBS before January can open on.

Before January 2020, not January 2021.

Speculator

Still doesn't make up for closing our high interest Regular Saver accounts a few years ago.

Rich2808

I think the term is loss leader - to re-engage customers and down sell other products like mortgages, retirement plans and funeral plans, share dealing services and home/life insurance and income protection plans etc.
And also of course because they love their long term loyal customers too!
If it was about being short of cash there are easier ways for them to get large sums from other sources than relying on £500 a month coming in from a few thousand long term loyal savers.

xylophone

And the interest rate is variable...... and they have form for reducing the rate on the RS!
Nevertheless, since I've had an account with them since Adam was a lad, I'll go for it.....

Costabit

Ah ah, I'm getting it now LOL

As @Rich2808 said
 I think the term is loss leader - to re-engage customers and down sell other products like mortgages, retirement plans and funeral plans, share dealing services and home/life insurance and income protection plans etc.
And @xylophone says
And the interest rate is variable...... and they have form for reducing the rate on the RS

Well YBS have got me and OH hook line and etc...
Or, have we got them at 3.5% ????
Thanks all

xylophone

Well YBS have got me and OH hook line and etc... Or, have we got them at 3.5% ????

Loyalty Regular Saver

Exclusively for existing members only

3.50%

Gross p.a./AER variable

couriervanman

At the end of the day its still nothing to get excited about
Save £500 a month for 12 months £6000 grand plus about £115 interest not exactly earth shattering, granted its the best paying but goes to show how rates have plummeted the last 20 years

surreysaver

Probably did it to spite those of use who closed our Regular Savers when they reduced the interest rates, and then just opened easy access accounts to keep our foot in the door