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CASH ISA - Yorkshire building society

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Comments

  • Kazza242
    Kazza242 Posts: 2,193 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 12 April 2021 at 4:06PM
    I called a YBS branch at the end of March to request an application form and transfer form for the Loyalty Six Access ISA.  I didn't receive them, so I called a different branch to request the forms.  Again, I didn't receive them, so I called again and explained the situation. 

    The branch adviser setup a telephone appointment to open the ISA for me over the phone.  I had the appointment last Thursday (8th April), which took about 25 minutes and my ISA was visible via YBS online banking the next day.  
    Please call me 'Kazza'.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    The YBS application forms are available for download: 

    Loyalty RS: https://www.ybs.co.uk/productdata/Application-YB571317B.pdf


    Loyalty ISAhttps://www.ybs.co.uk/productdata/Application-YB891325B.pdf 


    If you don't have a printer, ask a friend or go to your local library.

     
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,938 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    After two weeks and several requests I received two application packs today. One about ten sheets, one two sheets (photocopied). It’s only two pages. 

    There’s a box to tick for Transfer but nowhere to put the details of the organisation to request the transfer from! I just wrote it outside the box and hope for the best. Badly drafted form. This is going to be long winded I think. They e been at this for a long time but they seem to be trying to regress to 1967 (approx).


  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    I think, for an ISA transfer, they expect you to fill in their actual Transfer Form: https://www.ybs.co.uk/assets/pdf/sharedealing/account-transfer-form.pdf
  • Steve182
    Steve182 Posts: 623 Forumite
    Fourth Anniversary 500 Posts Photogenic Name Dropper
    Forgive me if I've missed something here, but I'm struggling to understand the point of cash ISAs for the majority of savers.


    Even as a higher rate taxpayer you can earn £500 in interest annually before paying tax on interest. 


    So at 0.5% interest you would need at least £100K in a taxable savings account before there is any tax benefit to using a cash ISA.

    And before putting £££ in a 0.5% account surely put £50K in PB's first?


    Surely most people with >£150K would be looking to make their money work for them more effectively?


    The exception being those with very large pension pots in drawdown who need to move 2 to 5 years pension income into "cash" for safety, or those "parking" substantial sums in readiness for use elsewhere. 

    That's surely only a very small percentage of people?


    “Like a bunch of cod fishermen after all the cod’s been overfished, they don’t catch a lot of cod, but they keep on fishing in the same waters. That’s what’s happened to all these value investors. Maybe they should move to where the fish are.”   Charlie Munger, vice chairman, Berkshire Hathaway
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    There are lots of reasons why people would want to hold rather substantial amounts in cash. Having plans to spend a lot of the cash in the next 2-3 years being just one of them.
  • Chomeur
    Chomeur Posts: 2,156 Forumite
    Part of the Furniture 1,000 Posts
    colsten said:
    The YBS application forms are available for download: 

    Loyalty RS: https://www.ybs.co.uk/productdata/Application-YB571317B.pdf


    Loyalty ISAhttps://www.ybs.co.uk/productdata/Application-YB891325B.pdf 


    If you don't have a printer, ask a friend or go to your local library.

     
    Brilliant, thanks. 

    I note that, although I am in London and the Building Society is in Yorkshire, the mere existence of the USA requires the form to be about a tenth of a page longer than it would otherwise be. It's a good thing that other countries don't choose to model themselves on the USA. If all 200 or so countries in the world did, the form would need to be an extra 20 pages long.
  • Chomeur
    Chomeur Posts: 2,156 Forumite
    Part of the Furniture 1,000 Posts
    Steve182 said:
    Forgive me if I've missed something here, but I'm struggling to understand the point of cash ISAs for the majority of savers.


    Even as a higher rate taxpayer you can earn £500 in interest annually before paying tax on interest. 


    So at 0.5% interest you would need at least £100K in a taxable savings account before there is any tax benefit to using a cash ISA.

    And before putting £££ in a 0.5% account surely put £50K in PB's first?


    Surely most people with >£150K would be looking to make their money work for them more effectively?


    The exception being those with very large pension pots in drawdown who need to move 2 to 5 years pension income into "cash" for safety, or those "parking" substantial sums in readiness for use elsewhere. 

    That's surely only a very small percentage of people?


    Maybe they just invest in them out of habit! I'm interested in the Regular Saver, not the ISA.
  • Eco_Miser
    Eco_Miser Posts: 4,781 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 13 April 2021 at 10:46AM
    Steve182 said:
    Forgive me if I've missed something here, but I'm struggling to understand the point of cash ISAs for the majority of savers.

    You're right, there isn't one for the majority of savers.
    Steve182 said:

    Even as a higher rate taxpayer you can earn £500 in interest annually before paying tax on interest. 

    However additional rate taxpayers are taxed on all interest, outside ISAs
    Steve182 said:

    So at 0.5% interest you would need at least £100K in a taxable savings account before there is any tax benefit to using a cash ISA.
    Or a smaller amount at a higher rate, in addition to the cash ISA.
    Steve182 said:

    And before putting £££ in a 0.5% account surely put £50K in PB's first?

    What makes you think they haven't?
    Steve182 said:

    Surely most people with >£150K would be looking to make their money work for them more effectively?

    Depends how much greater. £150k might just be the cash float.
    Steve182 said:

    The exception being those with very large pension pots in drawdown who need to move 2 to 5 years pension income into "cash" for safety, or those "parking" substantial sums in readiness for use elsewhere. 

    That's surely only a very small percentage of people?




    Yes, but for those to whom it applies, cash ISAs are very useful. Cash ISAs are also useful for people who get a substantial amount of money late in the tax year. Park £20k in cash ISA while deciding on an investment strategy.
    Eco Miser
    Saving money for well over half a century
  • Rich2808
    Rich2808 Posts: 1,353 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    I requested an application form for the loyalty isa - they send me the loyalty regular saver application form which I already have!
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