YBS Changes to tiers in accounts and interest calculations

Be_Happy

Looks like YBS are becoming concerned about the ever increasing bank interest rates.  Received email today saying YBS are going to standardise the number of tiers in their variable rate accounts ie majority of variable rate accounts will have 2 tiers (no longer one or three tiers).   Interest rates will rise on the first tier - up to £20,000 but remain as before on anything above that.

Gist of email information says:

"From 20 November 2022, we’ll be increasing the interest rate on the first tier of your variable rate savings account(s) by 0.10%*. This increase will be applied to the majority of our variable rate savings accounts.   So if you have savings above £20,000 the good news is you’ll still benefit from the higher rate on the first £20,000 and you’ll then receive the existing product interest rate on anything above that."

The interest rate sheet attached only lists 'Variable rate accounts no longer available' so don't know if similar is going to happen to existing accounts.  Says they are trying to increase the benefits for small savers, but this will obviously make a big difference to those who hold above £20,000 if interest on this tier doesn't increase.   Wonder if this means that in future each interest rate will only be given to first tier - £20,000 - in account

Account names on no longer available accounts are being changed to reduce the number of accounts.

Daliah

Not sure why you would choose YBS if you have more than £20k cash deposits. With their latest rates table, they make it clear that they are either not interested in deposits >£20k, or think people with such deposits are mugs.

Whilst YBS have a nice RS for existing customers, they haven't been offering the best rates for easy access savings accounts in a long while. In fact, I wouldn't use their Internet Saver for anything other than a tiny deposit to maintain membership.

mebu60

Daliah said:

Not sure why you would choose YBS if you have more than £20k cash deposits. With their latest rates table, they make it clear that they are either not interested in deposits >£20k, or think people with such deposits are mugs.

Whilst YBS have a nice RS for existing customers, they haven't been offering the best rates for easy access savings accounts in a long while. In fact, I wouldn't use their Internet Saver for anything other than a tiny deposit to maintain membership.

YBS EA Issues 11 & 12 >50k = 1.75%, 10k - 50 = 1.7%, been in ToTP for a while now. 

Rollinghome

They do have accounts tiered the more conventional way, such as their Internet Saver Plus 12 paying 1.50% to £9999, 1.70% to £50k and 1.75% over that.

It just seems they're fascinated by tiered rates, no matter in which direction.

Daliah

mebu60 said:

Daliah said:

Not sure why you would choose YBS if you have more than £20k cash deposits. With their latest rates table, they make it clear that they are either not interested in deposits >£20k, or think people with such deposits are mugs.

Whilst YBS have a nice RS for existing customers, they haven't been offering the best rates for easy access savings accounts in a long while. In fact, I wouldn't use their Internet Saver for anything other than a tiny deposit to maintain membership.

YBS EA Issues 11 & 12 >50k = 1.75%, 10k - 50 = 1.7%, been in ToTP for a while now. 

I have been getting >1.9% for a while now. YBS EA has been on my radar for a nanosecond, and I opened one a while back, just in case (for FOMO). I love their old Egg savings account (not for its rate but it has other unique value  ) and their 5% RS. They won't get any of my other money unless there's a major shift in their rates.

Be_Happy

Daliah said:

Not sure why you would choose YBS if you have more than £20k cash deposits. With their latest rates table, they make it clear that they are either not interested in deposits >£20k, or think people with such deposits are mugs.

Whilst YBS have a nice RS for existing customers, they haven't been offering the best rates for easy access savings accounts in a long while. In fact, I wouldn't use their Internet Saver for anything other than a tiny deposit to maintain membership.

 Each to their own.   I'm very happy with my YBS rates of interest and the way they reward loyalty.  I'm happy with my ISA earning 1.8% and my Regular Saver with 5%.   My other smaller accounts are all in the 1.7 - 1.8% range.   I'm not interested in using mobile banking, only desktop internet banking and I do value the fact that YBS has a friendly branch just 5 minutes from my home that I can walk in to and get any problem cleared up immediately.

I find your post very insulting and I do not consider myself a 'mug' for using their building society.

Daliah

Be_Happy said:

Daliah said:

Not sure why you would choose YBS if you have more than £20k cash deposits. With their latest rates table, they make it clear that they are either not interested in deposits >£20k, or think people with such deposits are mugs.

Whilst YBS have a nice RS for existing customers, they haven't been offering the best rates for easy access savings accounts in a long while. In fact, I wouldn't use their Internet Saver for anything other than a tiny deposit to maintain membership.

 Each to their own.   I'm very happy with my YBS rates of interest and the way they reward loyalty.  I'm happy with my ISA earning 1.8% and my Regular Saver with 5%.   My other smaller accounts are all in the 1.7 - 1.8% range.   I'm not interested in using mobile banking, only desktop internet banking and I do value the fact that YBS has a friendly branch just 5 minutes from my home that I can walk in to and get any problem cleared up immediately.

I find your post very insulting and I do not consider myself a 'mug' for using their building society.

Feel free to consider my post very insulting - though can you explain why you do so? I have not criticised people who save with YBS. I am "merely" (!!!) suggesting that YBS are taking some of their savers for mugs. Hope you understand the difference.

Like you, I do enjoy the YBS RS at 5%. I also - - -  as I mentioned  - - - -  much appreciate the ancient ex-Egg account. This doesn't mean anyone has  to commit any of their money to the YBS EA account.

mebu60

Daliah said:

mebu60 said:

Daliah said:

Not sure why you would choose YBS if you have more than £20k cash deposits. With their latest rates table, they make it clear that they are either not interested in deposits >£20k, or think people with such deposits are mugs.

Whilst YBS have a nice RS for existing customers, they haven't been offering the best rates for easy access savings accounts in a long while. In fact, I wouldn't use their Internet Saver for anything other than a tiny deposit to maintain membership.

YBS EA Issues 11 & 12 >50k = 1.75%, 10k - 50 = 1.7%, been in ToTP for a while now. 

I have been getting >1.9% for a while now. YBS EA has been on my radar for a nanosecond, and I opened one a while back, just in case (for FOMO). I love their old Egg savings account (not for its rate but it has other unique value  ) and their 5% RS. They won't get any of my other money unless there's a major shift in their rates.

Being in the fortunate position of requiring a wide spread of EA accounts at this time (and being app-adverse) I have a range of EAs 1.7% - 2.0%. Some institutions undoubtedly rely on apathy but that's hardly their fault. I don't believe any featuring in the ToTP actively treat their customers as mugs, they presumably set their rates to try to bring in the level of funds they require to conduct their business. We as consumers respond accordingly in line with our needs and preferred methods. 

Egg brings back memories, Prudential as I recall, groundbreaking at the time. Didn't realise it still existed let alone was part of YBS. My wife-at-the-time had an Egg account. What I do remember is her credit card being cancelled at short notice. What we seemed to have in common with the others who suffered the same fate was low usage (it was a back-up card) and paying off any outstanding balance every month.