YBS Rainy Day Account Issue 2 and Loyalty Six Access Saver Issue 2

dosh37

When I saw YBS offering 2.5% easy access I initially thought great!

Then when I looked more closely I discovered the caveats:-

First of all, the Rainy Day Account Issue 2 only pays 2.5% up to £5K. If you go over that you only get 2%.

That, combined with the fact that you can only make two withdrawls a year makes it much less attractive.

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

Hopefully alternative organisations will announce better rates with less restrictions over the next few days.

Daliah

dosh37 said:

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

You can still open it in Branch or by Post. 

dosh37

Daliah said:

dosh37 said:

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

You can still open it in Branch or by Post. 

That seems a very odd restriction. Any idea why they would do that?

AndyTh_2

dosh37 said:

When I saw YBS offering 2.5% easy access I initially thought great!

Then when I looked more closely I discovered the caveats:-

First of all, the Rainy Day Account Issue 2 only pays 2.5% up to £5K. If you go over that you only get 2%.

That, combined with the fact that you can only make two withdrawls a year makes it much less attractive.

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

Hopefully alternative organisations will announce better rates with less restrictions over the next few days.

I managed to open the Loyalty Six Access esaver online regardless of none of my open accounts being older than 12 months (oldest open is from February), but still overlapping with closed accounts longer (oldest of that was 2020)

If it fails for you, try logging out and applying as existing customer from the loyalty esaver product page, which is the way that worked for me.

Otherwise, they let me open the Loyalty regular saver via postal application in the past.

AndyTh_2

dosh37 said:

Daliah said:

dosh37 said:

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

You can still open it in Branch or by Post. 

That seems a very odd restriction. Any idea why they would do that?

I suspect it was just a technical implementation issue preventing them being able to check closed accounts and overlapping for the online application, however it seems to have maybe been updated to support that now from my own and others experience.

dosh37

AndyTh_2 said:

dosh37 said:

When I saw YBS offering 2.5% easy access I initially thought great!

Then when I looked more closely I discovered the caveats:-

First of all, the Rainy Day Account Issue 2 only pays 2.5% up to £5K. If you go over that you only get 2%.

That, combined with the fact that you can only make two withdrawls a year makes it much less attractive.

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

Hopefully alternative organisations will announce better rates with less restrictions over the next few days.

I managed to open the Loyalty Six Access esaver online regardless of none of my open accounts being older than 12 months (oldest open is from February), but still overlapping with closed accounts longer (oldest of that was 2020)

If it fails for you, try logging out and applying as existing customer from the loyalty esaver product page, which is the way that worked for me.

Otherwise, they let me open the Loyalty regular saver via postal application in the past.

Thanks Andy. I just tried your suggestion of logging out first and it worked. It looks like a glitch in their online application process.

Millyonare

The Rainy Day account, with 2 withdrawals per 12 months, looks somewhat like a 6-month saver dressed up as an "easy access" account.

Never understood why some banks do these silly marketing shenanigans. It just hurts the brand.

AndyTh_2

Millyonare said:

The Rainy Day account, with 2 withdrawals per 12 months, looks somewhat like a 6-month saver dressed up as an "easy access" account.

Never understood why some banks do these silly marketing shenanigans. It just hurts the brand.

Personally I wouldn’t use a 6 month  notice fixed account, but rainy day account I would if it wasn’t that I was able to get the loyalty esaver.

For an emergency fund or for a near time house deposit, its required that the fund should be almost all regularly accessible, whereas a 6 month notice would be too long.

Daliah

dosh37 said:

Daliah said:

dosh37 said:

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

You can still open it in Branch or by Post. 

That seems a very odd restriction. Any idea why they would do that?

It's probably cheaper for a human to have a quick glance at a person's account than developing, testing and maintaining a program to do it. I'd much rather YBS give us these superb rates than spend money on needless IT.

If you set up an instant access account with a pound or two in it today, you won't notice this 'restriction' in 12 months time.

Daliah

AndyTh_2 said:

Millyonare said:

The Rainy Day account, with 2 withdrawals per 12 months, looks somewhat like a 6-month saver dressed up as an "easy access" account.

Never understood why some banks do these silly marketing shenanigans. It just hurts the brand.

Personally I wouldn’t use a 6 month notice account, but rainy day account I would if it wasn’t that I was able to get the loyalty esaver.

For an emergency fund or for a near time house deposit, its required that the fund should be almost all regularly accessible, whereas a 6 month notice would be too long.

The six access loyalty saver is not a 6 month notice account

It is a limited, but instant access account. You can make up to 6 withdrawals a year, plus you can close it (and perhaps open a new one if they still offer it at the time).

Absolutely fantastic for holding some longer-term savings whilst we wait for the rates on fixed rate account to creep up

dosh37

Daliah said:

dosh37 said:

Daliah said:

dosh37 said:

So then I looked at the Loyalty Six Access Saver Issue 2 offering 2.5% for existing customers.

I thought I would be eligible because I have been a saver with YBS for many years.

It turns out that if you have moved your money from one YBS account to another in the last year then you are not eligible.

So much for loyalty!

You can still open it in Branch or by Post. 

That seems a very odd restriction. Any idea why they would do that?

It's probably cheaper for a human to have a quick glance at a person's account than developing, testing and maintaining a program to do it. I'd much rather YBS give us these superb rates than spend money on needless IT.

I wouldn't exactly call the rates 'superb' with inflation at 10%. At 2.5%, savings will still be losing value by around 7.5%. It's even worse if you have to pay tax on your savings. 2.5% may be one of the best instant access rates at the moment. Predictions are for futher BoE interest rate increases over the coming weeks, thanks to Liz Truss's tax reduction policy.