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

Daliah

dosh37 said:

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.

well yes, it's all relative. If the 2.5% account isn't floating your boat, you don't have to take it, and it's not a problem if you can't apply for it online - - -  which I now gather you have managed to do successfully, anyway.

AndyTh_2

Daliah said:

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

You’re clarifying to the wrong person, the other person said 6 month saver, which implies they were talking about a 6 month fixed saver unrelated to these 2 accounts.

hence why I was saying I don’t need the rainy day one as I have the loyalty limited access esaver

mebu60

AndyTh_2 said:

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 AndyTh_2 !! 

Having been rejected whilst logged in your suggested 'workaround' saw a Loyalty Six Access Saver set up on my account.

Await with interest (pun intended) to see if it gets activated overnight.

Otherwise it's just the Rainy Day for me (opened after the initial Six Access rejection). 

And I will be sure to leave £1 in my IS Plus Issue 11 ongoing :-) 

cricidmuslibale

Just would like to say Very Well Done to YBS for regularly supporting your loyal savers since early 2021 in ways that rival building societies (eg Nationwide, Coventry) have so far yet to come close to matching!

Downthedrain

How does the Yorkshire Rainy Day account operate for withdrawals? They say 2 days for withdrawals based on the anniversary of the account. What does that mean - is it any 2 days in a year that I can choose, or do they specify the dates? I can't find an explanation in the terms.

phillw

Daliah said:
It is a limited, but instant access account.

I agree it's instant access, I wouldn't however describe it as easy access. Which is how it's described on MSE.

soulsaver

Downthedrain said:

How does the Yorkshire Rainy Day account operate for withdrawals? They say 2 days for withdrawals based on the anniversary of the account. What does that mean - is it any 2 days in a year that I can choose, or do they specify the dates? I can't find an explanation in the terms.

2 withdrawals within a year: year is determined by the anniversary of opening. After the anniversary you get reset back to 2 allowed.

Sensory

phillw said:

Daliah said:
It is a limited, but instant access account.

I agree it's instant access, I wouldn't however describe it as easy access. Which is how it's described on MSE.

https://www.moneysupermarket.com/savings/easy-access-accounts/

With an instant access savings account you can withdraw money from your account just like you would from a current account – instantly and with no penalties. You’ll be able to withdraw money electronically into another account – or from a cash machine or at your bank branch.

In contrast, an easy access account may have a short waiting period before you can take out your money – or in some cases you may be limited to a certain number of withdrawals each month or each year. You can usually transfer the money from your easy access savings account to your current account.

Nurse2047

YBS have a regular saver currently also at 5.00% 

trickydicky14

Something I discovered about the loyalty six access is you can pay into it via debit card which is very useful for me to spend £500 pounds each month on my Halifax debit cards to get my free £5's. Win win me thinks.