Cambridge Warning

mebu60

One withdrawal per calendar month. If you were already diligent enough to be aware you do not need to read on. Unless you want to enjoy my being caught out :-)

Opened a Your Saver with Cambridge BS a couple of weeks ago, the olden days when 2.1% was worth going for. Had noted the 14 days moratorium and the max of £50k per day to your nominated account. 

Made a £10 test withdrawal early this morning. Had arrived after a couple of hours so went on to move £49990 with the intention of another transfer tomorrow. Got message saying had already had my one withdrawal for the calendar month.

Rang up and very helpful chap overrode for me and initiated the £49990 (wasn't able to exceed the £50k still). That's on its way. 

The one withdrawal per calendar month does not mean a wait of a month for the remainder, it resets on the first of the month so not too long to wait. If min bal is £1k I will definitely close it. Even if it's £1 I probably will. This is not Easy Access. TBF they don't claim that it is. 

I also suggested that the line stating max £50k per day is qualified as subject to the one withdrawal pcm. The restriction is also detailed in the summary. Just didn't register with me. Possibly because have never come across it before and had mentally classed this as EA with a £50k daily limit. 

wmb194

mebu60 said:

One withdrawal per calendar month. If you were already diligent enough to be aware you do not need to read on. Unless you want to enjoy my being caught out :-)

Opened a Your Saver with Cambridge BS a couple of weeks ago, the olden days when 2.1% was worth going for. Had noted the 14 days moratorium and the max of £50k per day to your nominated account. 

Made a £10 test withdrawal early this morning. Had arrived after a couple of hours so went on to move £49990 with the intention of another transfer tomorrow. Got message saying had already had my one withdrawal for the calendar month.

Rang up and very helpful chap overrode for me and initiated the £49990 (wasn't able to exceed the £50k still). That's on its way. 

The one withdrawal per calendar month does not mean a wait of a month for the remainder, it resets on the first of the month so not too long to wait. If min bal is £1k I will definitely close it. Even if it's £1 I probably will. This is not Easy Access. TBF they don't claim that it is. 

I also suggested that the line stating max £50k per day is qualified as subject to the one withdrawal pcm. The restriction is also detailed in the summary. Just didn't register with me. Possibly because have never come across it before and had mentally classed this as EA with a £50k daily limit. 

Obviously it's no longer an issue for you but is there an option to close the account at any time and without penalty? This is often a way to get around this type of restriction.

mebu60

wmb194 said:

mebu60 said:

One withdrawal per calendar month. If you were already diligent enough to be aware you do not need to read on. Unless you want to enjoy my being caught out :-)

Opened a Your Saver with Cambridge BS a couple of weeks ago, the olden days when 2.1% was worth going for. Had noted the 14 days moratorium and the max of £50k per day to your nominated account. 

Made a £10 test withdrawal early this morning. Had arrived after a couple of hours so went on to move £49990 with the intention of another transfer tomorrow. Got message saying had already had my one withdrawal for the calendar month.

Rang up and very helpful chap overrode for me and initiated the £49990 (wasn't able to exceed the £50k still). That's on its way. 

The one withdrawal per calendar month does not mean a wait of a month for the remainder, it resets on the first of the month so not too long to wait. If min bal is £1k I will definitely close it. Even if it's £1 I probably will. This is not Easy Access. TBF they don't claim that it is. 

I also suggested that the line stating max £50k per day is qualified as subject to the one withdrawal pcm. The restriction is also detailed in the summary. Just didn't register with me. Possibly because have never come across it before and had mentally classed this as EA with a £50k daily limit. 

Obviously it's no longer an issue for you but is there an option to close the account at any time and without penalty? This is often a way to get around this type of restriction.

I considered trying for that when I rang but couldn't see beforehand whether or not that would be permitted as a way around the £50k / once a month limits. Decided I had more chance of getting a favourable response if I said that I wanted to do 'another withdrawal after the £10 test'. He didn't ask how much. Once he'd got confirmation from his manager for the over-ride he started tapping away then asked me 'how much?'. He did give a small laugh at 49990.

£34k sitting in there at 2.1% for another two weeks isn't the worst thing in the world. It's currently destined for Ford 2.5% but who knows what the landscape will be by then. (Santander 2.75% and Cynergy 2.75% already done, the Cambridge £50k on its way to the latter as I type). The few pounds differential is my penalty for less than thorough attention to the fine print.