Yorkshire Loyalty Six Access Saver e-ISA Issue 2 @4%

where_are_we

I know this is being discussed on the ISA section, but it`s worth mentioning here. Cash ISA`s are worth a look at due to many savers exceeding the £1000 personal savings allowance due to higher interest rates. About a week ago Yorkshire building Society launched a Loyalty Six - Access Saver e-ISA Issue 2 paying 4% up to £20,000. You have to have been a saver for 12 months to qualify. It is a flexible saving ISA which means you can replace what you withdraw each tax year. You are allowed 6 withdrawals in a year. You can open it now and fund it up to 42 days later which means if you have filled this year`s £20,000 ISA allowance you can fund it after April 6 to use up your 2023-2024  ISA allowance. I believe it allows transfers in though any balance over £20.000 will earn 3.5%. I will be moving £20,000 currently in their 3.5% Loyalty Saver over to this ISA after April 6.

Band7

If you have £20k at the readies in April, and if don't need access to your money for a year, there is a 4.25% alternative.

where_are_we

Thanks Band7. I may have to help one of my children with their house deposit in the next year, so the Virgin 4.25% is a non runner. They charge 60 days interest on any amount taken out. As you said you wouldn`t want to access your money with this alternative. Also what I like about the Yorkshire ISA is you can take out money (6 times) and replace it later in the ISA year if there isn`t a better rate about. Who knows what will happen! The Yorkshire ISA interest rate is variable so it can go up or down. The Virgin ISA interest rate is fixed.

where_are_we

Unfortunately YBS said - "Thank you for opening another savings account with us. Some of the information we hold for you is no longer valid and so before we can begin to process your application we need some ID from you"

So I had to post off - "1 document showing proof of your name.
2 documents showing proof of your address"

At least no certified copies required!

allegro120

where_are_we said:

Thanks Band7. I may have to help one of my children with their house deposit in the next year, so the Virgin 4.25% is a non runner. They charge 60 days interest on any amount taken out. As you said you wouldn`t want to access your money with this alternative. Also what I like about the Yorkshire ISA is you can take out money (6 times) and replace it later in the ISA year if there isn`t a better rate about. Who knows what will happen! The Yorkshire ISA interest rate is variable so it can go up or down. The Virgin ISA interest rate is fixed.

Always depends on circumstances. Virgin was the best option for me because it is very unlikely I will need to withdraw before 31st Jan 2024.  It was also very easy to transfer funds in.  4.25% tax free are likely stay competitive for the next 11 months.

piker57

where_are_we said:

I know this is being discussed on the ISA section, but it`s worth mentioning here. Cash ISA`s are worth a look at due to many savers exceeding the £1000 personal savings allowance due to higher interest rates. About a week ago Yorkshire building Society launched a Loyalty Six - Access Saver e-ISA Issue 2 paying 4% up to £20,000. You have to have been a saver for 12 months to qualify. It is a flexible saving ISA which means you can replace what you withdraw each tax year. You are allowed 6 withdrawals in a year. You can open it now and fund it up to 42 days later which means if you have filled this year`s £20,000 ISA allowance you can fund it after April 6 to use up your 2023-2024  ISA allowance. I believe it allows transfers in though any balance over £20.000 will earn 3.5%. I will be moving £20,000 currently in their 3.5% Loyalty Saver over to this ISA after April 6.

Are you absolutely sure you’re correct when you say the account can be opened now & fund it after April 6 to take advantage of the rate, but to use next year’s ISA allowance? 

I can’t find any reference to the 42 days you mention, but I do see this on page 11 in their Terms & Conditions document.

If you don’t make any subscriptions (or transfers) into your Cash ISA during the tax year, which runs from 6th April to 5th April the following year, your application will no longer be valid at the end of the tax year. If this happens you’ll need to make a fresh application before you can start paying in again.

Section62

piker57 said:

where_are_we said:

Are you absolutely sure you’re correct when you say the account can be opened now & fund it after April 6 to take advantage of the rate, but to use next year’s ISA allowance? 

I can’t find any reference to the 42 days you mention, but I do see this on page 11 in their Terms & Conditions document.

If you don’t make any subscriptions (or transfers) into your Cash ISA during the tax year, which runs from 6th April to 5th April the following year, your application will no longer be valid at the end of the tax year. If this happens you’ll need to make a fresh application before you can start paying in again.

The 42 day thing came up as a message at the end of the application process.  Having said you have 42 days to fund the account YBS have to honour that, unless the law says otherwise.

The second para is standard for all cash ISA's - if you don't fund it in a particular tax year then you have to 'renew' it in the following tax year before you can pay in.  This is just an admin exercise. YBS shouldn't be able to use that to stop customers paying money in when YBS themselves have said you have 42 days to do so.