YBS limited access e-ISA (deposits)

Zuzi

I see threads about the YBS Loyalty ISAs but I haven't been a client for long enough so thought I'd start a new thread. I would like to open a new Cash ISA for next financial year, and I see YBS have a limited access ISA with 3.1% interest.

I might do a partial transfer into it from my current S&S ISA, but that will only be a few thousand pounds max... I don't have the 20K ready to fund it so just gave them a call to confirm whether I can make multiple deposits throughout the year. I was told that "as long as the product is still on sale" I will be able to - that's a bit strange, isn't it?

If I manage to open it, I will have the product, so why is it relevant whether it is still being offered to clients? Also, because no one can reliably predict whether it will be pulled at some point, I think there's the risk of me putting in let's say 5K, then the product is no longer available so according to the lady I spoke to I won't be able to make any more deposits, and that's my allowance gone for the year because I can only susbcribe to one Cash ISA and this one (potentially) won't allow any more deposits.

Is this right? Thanks in advance for your advice.

savit4l8er

My understanding is you can put money in as you like but only one day per year can you draw out. It's an ongoing ISA so to say you can only put money in while the product is available is ridiculous. But if you see my post on the other thread, it does not surprise me. The CS staff are badly trained in terms of call handling and knowledge.  I have loads of accounts no longer available but can still use them. 

Zuzi

Thank you @savit4l8er - I don't really care about the withdrawals, I will only put money in that I don't need any time soon, but the product factsheet doesn't say much about deposits. I have one existing Cash ISA but that is a fixed term one so obviously had a funding window, right now, because I do not have 20K readily available (just yet) I am explicitly looking for a product that I can fund throughout the year.

I agree with you that once I get the account open, it should not matter whether it is still generally available to others or not. I didn't have the best impression after the call with their CS, and I really don't think the advice I got was correct.

savit4l8er

@Zuzi Happy to help. YBS are doing some good offers, they were one of my "go to" places.  I think the back office side of things is still very efficient so I can only hope everything is able to be done online without the customer facing staff being needed, they inspire no confidence at all. If you like the account and can convince yourself it's what we think, I wouldn't miss it. 

Newly_retired

Online service is very efficient.

Zuzi

@Newly_retired do you mean the functions of the site/app or Client Services available via there? I noticed a chat function but haven't used it...