YBS Rainy Day Account Issue 2

PloughmansLunch

At one point this was a good 0.25%+ above the usual suspects for EA accounts but is currently festering near the bottom of my pile. The T&Cs for YBS Rainy Day say one per customer but don't seem to have any specific restrictions that I can see, so does anyone know if it's possible to close this down with the potential of opening another Rainy Day account at a later date should the rates become competitive again, or is it a one-and-that's-your-lot account? I also have £1 in their Internet Saver to maintain an ongoing relationship / make me eligible for future loyalty products so I'm not worried about that side of things.

Aidanmc

You can open another one later, or you could leave £1 there if you haven't used up the withdrawal limits

refluxer

I would have thought this account is due a boost soon so, as suggested above, it could be worth leaving open with the minimum balance needed (although that would obviously count as one of your 2 allowed withdrawal days).

"We'll be increasing the interest rates on our variable savings accounts soon. We'll update our website when the new rates are confirmed."

https://www.ybs.co.uk/boe-rate-change

refluxer

The YBS Online Rainy Day account (Issue 2) is due to increase to 4.35% according to a couple of recent posts on the easy access discussion thread...

https://forums.moneysavingexpert.com/discussion/596724/the-top-easy-access-savings-discussion-area/p1443

southone

YBS new rates https://www.ybs.co.uk/documents/productdata/YBM1607RC.pdf

ForumUser7

For the record:

where_are_we

Yorkshire Rainy Day Account 2 - I have used up one withdrawal - left £1 in it - even with increase to 4.35%, I can get better.

Strange that there are 2 debits showing - one debit shows up on my account as "tax paid 0.00".

I can`t imagine this counts as a withdrawal!

bundoran

I closed my YBS Online Rainy Day Saver Issue 2 last night - just before the rate went up!

Today I've received the proceeds in my bank account. 

I had saved £5k in the account, in one lump sum, and had made no withdrawals. On closure, instead of paying out the £5k plus the interest I'm owed, I have received less than £5k, because they have not added any interest and have taken out a "gross interest debit" of £6.31. The account is not one with any interest penalties.

I've spoken to YBS, and they admit this is wrong, but they'll have to get someone to look into it, and I'm to ring back after a week if no one has called me about it.

I'm not impressed and I won't be using them again.

refluxer

bundoran said:

I closed my YBS Online Rainy Day Saver Issue 2 last night - just before the rate went up!

Today I've received the proceeds in my bank account. 

I had saved £5k in the account, in one lump sum, and had made no withdrawals. On closure, instead of paying out the £5k plus the interest I'm owed, I have received less than £5k, because they have not added any interest and have taken out a "gross interest debit" of £6.31. The account is not one with any interest penalties.

I've spoken to YBS, and they admit this is wrong, but they'll have to get someone to look into it, and I'm to ring back after a week if no one has called me about it.

I'm not impressed and I won't be using them again.

That's poor. Please let us know how and when this gets sorted for you ? Thanks. 

mac20

bundoran said:

I closed my YBS Online Rainy Day Saver Issue 2 last night - just before the rate went up!

Today I've received the proceeds in my bank account. 

I had saved £5k in the account, in one lump sum, and had made no withdrawals. On closure, instead of paying out the £5k plus the interest I'm owed, I have received less than £5k, because they have not added any interest and have taken out a "gross interest debit" of £6.31. The account is not one with any interest penalties.

I've spoken to YBS, and they admit this is wrong, but they'll have to get someone to look into it, and I'm to ring back after a week if no one has called me about it.

I'm not impressed and I won't be using them again.

I had this exact same issue a few months back, with that account. (Closed it and a fee was taken instead of paying me any interest.)

When I contacted them, they were clueless about it. Then after some weeks they gave the money back, but ignored the interest... I just left it from there though, since I only had the account for a month or so, with not a lot in it.

So they've actually known about the problem, yet still not fixed.

ForumUser7

mac20 said:

bundoran said:

I closed my YBS Online Rainy Day Saver Issue 2 last night - just before the rate went up!

Today I've received the proceeds in my bank account. 

I had saved £5k in the account, in one lump sum, and had made no withdrawals. On closure, instead of paying out the £5k plus the interest I'm owed, I have received less than £5k, because they have not added any interest and have taken out a "gross interest debit" of £6.31. The account is not one with any interest penalties.

I've spoken to YBS, and they admit this is wrong, but they'll have to get someone to look into it, and I'm to ring back after a week if no one has called me about it.

I'm not impressed and I won't be using them again.

I had this exact same issue a few months back, with that account. (Closed it and a fee was taken instead of paying me any interest.)

When I contacted them, they were clueless about it. Then after some weeks they gave the money back, but ignored the interest... I just left it from there though, since I only had the account for a month or so, with not a lot in it.

So they've actually known about the problem, yet still not fixed.

Log a complaint - this is sometimes the only way companies ever fix an issue for good