YBS Rainy Day Account Issue 2

bundoran

JamesRobinson48 said:

Please, @bundoran and any others who have closed a Yorkshire BS Rainy Day Saver 2 in the last week or so.

What were your experiences, good or bad, about closing this account?   Did you receive the interest due, and if not, was the matter promptly resolved by YBS to your satisfaction?

Thanks in advance for any information.

When I received no interest on closure of my Rainy Day Saver Issue 2 and YBS also deducted a "gross interest debit" from my capital, which they weren't entitled to, I called their usual contact number to ask them to pay me what they owe me.

I was told that it was their mistake, and that the issue "would be raised with IT". I was also told that I would be phoned with an update.

No one phoned me, so on 3rd July I found the YBS complaints number and called that.

I was told that I would get the money they had taken, and my interest paid, but that they had 8 weeks to resolve this.

I was also told that I would get an email that day with my complaint case reference and information about what action was being taken.

It's a good job that I wrote the reference down at the time of the call I made, because I haven't received the promised email. And although I was told in my first call that I would be telephoned, no one has phoned me. Nor have I got my money.

It's not very good, is it?

refluxer

JamesRobinson48 said:

Thanks a lot for this.  I was thinking of closing my Rainy Day Saver account, as the rate is nothing special...

If you've got over £5k in there, one option would be to withdraw all but £5k of it. The current rate for up to £5k in the YBS Rainy Day Account is the same as the highest-paying easy access account at the moment (4.35% with Shawbrook) so you wouldn't be able to beat that rate for £5K unless you chose a different kind of account (ie. fixed rate or regular saver etc) or had access to the Barclays Rainy Day Saver (5.12% for up to £5k).

Aidanmc

JamesRobinson48 said:

Please, @bundoran and any others who have closed a Yorkshire BS Rainy Day Saver 2 in the last week or so.

What were your experiences, good or bad, about closing this account?   Did you receive the interest due, and if not, was the matter promptly resolved by YBS to your satisfaction?

Thanks in advance for any information.

I closed a joint Rainy Day Saver on 26 June, Interest received correctly and cash in bank account next day

TheWoodler

Very interesting because I also have this account, and because normally there are no problems with YBS. This does point to it being an account-specific issue.

Had anyone had problems with issue 1? Also with closure, all the instances cited above must be before the anniversary of the account? Or has anyone had the issue *after* the annual interest payout?

Just asking because this might help pinpoint the issue to pursue the issue with YBS or it could turn into a legacy issue that continues to bug them. I opened the account in Sept 22 but can’t recall how long it had been on sale before that. So possibly no one has yet had time to have this account reach its maturity anniversary?

It’d be useful to know if Issue 1 holders had similar problems at any stage for comparison. 

The lack of promised contact is also quite worrying. This doesn’t sound at all like YBS but then their systems have been in disarray recently and they’ve had to row back to their old site. 

TiVo_Lad

It's annoying to hear YBS have these issues because I was going to move the £5K in mine to a fix. I was wondering whether calling them up to close it rather than doing it online might be a safer option?

Section62

TheWoodler said:

The lack of promised contact is also quite worrying. This doesn’t sound at all like YBS but then their systems have been in disarray recently and they’ve had to row back to their old site. 

^This

I would guess the YBS customer service/complaints teams are currently swamped with complaints about lack of access to accounts online last week.

bundoran

refluxer 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.

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

It's exactly a week - almost to the minute - since I rang the YBS complaint number, and I have just received an email saying "We’d like to thank you for letting us know about the issues you’ve had and for your patience while we look into things. We’re sorry you feel we’ve let you down."

They say that they "aim to give you a response within 28 days". Whether that's from the first time I raised the issue with them, or from when I made a complaint on the complaints number, or from the date of the email, they do not say.

The phone call that I was promised "within a week at the latest" when I first rang to raise the issue has never happened.

Somehow them saying "We’re sorry you feel we’ve let you down" jarred with me. I closed my account, they didn't pay the closing interest they owe and they wrongly deducted some money from the capital I'd deposited as well. It's not about what I feel: there isn't any room for doubt that they're in the wrong. They admitted that in the two phone calls I made.

This should be a simple issue to resolve. The amount they owe can be calculated in a moment: it's the money they deducted plus 4 weeks interest on £5k. Maybe they'd offer some compo or go away money too if they felt generous, though I've never raised this or asked for any.

I would have thought this could have been cleared up in a few minutes in the first phone call I made. There just doesn't seem to be any sense on their part of a need to resolve this simplest of issues expeditiously. I feel sorry for anyone who ever complains to YBS about anything complicated.

gt94sss2

bundoran said:

I would have thought this could have been cleared up in a few minutes in the first phone call I made. There just doesn't seem to be any sense on their part of a need to resolve this simplest of issues expeditiously. I feel sorry for anyone who ever complains to YBS about anything complicated.

If you have identified a wider issue with their systems, I imagine they will want to fix it for everyone not just you.

Personally, I don't like these accounts where they pay a lower interest rate when your balance is higher..

refluxer

gt94sss2 said:

Personally, I don't like these accounts where they pay a lower interest rate when your balance is higher..

Yes, it's definitely an odd way of doing things. I would imagine that, for the majority here at least, it's just a decent place to stick £5k with easy access at a good rate and (just like the Barclays Rainy Day Saver) there's no point in keeping more than £5k in it, if you're prepared to hold multiple easy access accounts in order to get the most from your money.

I actually opened this account back in April in order to both get a decent rate on £5k, but also to give me a way into the YBS for future loyalty accounts in a year's time. I'll probably withdraw all but £1 if the rate ever ends up too far below the best easy access accounts, though.

refluxer

bundoran said:

refluxer 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.

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

It's exactly a week - almost to the minute - since I rang the YBS complaint number, and I have just received an email saying "We’d like to thank you for letting us know about the issues you’ve had and for your patience while we look into things. We’re sorry you feel we’ve let you down."

They say that they "aim to give you a response within 28 days". Whether that's from the first time I raised the issue with them, or from when I made a complaint on the complaints number, or from the date of the email, they do not say.

The phone call that I was promised "within a week at the latest" when I first rang to raise the issue has never happened.

Somehow them saying "We’re sorry you feel we’ve let you down" jarred with me. I closed my account, they didn't pay the closing interest they owe and they wrongly deducted some money from the capital I'd deposited as well. It's not about what I feel: there isn't any room for doubt that they're in the wrong. They admitted that in the two phone calls I made.

This should be a simple issue to resolve. The amount they owe can be calculated in a moment: it's the money they deducted plus 4 weeks interest on £5k. Maybe they'd offer some compo or go away money too if they felt generous, though I've never raised this or asked for any.

I would have thought this could have been cleared up in a few minutes in the first phone call I made. There just doesn't seem to be any sense on their part of a need to resolve this simplest of issues expeditiously. I feel sorry for anyone who ever complains to YBS about anything complicated.

Thanks for the update and sorry to hear that it still hasn't been resolved. It does sound like a poor response to what should be a fairly trivial thing to sort out for you.