4.25% YBS online Internet saver - is this a true 'instant access' account?

aaj123

As the title suggests, is this an account that truly processes deposits and withdrawals instantly rather than like the delayed ones by Building societies? Further, can funds be sent anywhere instantly from the account or just to a nominated current account?

ScarletBea

At YBS, transfers appear in the receiving account the following day, if it's a different bank.
And yes, you can add multiple accounts to send money to, not just a single nominated account.

Section62

aaj123 said:

As the title suggests, is this an account that truly processes deposits and withdrawals instantly rather than like the delayed ones by Building societies? Further, can funds be sent anywhere instantly from the account or just to a nominated current account?

Deposits by FP usually show up soon after the payment is made.  Deposits by debit card also show on the account soon after being made, but don't earn interest until the second working day.

FP withdrawals are the same as all (AFAIK) YBS accounts in being next working day.  IMV this severely limits the usefullness of YBS accounts for storing money which may be needed in a hurry.

The outgoing payment screen allows additional accounts to be added, but I've never done it for an external account (other than my 'nominated' account) so don't know if there is further verifiction needed.

Transfers between YBS accounts are typically instant.

AndyTh_2

Section62 said:

aaj123 said:

As the title suggests, is this an account that truly processes deposits and withdrawals instantly rather than like the delayed ones by Building societies? Further, can funds be sent anywhere instantly from the account or just to a nominated current account?

Deposits by FP usually show up soon after the payment is made.  Deposits by debit card also show on the account soon after being made, but don't earn interest until the second working day.

FP withdrawals are the same as all (AFAIK) YBS accounts in being next working day.  IMV this severely limits the usefullness of YBS accounts for storing money which may be needed in a hurry.

The outgoing payment screen allows additional accounts to be added, but I've never done it for an external account (other than my 'nominated' account) so don't know if there is further verifiction needed.

Transfers between YBS accounts are typically instant.

though to be aware the current website version they rolled back to doesn't allow transfers between YBS accounts you hold without setting them up manually per account, and takes 24 hours after that before the account link can be used.

This isn't the case on the mobile app though, as can transfer between your individual accounts with no setup needed. I presume the newer website version was also like this but it's been taken down due to bugs

Catplan

If you do open, worth noting no withdrawals permitted in the first 14 days.

Section62

AndyTh_2 said:

Section62 said:

aaj123 said:

As the title suggests, is this an account that truly processes deposits and withdrawals instantly rather than like the delayed ones by Building societies? Further, can funds be sent anywhere instantly from the account or just to a nominated current account?

Deposits by FP usually show up soon after the payment is made.  Deposits by debit card also show on the account soon after being made, but don't earn interest until the second working day.

FP withdrawals are the same as all (AFAIK) YBS accounts in being next working day.  IMV this severely limits the usefullness of YBS accounts for storing money which may be needed in a hurry.

The outgoing payment screen allows additional accounts to be added, but I've never done it for an external account (other than my 'nominated' account) so don't know if there is further verifiction needed.

Transfers between YBS accounts are typically instant.

though to be aware the current website version they rolled back to doesn't allow transfers between YBS accounts you hold without setting them up manually per account, and takes 24 hours after that before the account link can be used.

That used to be the case, but it changed a while back - the website "One-Off Transfer" page gives you the option of using an account other than one of the three 'saved' ones, and then the transfer (to another YBS account) goes through directly.

The only time it doesn't is if the destination account has only just been opened - in which case you may get an "invalid" account number message until the system has been updated.