YBS Loyalty Fixed Rate eBond until 31st August 2024 6.00%

Catplan

badger09 said:

I reminded husband about this account yesterday but he didn’t open it as he was going to town with agency branch today to close 2 other accounts (he’s old school😊). He was told account had been pulled. Cue ‘Oh dear, I’ve driven 30 miles & was going to add money from 2 closed accounts & pay in from another account maturing in a few days. Sigh’ accompanied by a rueful smile. Agency manager came out, took pity on him, said if he filled in the application forms & dated them yesterday😳 she’d treat it as a postal application. Then she completed the forms for him, apart from signature, opened the account, closed the other 2 and did transfers for him. 

Jammy s*d

He was told to pay in remaining funds by 26th. 

Indeed very lucky as it appears to have been replaced with 1 year at 5.3 and 2 year at 5.5

edit - although not “loyalty” products.

what7

Why is this so popular when other bank offer the same if not more % 

Catplan

what7 said:

Why is this so popular when other bank offer the same if not more % 

I’m guessing easy to open / maturing regular savers? Many had the at the time high paying r/s which is maturing now. Existing customers can easily fund the 6% account with those funds. Much less hassle than a new Vanquis account where many need to send proof of ID in the post.

For me it’s a decent place to stick 6K for a year, yeah I could get 6.15, or could get 5.7 in an ISA.

Growingold

 @forumuser7 
Further to my posts yesterday about being unable to open the Loyalty Bond online even though I had been a member for many years and it was said by members I had to have an open active account with them for at least a year to qualify.

Well I secure messaged them yesterday and this was the reply I've just received.

Thank you for your recent message. In terms of the new Loyalty bond, this has now been removed from sale. I can see you are eligible for Loyalty products; however, the website will only detect membership on open accounts. The account would have to be opened in agency or branch manually. Please note the last day for deposits will be 26-July-2023.

Which really leaves me none the wiser on whether I could open it now or not.

ForumUser7

Growingold said:

 @forumuser7 
Further to my posts yesterday about being unable to open the Loyalty Bond online even though I had been a member for many years and it was said by members I had to have an open active account with them for at least a year to qualify.

Well I secure messaged them yesterday and this was the reply I've just received.

Thank you for your recent message. In terms of the new Loyalty bond, this has now been removed from sale. I can see you are eligible for Loyalty products; however, the website will only detect membership on open accounts. The account would have to be opened in agency or branch manually. Please note the last day for deposits will be 26-July-2023.

Which really leaves me none the wiser on whether I could open it now or not.

I said this 'Usually they struggle to detect it for online accounts, but existing customers can open the postal/branch bond as a colleague would manually check for closed accounts I suppose' which matches what they are saying for the application method.

You shouldn't be able to open it anymore, as it has been removed from sale. But if you live very near a branch, it may be worth going and seeing if they can open it and treat it like post (see page 3 for a forumite's husband who got this done successfully) - alternatively if you can find the application form anywhere still you could post it in and see what happens - you would have to date everything yesterday or before though.

That said, same or better rates are available from other providers on FRBs - https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/?quick-links-first=false This may be easier for you, unless you specifically want to be with YBS

what7

Catplan said:

what7 said:

Why is this so popular when other bank offer the same if not more % 

I’m guessing easy to open / maturing regular savers? Many had the at the time high paying r/s which is maturing now. Existing customers can easily fund the 6% account with those funds. Much less hassle than a new Vanquis account where many need to send proof of ID in the post.

For me it’s a decent place to stick 6K for a year, yeah I could get 6.15, or could get 5.7 in an ISA.

If anything, I'm suprise ybs withdrawn this so quickly. 

Plus fixing for 6% now when no one know if interest rate is still going up is risky.

My mature 6k is going to re invest back into 6+% RS. And my 5.5% RS isn't losing out that much compare to the potential rise in next month review.

Growingold

ForumUser7 said:

Growingold said:

 @forumuser7 
Further to my posts yesterday about being unable to open the Loyalty Bond online even though I had been a member for many years and it was said by members I had to have an open active account with them for at least a year to qualify.

Well I secure messaged them yesterday and this was the reply I've just received.

Thank you for your recent message. In terms of the new Loyalty bond, this has now been removed from sale. I can see you are eligible for Loyalty products; however, the website will only detect membership on open accounts. The account would have to be opened in agency or branch manually. Please note the last day for deposits will be 26-July-2023.

Which really leaves me none the wiser on whether I could open it now or not.

I said this 'Usually they struggle to detect it for online accounts, but existing customers can open the postal/branch bond as a colleague would manually check for closed accounts I suppose' which matches what they are saying for the application method.

You shouldn't be able to open it anymore, as it has been removed from sale. But if you live very near a branch, it may be worth going and seeing if they can open it and treat it like post (see page 3 for a forumite's husband who got this done successfully) - alternatively if you can find the application form anywhere still you could post it in and see what happens - you would have to date everything yesterday or before though.

That said, same or better rates are available from other providers on FRBs - https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/?quick-links-first=false This may be easier for you, unless you specifically want to be with YBS

@forumuser7 Thanks for all your help yesterday. It was much appreciated.   I messaged them to ask them to explain why their online said I didn't qualify for a Loyalty product   It was the principle of it really, why they emailed me not once but twice and then said no.  I won't be bothering with trying to open it as as you said there are now better rates available elsewhere.  Not worth the hassle with YBS.
I posted their reply to my enquiry in case it would benefit anyone else.  
Thank you again

Catplan

what7 said:

Catplan said:

what7 said:

Why is this so popular when other bank offer the same if not more % 

I’m guessing easy to open / maturing regular savers? Many had the at the time high paying r/s which is maturing now. Existing customers can easily fund the 6% account with those funds. Much less hassle than a new Vanquis account where many need to send proof of ID in the post.

For me it’s a decent place to stick 6K for a year, yeah I could get 6.15, or could get 5.7 in an ISA.

If anything, I'm suprise ybs withdrawn this so quickly. 

Plus fixing for 6% now when no one know if interest rate is still going up is risky.

My mature 6k is going to re invest back into 6+% RS. And my 5.5% RS isn't losing out that much compare to the potential rise in next month review.

Totally agree, I have another12 regular savers on the go some at 6% and 5.5% so no immediate plans for it hence happy to lock away at 6%, have a few maturing over then next couple of months, 4800, and a few with 3k, then nothing until January, I will lock away at a suitable rate then or go with another regular saver and drip feed again.

I don’t have a crystal ball, by January I might be glad I took it or might be kicking myself. It could be worse like my 4.2% fixed rate isa☹️

what7

I fixed some isa at 3.7% last sep, and 4% in Jan. Hope 5.7%+ when it mature. 

I have 20k stuck with Hanley home buying saving account till April, those money can go into next FY isa.

ForumUser7

what7 said:

I fixed some isa at 3.7% last sep, and 4% in Jan. Hope 5.7%+ when it mature. 

I have 20k stuck with Hanley home buying saving account till April, those money can go into next FY isa.

I don't know who I had this discussion with, so there is no point in me trying to find the post but:

"Instant access is permitted penalty free providing the funds are withdrawn for a house deposit linked to a mortgage with Hanley Economic. No partial withdrawals are permitted for any other reason. A penalty equivalent to 180 days loss of interest will be applied if the funds be withdrawn for any other reason than for a house deposit .If no subscriptions are received for 3 consecutive months or if 3 or more subscriptions are missed throughout the Society year (1 September – 31 August) then the Society after giving you 30 days notice of our intention to do so, reserves the right to close the account or to transfer the account balance to an Instant Access Savings Account."

There was some discussion about if missing deposits would result in the interest penalty upon closure, or if they would transfer the account, pay in full interest accrued, and then the new account would allow withdrawals.

You would need to look into this yourself and work out what you wanted to do, but this may be a way out. Note that the process does not seem to be automatic - hence 'reserve the right' so be careful when speaking with Hanley in case you tip them off.

EDIT - the forum search tool appears to be much improved - read from here onwards until the discussion ceases on page 762 I think https://forums.moneysavingexpert.com/discussion/comment/79992200/#Comment_79992200