Yorkshire Building Society 7% interest for existing customers

Notepad_Phil

KTF said:

oldfella said:

More like £250+ if you open it at the end of the month

You can only make 12 payments to the RD regardless of when it was opened.

I think what they may mean is that (from memory) I believe you can make the second payment at the start of the following month, so basically after opening and paying the first payment at the end of a month, all of the following payments can be moved forward by almost a month e.g. 31st Nov for first payment, 1st Dec for second, 1st Jan for third etc.

But opening at the end of a month usually only makes sense if you've not got the money to open it sooner. Otherwise you're losing out on the better interest that the money could have been getting in the better paying account.

jimjames

Notepad_Phil said:

KTF said:

oldfella said:

More like £250+ if you open it at the end of the month

You can only make 12 payments to the RD regardless of when it was opened.

so basically after opening and paying the first payment at the end of a month, all of the following payments can be moved forward by almost a month e.g. 31st Nov for first payment, 1st Dec for second, 1st Jan for third etc.

Paying in on 31st November will be quite a challenge for anyone to do!

Notepad_Phil

jimjames said:

Notepad_Phil said:

KTF said:

oldfella said:

More like £250+ if you open it at the end of the month

You can only make 12 payments to the RD regardless of when it was opened.

so basically after opening and paying the first payment at the end of a month, all of the following payments can be moved forward by almost a month e.g. 31st Nov for first payment, 1st Dec for second, 1st Jan for third etc.

Paying in on 31st November will be quite a challenge for anyone to do!

Oops 

oldfella

13 payments makes very little difference to the return. The value of opening near month end is you get most of a month with _6000 in it, rather than £500

Wheres_My_Cashback

If you opened with 500 on 1 Dec and deposited 500 on the 1st on the following 11 months you get approx £227 interest

If you opened on 30 Nov followed by the 1st of every subsequent month you get approx £256 interest - This is where the real value is.

If a 13th payment was possible (not that it is here) you'd get approx £260

caper7

I opened this account without funding it on 31 October. 
I then set up a standing order for £500 monthly starting 2 November.
I assumed the year/months ran from the account opening date so I thought I was only losing out on 2 days worth of interest, I even asked the advisor whether there was any strategy date wise that was best interest wise.
Have I messed up? 

bristolleedsfan

caper7 said:

I opened this account without funding it on 31 October. 
I then set up a standing order for £500 monthly starting 2 November.
I assumed the year/months ran from the account opening date so I thought I was only losing out on 2 days worth of interest, I even asked the advisor whether there was any strategy date wise that was best interest wise.
Have I messed up? 

Based on illustration post above yours gain from funding 31 October and again on 1 November would be  approx £10 per year assuming £500 you did not fund on 31 October earnt 5% elsewhere for 12 months.

You asked  advisor whether there was any strategy date wise that was best interest wise surely you only had to look at product guide to see as is common with most regular savers maximum allowed is per calendar month thus could fund on 31 October and again on 1st November.