YBS Savings Accounts

jameseonline

I'm wondering if it's actually a bug or not.

Other banks etc seem to be doing interest earlier than usual & others not this weekend, presumably because it's Easter?

jameseonline

YBS Interest showing up in transactions list now 😃

jameseonline

The app has been updated with a slightly new look, nothing major.

soulsaver

I'm worried about YBS. 

In the past I've been a fan - then there was the debacle over a roll out of a revised platform, that clearly wasn't tested fully and had to be rolled back. 

Then some months later they did it again - with some of the previous issues still there.

Their CS couldn't even understand the question regarding the disappearance of online setup & management of inbound DDs facility (on a legacy savings account). They pointed us to a notification about terminating an outbound DDs facilities in other accounts.

Instead of being an online facility, is now a telephone call to set up/amend/cancel.
They had to be cajoled into allowing those request by secure message.

Now, in the message system, you now have to elect to be notified of a reply!  

Some replies I'm still waiting for ...from weeks ago

Earlier this new FY, they transferred an ISA of mine 'immediately'... when it was requested 'at maturity...' 

I messaged them marked urgent when I had a message from them to say the transfer would be completed within 15 days.. to say it better hadn't because it's 'At Maturity'.  No response. 

So messaged them again to say that they'd ignored the provider's request detail. And they'd ignored the additional message warning them before the transfer took place... but it's now happened.

Their reply to this is addressed 'Dear Mrs Monk...' (whom I've never heard of.. and I'm male ...) and states there was no maturity date on this flexible ISA, so they transferred it immediately.

I had to point out that whilst it was a limited access ISA, it was a 1 year account - and they have always displayed a date in the detail of it's anniversary...  and that date is displayed as 'Maturity Date.'

Saga ongoing... Rant over... 

xylophone

I had to point out that whilst it was a limited access ISA, it was a 1 year account - and they have always displayed a date in the detail of it's anniversary...  and that date is displayed as 'Maturity Date.'

Usually a "maturity date" refers to a fixed rate, fixed term product where withdrawals (if allowed at all before the fixed term ends) are 

subject to an interest penalty.

In this case, it appears that this was a just an ISA with access available a certain number of times a year with a stated interest rate 

available for a year? That is to say, "maturity" referred only to the date on which the interest rate would cease to be available?

soulsaver

xylophone said:

I had to point out that whilst it was a limited access ISA, it was a 1 year account - and they have always displayed a date in the detail of it's anniversary...  and that date is displayed as 'Maturity Date.'

Usually a "maturity date" refers to a fixed rate, fixed term product where withdrawals (if allowed at all before the fixed term ends) are 

subject to an interest penalty.

In this case, it appears that this was a just an ISA with access available a certain number of times a year with a stated interest rate 

available for a year? That is to say, "maturity" referred only to the date on which the interest rate would cease to be available?

'Maturity' was the title they use, shown on their website, continuously shown in the account detail online.

And used used in the terms in several places.

In the terms section headed in bold 'Maturity', it says at the 12 month anniversary your funds will be transferred to an easy access account. ie a different account: Different access, different ac number, different rate.
 
It goes on to say that 2 weeks prior they'll give you alternative options. 

Usual or not, there is no doubt that this account has a maturity date.



. 

xylophone

different ac number,

Are you sure of this?

jameseonline

I noticed since they updated the app it says they can only close accounts in certain circumstances rather than just go to the website to close.