Coventry building society to Yorkshire building society

[Deleted User]

Hello.
Another basic question which l think l know the answer  too.

Anyway, l opened today the YBS  8% £50 per month regular saver but noticed that you can't fund the account  from another YBS  account.
I was going to use a already set up YBS easy access with £600 in it already.
SO can l use my Coventry  easy access to fund the YBS RS and vice versa?
Also £600 in the coventry account.

Janie2008

I didn't notice that unto too late and transferred £50 from my Ybs savings account. Don't know if it will bounce back. I tried the other day to transfer some money from the Coventry instant access to the Ybs and it said I couldn't so I had to go via my bank account. 

AmityNeon

Internal transfers from another YBS account are allowed, and the option for the initial deposit is even explicitly offered (along with debit card and bank transfer) during the application process.

trickydicky14

AmityNeon said:

Internal transfers from another YBS account are allowed, and the option for the initial deposit is even explicitly offered (along with debit card and bank transfer) during the application process.

Yes I noticed that, my £50 also came from YBS easy access account.

Descrabled

YBS £50

However, The Product Terms for this account state:

"You cannot add money from another account with Yorkshire or Chelsea Building Society."

[Deleted User]

Janie2008 said:

I didn't notice that unto too late and transferred £50 from my Ybs savings account. Don't know if it will bounce back. I tried the other day to transfer some money from the Coventry instant access to the Ybs and it said I couldn't so I had to go via my bank account. 

Yes, just tried myself and was unable  to proceed. 
Thank you.

[Deleted User]

AmityNeon said:

Internal transfers from another YBS account are allowed, and the option for the initial deposit is even explicitly offered (along with debit card and bank transfer) during the application process.

Well it's stated on the online page that this account (8%) can't be funded by another YBS  account. 
Thank you for replying. 

[Deleted User]

trickydicky14 said:

AmityNeon said:

Internal transfers from another YBS account are allowed, and the option for the initial deposit is even explicitly offered (along with debit card and bank transfer) during the application process.

Yes I noticed that, my £50 also came from YBS easy access account.

So is it the initial  deposit or can you set up a regular payment?
Thank you.

[Deleted User]

Descrabled said:

YBS £50

However, The Product Terms for this account state:

"You cannot add money from another account with Yorkshire or Chelsea Building Society."

I'm sure  it wasn't there when l opened  the account  this morning.
And was added later in the day?

Descrabled

I downloaded the Product Terms early this morning from YBS online site and saved to my desktop. This condition about funding is mentioned twice in these terms. I note also that a joint account is not allowed, even though I could have selected a joint account during the application process.

I always save and read the t&c for any account that I apply.

WillPS

It's a very peculiar condition.

All I can think is they're trying to make it clearer that they desire new money, but even if it turns out this term is enforced (and I have my doubts!) surely you could just withdraw to a linked account, pay from that account and achieve the exact same thing.

If they want to improve their overall deposits then they'll need to do better than a £50/month 1 year regular saver.