The Old Regular Savers Discussion Thread 28/12/24-29/1/26

allegro120

@Pippilongstocking Kim_13 said:

£26.96 for me, which I suspect can be explained as I have sometimes funded by Halifax DC. As the account says it will mature in one day and the interest has been credited today, wouldn’t instructing closure today result in a deduction of a day’s worth of interest? 

This explains why I got 5p less than @pecunianonolet, I might have funded by Halifax DC once or twice.
You are right about 1 day interest loss. I haven’t thought of this when closing my account. 

Emily_Joy

Section62 said:

Bob2000 said:

friolento said:

Bob2000 said:

flaneurs_lobster said:

Bob2000 said:

MonBS APP EXCLUSIVE  RS 7%

Would MonBS close the account  because of non-app use?

If it were any other building society then I would say "No way" but..... 

Well l thought  I'd contact the people who would know but in the end decided  to get in touch with Monmouthshire instead!

What did they say?

Just had a read of the message sent from Monbs. Said you don't need the app once opened as you can use/see your transactions online. BUT the guy did say if you delete the app they MAY close the account.

Interesting... as there was nothing I saw in the T&C's saying you had to keep the app active as a condition of holding the account, nor anything saying they could close the account if you deleted the app.

And given how flaky the app seems to be, requiring non-deletion wouldn't seem to be a reasonable condition.

I have had to jump through a few hoops but finally managed to install Monmouth app on a 7 years old smartphone. The phone is typically not connected to the internet for months, so there is no way for Monmouth to know whether the app still installed... 
(Otherwise, "Run in the background" feature would allow Monmouth to see that the app is still installed, though). 

clowning

I opened a YBS loyalty regular esaver in May this year paying 5.05%. I have learned from this thread that the rate will be dropping on 2nd Oct. (I don’t seem to have had an email about it). Does that mean that I can close the account now please? Thank you

ForumUser7

clowning said:

I opened a YBS loyalty regular esaver in May this year paying 5.05%. I have learned from this thread that the rate will be dropping on 2nd Oct. (I don’t seem to have had an email about it). Does that mean that I can close the account now please? Thank you

If it’s the same account that’s currently available:

Can I withdraw money?

You can withdraw money from this account on any 1day a year, starting from the day you opened it. For example, if you opened the account on 2 May you have until 1 May the next year to make your withdrawal.

For security reasons, you cannot withdraw money for the first 14 days after you open the account.

If you make a withdrawal using CHAPS, there will be a fee.

To keep your account open, you need at least £1 in your account.

You can close your account at any time.

https://www.ybs.co.uk/savings/product?id=YB901826W

jameseonline

Kim_13 said:

Hattie627 said:

OrangeBlueGreen said:

Hattie627 said:

I've been doing RS's since 2016 and currently have 51. So I kind of understand how it works. Not sure though I want to go as low as £50 a month, even for 8%. YVMV

And there was me thinking I had too many at ....6!  :-)

I do wonder how low the monthly payment and how high the interest rate could reach before people lose interest (pun intended). The next marketing wheeze might be a 10% interest with a £25 monthly limit. Yes, you won't get a better rate for those chunks of £25 while it lasts, but when does the effort of opening, managing, closing and keeping records for tax purposes outweigh the benefit? Particularly when you're paying tax at 40%. 

In that case such an account would likely be more popular if it was a 12 month rather than a 6 month version, and could be used to push interest into the next tax year and be accounted for in that year’s PSA. For those on PAYE who prefer to switch to an ISA as soon as the £500 is accounted for, the extra effort is minimal unless the provider make requests for ID and the customer can’t seamlessly upload a photo ID, either because they don’t have one or the provider want certified copies etc. From experiences recounted in the thread, Saffron and Principality have been less hassle for £50 savers than YBS.

I suspect the inspiration for £50 Regular Savers came from Help to Save, though.

Maybe YBS will learn to sort their dumb security out, it's the reason I couldn't get their £50 saver & possibly others, took out money from a maturing account, closed some accounts and only have £4 in accounts with them now.

But YBS haven't offered anything good since anyways.

poshrule_uk

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

chris_the_bee

poshrule_uk said:

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

No, you need an open account to be a member

Bridlington1

chris_the_bee said:

poshrule_uk said:

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

No, you need an open account to be a member

In addition YBS's systems have been known to struggle with determining how long you've been a member for if your membership consists of a series of overlapping savings accounts so it would probably be worth keeping hold of your oldest YBS account to reduce the likelihood of them having to manually check how long you've been a member.

jameseonline

poshrule_uk said:

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

Yea keep at least 1 account with £1 in an account to remain "Loyal", something may come up in future that's worth applying for but their/Mitek? security may reject you despite being loyal & with them for several years etc.

I keep at least £1 (or whatever the minimum is with easy access etc, Saffron is £10, Cambridgeshire is £100) with several banks, building societies etc just in case something worthwhile comes up, hense why I'm eligible for the recent Skipton, Monmouthshire etc straight away.

Loyalty accounts usually mean you having an account for at least a year so quicker you fund an account the quicker you'll be eligible for anything that comes up.

Kim_13

poshrule_uk said:

I guess once I empty my YBS it's probably worth 🪟 another account with YBS and keeping a £1 in or does just being a customer on there database be enormous for any future prone loyal products?

Just withdraw all but £1 of the £50 eSaver balance when it matures. The account will have been open for a year (as per their recent emails) so you’d automatically qualify for any Loyalty offering rather than having to run another 1 year clock down.