The Top Regular Savers Discussion Thread

allegro120

gt94sss2 said:

This has reminded me that the Melton RS5 pays a lower interest rate on balances above £6,000.

Several here may be approaching that threshold.

I know one can change future interest payments on the account to be paid to another account to help mitigate this.

My question is can you withdraw from the RS5 without having to send back the passbook?

According to my notes "Withdrawals can be made to your nominated account by phone or by sending a secure message in online banking." 

Bridlington1

IanManc said:

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

I was able to just close my Penrith Regular E-Saver 200 online. If you go to details it should come up with an account closure option on the left hand side:

From there you can request the funds go to your nominated account.

ForumUser7

IanManc said:

Bridlington1 said:

IanManc said:

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

I was able to just close my Penrith Regular E-Saver 200 online. If you go to details it should come up with an account closure option on the left hand side:

From there you can request the funds go to your nominated account.

When I tried that I got a secure message in response saying that I wasn't allowed to close it, and that they would only close it on the fifth withdrawal.

So I had to make the five withdrawals which took a week.  :'(

This made me smile because it is the exact kind of thing I would do lol. I never understand why some organisations implement silly rules, especially when they are relatively easy to get around - but just a faff for both parties involved. Like, rather than paying the fees for one withdrawal and processing it they had to pay the fees for 6 (5+the closure transfer) which will have taken much longer.

Bridlington1

IanManc said:

Bridlington1 said:

IanManc said:

Bridlington1 said:

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

To "refresh" the Penrith one you have to go through a few hoops. You can't just close it. 

It gets shut when you make your fifth withdrawal from it. 

I was able to just close my Penrith Regular E-Saver 200 online. If you go to details it should come up with an account closure option on the left hand side:

From there you can request the funds go to your nominated account.

When I tried that I got a secure message in response saying that I wasn't allowed to close it, and that they would only close it on the fifth withdrawal.

So I had to make the five withdrawals which took a week.  :'(

I was able to close mine in April without having made the 5 withdrawals. Indeed this is the statement for the account to prove it:



I've just had a closer look at my Penrith secure messages and I've found a secure message dated 7th April thanking me for my withdrawal of £200 (doesn't specify which account) so it seems I didn't use the method I suggested.

Instead it appears I simply requested a withdrawal for the full balance of the account at the time (£200), this took the balance to £0, which is below the £1 minimum balance and thus they closed the account on these grounds.

Aidanmc

Thanks all for the helpful info.

Regarding Penrith and Darlington if i close the RS's and they are the only accounts i hold there, will i still be able to keep my login details?

Kim_13

Aidanmc said:

Thanks all for the helpful info.

Regarding Penrith and Darlington if i close the RS's and they are the only accounts i hold there, will i still be able to keep my login details?

As you mentioned others maturing in a couple of months, surely you could keep Penrith open anyway. If it’s a fifth withdrawal that triggers closure, just use 1 withdrawal per month to fund other RS in the meantime and you won’t get to 5 before other monies become available. Only £1 is required to keep it open. 

Darlington allow 2 withdrawals without closing the account, if you have the 12 month account. Also minimum £1 to keep it open.

surreysaver

Aidanmc said:

Thanks all for the helpful info.

Regarding Penrith and Darlington if i close the RS's and they are the only accounts i hold there, will i still be able to keep my login details?

Once I have a relationship with an organisation, if my account(s) with them become unattractive, I will always keep the minimum in one account in order to maintain a relationship and login with them 

Aidanmc

Kim_13 said:

Aidanmc said:

Thanks all for the helpful info.

Regarding Penrith and Darlington if i close the RS's and they are the only accounts i hold there, will i still be able to keep my login details?

As you mentioned others maturing in a couple of months, surely you could keep Penrith open anyway. If it’s a fifth withdrawal that triggers closure, just use 1 withdrawal per month to fund other RS in the meantime and you won’t get to 5 before other monies become available. Only £1 is required to keep it open. 

Darlington allow 2 withdrawals without closing the account, if you have the 12 month account. Also minimum £1 to keep it open.

Yeah, will leave them open then with min balance. Only opened them few months ago anyway.

schiff

For me there is no worse experience in the savings accounts world than opening a new account with YBS. My Regular eSaver matured 28/6, I applied for a new one but not unexpectedly I was told I couldn't. So I closed the previous one which had had the interest added and the funds are now in my easy access account (not with YBS). And now I was allowed to apply for the new not very exciting (4.45%) version.
Logged in and set off. They knew it was me as my log-in was successful and as I started to go through the requirements I found that most of the answers were pre-populated eg 'when you last applied for an account your address, phone number, email, DOB, etc were' - and they were already there, so I just ticked the boxes as required. The only questions I had to answer were how do you intend to fund it and how much do you intend to deposit. So YBS definitely KNEW me.
I was told that an email would be sent. It arrived quickly - we need to verify some things about you and we use an outfit called Mitek. A selfie, photo of my driving license (front and back) and a photo of my council tax bill. I've been through this routine half a dozen times before, every time I've applied for a new account, so I went through it once more. Got all the ticks in the right places. The new account already numbered has been added to the list on my YBS app but it bears the warning 'Deposits not allowed'. 
I've been a YBS investor for several years, had numerous accounts - got five at the moment all of which have had transactions in the last few months and all of which with the same personal ID details. There seems no earthly reason why they do this to me but they say that they do this for every application for a new account - which I know to be manifestly untrue as many MSE posters get accounts set up and funded in a matter of minutes. I've beefed about it with a letter addressed FTPA of the CEO. Got nowhere, the usual line. As Balotelli famously asked 'WHY ME?'
I have over 60 accounts all over the spectrum, none make this imposition.  
I still have the Christmas and Loyalty RSs on the go at barely acceptable interest rates - like the new one.
It wouldn't grieve me to bid farewell to YBS for ever.



 

friolento

schiff said:
It wouldn't grieve me to bid farewell to YBS for ever.

Let's hope they will not make that difficult for you, too