The Top Regular Savers Discussion Thread

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 

david72

@schiff Yes, I have not "dared" to try to open any new accounts with YBS since they introduced this dubious new third-party personal-data-slurping identity verification "service", for fear of triggering it (who are they, where would they be storing this sensitive data, what (else) would they be doing with it, and can we actually trust them to be secure and trustworthy - trust works both ways?) - admittedly this is rather sadly made easier to (not) do as YBS don't really offer any particularly competitive accounts at present, compared to a couple of years ago(!). 

It was annoying enough in the slightly further past when I had to visit a branch with documentation (on more than one occasion for several new accounts!), but this ridiculous over-zealousness will literally be the death of them: new and existing members/owners will find it less hassle and less confrontational to do without this aggressive attitude (Yorkshire folk are supposed to be friendly, what went wrong here?) and instead put new savings elsewhere. Sadly, financial institutions often too easily forget that reputations built up over decades and even centuries can be lost in an instant due to foolish decisions.

Kim_13

I used to open accounts speculatively but since YBS have gone down the further checks/Mitek route I have only opened those that I knew I would make decent/full use of - the £50 Regular eSaver. It would take a direct replacement or another Loyalty RS at 7% to make me bother at the moment.

drphila

Kim_13 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.

I’d also start with the ones that have the shortest term remaining (as it’s presumably less likely that you would need to replace the funds and thus be bothered that you were limited to whatever the monthly allowance is.)

Melton would be the penultimate, as an open ended account. Coventry does have an interest penalty yes (but keep an eye out for any rate reduction that could be used to obtain a penalty free withdrawal.)

Maybe still be possible to close without penalty now as a result of the last rate reduction according to the wording of the notification email (" If you decide to close your account because of this rate change, you can do so without notice, charge, or loss of interest within 30 days of the effective date") though the General Savings T&C say 30 days from the notification date.

Bridlington1

Aidanmc said:

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.

I've kept a limited access eSaver open with Penrith BS for membership purposes. I did this in part because AFAIK the NLA Penrith BS Regular Saver 300 (branch/post only) only allows postal withdrawals by cheque and internal transfer so as a workaround whenever I wish to make withdrawals from this account I request a transfer to the limited access eSaver and make a faster payment from there.

Bigwheels1111

david72 said:

@schiff Yes, I have not "dared" to try to open any new accounts with YBS since they introduced this dubious new third-party personal-data-slurping identity verification "service", for fear of triggering it (who are they, where would they be storing this sensitive data, what (else) would they be doing with it, and can we actually trust them to be secure and trustworthy - trust works both ways?) - admittedly this is rather sadly made easier to (not) do as YBS don't really offer any particularly competitive accounts at present, compared to a couple of years ago(!). 

It was annoying enough in the slightly further past when I had to visit a branch with documentation (on more than one occasion for several new accounts!), but this ridiculous over-zealousness will literally be the death of them: new and existing members/owners will find it less hassle and less confrontational to do without this aggressive attitude (Yorkshire folk are supposed to be friendly, what went wrong here?) and instead put new savings elsewhere. Sadly, financial institutions often too easily forget that reputations built up over decades and even centuries can be lost in an instant due to foolish decisions.

I tried to open a new account with YBS last year just after moving, they had my new address on all 7 accounts I had with them.

They wanted me to use the third party verification service.

I did not have any id they wanted, Licence with DVLA, No bills, no council tax etc.

I just gave up.

On the 01/01/26 my fixed term ISA matures & that will be the end of our dealings.

I have 19 Reg savers with 15 banks & building societies, none have needed this much info.

jameseonline

I've just checked my Market Harborough Regular Saver account and I'm wondering why they added £6.27 interest on the 30th November last year, do they do more than 1 interest payment a year then or did they mess up somewhere or is that when they usually do interest payments or what?.

I 1st funded it £250 on 30th September then £250 on 1st October, then £250 1st November then that interest came in.

If anyone could help that would be great.