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YBS Regular Saver

edited 30 November -1 at 1:00AM in Savings & Investments
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marka87ukmarka87uk Forumite
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edited 30 November -1 at 1:00AM in Savings & Investments
Hi,

I'm interested in opening a YBS Regular Savings account, currently at 6.85%, and saving between £250 and £500 per month.

Before I proceed, can I ask, would I need my salary paid into a YBS account to qualify? And would I be able to set up a direct debit to fund it from a NatWest account?

Thanks. :)
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Replies

  • bristolleedsfanbristolleedsfan Forumite
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    marka87uk wrote: »
    Hi,

    I'm interested in opening a YBS Regular Savings account, currently at 6.85%, and saving between £250 and £500 per month.

    Before I proceed, can I ask, would I need my salary paid into a YBS account to qualify? And would I be able to set up a direct debit to fund it from a NatWest account?

    Thanks. :)

    Nope no requirement for salary to be paid into YBS. ;)

    Yes can be funded from Natwest Current Account. ;)
  • masonicmasonic Forumite
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    marka87uk wrote: »
    And would I be able to set up a direct debit to fund it from a NatWest account?
    No, you can't set up a direct debit. You can however set up a standing order to transfer the money into your YBS account from the Natwest end, or making individual payments by debit card.
  • Can you fund it from a Sainsbury's account?
    Noobie (not so :D) trying to make loads a dosh - please bear with all my questions :beer: Thanks :D


  • oldfellaoldfella Forumite
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    if you can the best approach is to deposit money into the YBS internet saver and then setup an automatic monthly transfer to the reg saver on the 1st
  • knightsknights Forumite
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    Can you fund it from a Sainsbury's account?


    You can but you have to do each payment manually. There is no facility to set up a regular standing order.

    regards
  • Nick_CNick_C Forumite
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    As Old Fella says, set up a YBS Internet Savings Account at 6%AER (with a monthly interest option if you want it).

    Deposit your savings and your monthly cash allowance into it. You can push money from your current account, or pull into the YBS account with a debit card. If you use a debit card, you can do the transaction the day before pay day, but it takes 3 working days for the money to clear.

    Then set up the regular monthly transfer from the Internet Saver to the regular saver, and use your Link card to access your ready cash in the internet saver.
  • marka87ukmarka87uk Forumite
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    Well, all set up now :) ! Very pleased with how you can fund the account with a debit card online too!

    Shame that they do not support exporting to Microsoft Money though (as far as I can see)... :(

    Oh, and the rate online is currently showing as 3.35% (obviously excluding the conditional bonus). When does the conditional bonus rate get paid? As a lump sum after 12 months if the conditions are met, or?!
  • masonicmasonic Forumite
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    marka87uk wrote: »
    Oh, and the rate online is currently showing as 3.35% (obviously excluding the conditional bonus). When does the conditional bonus rate get paid? As a lump sum after 12 months if the conditions are met, or?!
    Yes, you get either 3.35% or 6.85% paid after 12 months depending on whether or not you meet the terms.
  • masonicmasonic Forumite
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    Nick_C wrote: »
    If you use a debit card, you can do the transaction the day before pay day, but it takes 3 working days for the money to clear.
    IME, it takes 5 working days for the money to reach the account if you send it by standing order/BACS, so debit card payments are slightly quicker to start earning interest (though you can't send them before the first of the month as you can with transfers).
  • The interest and the conditional interest are paid as two separate amounts on the anniversary.
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