Yorkshire Building Society

baby_boomer

Good timing, bristoleedsfan!

Unfortunately the fixed rates currently available to the OP from bona fide UK institutions (e.g. Nationwide 1 Year Bond 6.2%) are currently less than she would start earning on her YBS money (6.6%) heading into Year 2 - even though that rate might come under a combined attack from the Bank of England and YBS in due course.

TomsMom

baby_boomer wrote: »

Don't forget that the really big money on these regular savers is earned in year 2 ( which is why most of them last only 12 months).

Can you elaborate please BB. Is this because at the beginning of year 2, if you've managed to save the maximum each month then interest is being earned on £6,000+ from then on. (Maybe I'm having a senior moment tonight!!!)

Hubby and I both have a YBS regular saver, opened July 07. We've both managed £500 so far but I wont be able to keep this up, will probably drop down to £100 a month very soon but he has more money to play with!

bristolleedsfan

baby_boomer wrote: »

Unfortunately the fixed rates currently available to the OP from bona fide UK institutions (e.g. Nationwide 1 Year Bond 6.2%) are currently less than she would start earning on her YBS money (6.6%) heading into Year 2 - even though that rate might come under a combined attack from the Bank of England and YBS in due course.

While that is correct, O/P and others could get 6.62% from Coop fixed for a year, or do u not believe that Co-op is a "bona fide UK institution"

Disappeared from Money Facts, yet appears to be still avaliable.

http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1170748476616&pagename=CB%2FPage%2FtplStandard&loc=l

Pity ISA fixed rates are not that high whether from "bona fide uk institutions" or non "bona fide uk institutions" :laugh:

baby_boomer

bristolleedsfan wrote: »

do u not believe that Co-op is a "bona fide UK institution"

I was using MoneyFacts but, as it happens, Fitch downgraded the Co-op Bank to B/C in January. Admittedly not a problem for some, especially if you are going for fixed rate savings under £35K, but I would personally avoid it.

Another issue - for anyone withdrawing from YBS and going after a fixed rate deal is whether the issue will be withdrawn before you get your cheque to the new provider. Given your recent problems with BSs and post, I'm surprised you made that 6.9% Chelsea deal in time, bristolleedsfan .

bristolleedsfan

baby_boomer wrote: »

I
Another issue - for anyone withdrawing from YBS and going after a fixed rate deal is whether the issue will be withdrawn before you get your cheque to the new provider. Given your recent problems with BSs and post, I'm surprised you made that 6.9% Chelsea deal in time, bristolleedsfan .

We have both Yorkshire and Chelsea Building Societies in Bristol, so on first full working day of launch of Chelseas 6.9% fixed rate i visited Yorkshire BS branch transacted the withdrawal with withdrawal cheque going directly to Chelsea BS to do the

U may be suprised that my legs was able to venture out so far, its amazing the effect an excellent fixed rate savings offer can have on a body. :laugh:


Ive learnt something new again here BB. :laugh:

http://forums.moneysavingexpert.com/showthread.html?t=733151&page=2

Post No 11 here was another forum poster cracker. :laugh: ( i liked the response to it by another poster)

http://forums.moneysavingexpert.com/showthread.html?t=808981

mumsrevenge

Good News!
After a couple of phone calls this morning, Head Office at the Yorkshire have agreed that the bonus can be added on at the end of the year. As their systems don't recognise a bonus as being payable they will be adding it manually.....I don't care if they add it on from outer space as long as I get it!! I will be writing to them to formally accept, in case they forget later on.

xiox

This is a bit off-topic, but can I just confirm that the maximum amount is per calendar month, rather than every month from the opening date? I've read all the documentation but it just says "per month", so I assume it means a calendar month.

I'd like to put my money in at the start of each month, as my pay day moves around and bank holidays have a habit of appearing when you want to move money.

baby_boomer

TomsMom wrote: »

Can you elaborate please BB. Is this because at the beginning of year 2, if you've managed to save the maximum each month then interest is being earned on £6,000+ from then on.

No need to elaborate. You've understood exactly.

In the first year you only get a full year's interest on £500. In the second year it's on £6,500.

lr1277

xiox wrote: »

This is a bit off-topic, but can I just confirm that the maximum amount is per calendar month, rather than every month from the opening date? I've read all the documentation but it just says "per month", so I assume it means a calendar month.

I'd like to put my money in at the start of each month, as my pay day moves around and bank holidays have a habit of appearing when you want to move money.

I asked this when I opened the account last year and was told it was by calendar month.

If memory serves, withdrawls are per calendar year.

You may want to confirm both situations with Yorkshire.
You could try them on: 0845 1 200 100 if there is no branch near you.

HTH

TomsMom

baby_boomer wrote: »

No need to elaborate. You've understood exactly.

In the first year you only get a full year's interest on £500. In the second year it's on £6,500.

Oh good! Nice to know the old brainbox actually works properly sometimes LOL! Hopefully YBS will keep this rate very competitive, will probably earmark this money for future ISA funding probably starting 09/10.