yorkshire reg saver

moneysavingaddict07

Can someone tell me how interest is calculated for the YBS reg saver.
I received a call back from YBS explaining the way the interest is worked out is see how much you have in your account at the end of the account year. I know interest is paid at the end of the year but I didn’t know they just give 6.35%(gross/less than one withdraw per acc. year) on the balance.

So i even said would I get the same interest for putting £50/month for 12 months, as I would by £10/month for 11 months and £490 in the last? The guy said yes and I’ve asked for him to send me a booklet where
on how interest is calculated.

Can anyone confirm this?

bristolleedsfan

moneysavingaddict07 wrote: »

Can someone tell me how interest is calculated for the YBS reg saver.
I received a call back from YBS explaining the way the interest is worked out is see how much you have in your account at the end of the account year. I know interest is paid at the end of the year but I didn’t know they just give 6.35%(gross/less than one withdraw per acc. year) on the balance.

So i even said would I get the same interest for putting £50/month for 12 months, as I would by £10/month for 11 months and £490 in the last? The guy said yes and I’ve asked for him to send me a booklet where
on how interest is calculated.

Can anyone confirm this?

Interest is "calculated" daily based on daily balance and applicable variable interest rate. Interest is "paid" on the anniversary of the account opening.

Current rate is 6.35% Gross and includes bonus which is payable as long as bonus conditions are met.

http://www.ybs.co.uk/savings/regular/regular_saver/index.jsp

moneysavingaddict07

bristolleedsfan wrote: »

Interest is "calculated" daily based on daily balance and applicable variable interest rate. Interest is "paid" on the anniversary of the account opening.

Current rate is 6.35% Gross and includes bonus which is payable as long as bonus conditions are met.

http://www.ybs.co.uk/savings/regular/regular_saver/index.jsp

Hi Bristolleedsfan,
that's what I thought as no bank in their right minds would just pay out the balance at the end of the year. So i did try and look for it on their website but found nothign to confirm this.