YBS Reg saver to MBNA?

aliasojo

My year is up with the YBS regular saver and as the funds in it were a slow stooze with MBNA 0% funds, they now have to get paid back to MBNA as the interest free period is ending.

In the withdrawal/transfers section on the YBS online account page, it gives you the option to transfer funds to an external organisation, so can I transfer straight to MBNA or is it only bank accounts and the like that you can withdraw to?

Also does £215 sound right as the amount of interest added? 12 monthly payments of £500 were made and I'm a non tax payer.

YorkshireBoy

aliasojo wrote: »

In the withdrawal/transfers section on the YBS online account page, it gives you the option to transfer funds to an external organisation, so can I transfer straight to MBNA or is it only bank accounts and the like that you can withdraw to?

If it allows a 'reference' field, as well as sort code and account number, then you should be able to transfer anywhere. If you have an Internet Saver, maybe you should send a £1 test payment from there beforehand to check everything works?

Also does £215 sound right as the amount of interest added? 12 monthly payments of £500 were made and I'm a non tax payer.

Assuming an average (total) interest rate of just under 6.75%, then yes the figure looks OK...

£6,000 x 6.75% / 12 x 6.5 = £219.38

I received £250 gross last January, but the average interest rate was much higher from Jan-07 to Jan-08 than it has been during your account year.

aliasojo

As ever, thanks YB. Good idea about the test thing, I'll try that out.

YorkshireBoy

aliasojo wrote: »

Good idea about the test thing, I'll try that out.

If you intend keeping the Regular Saver open, then don't make your test payment from there...whatever you do!

aliasojo

Ok, I wont........but why?


Edit.....ah it's because you can only make one withdrawal........doh!

YorkshireBoy

aliasojo wrote: »

Ok, I wont........but why?

If you make more than one withdrawal in any account year you lose the 3.5% AER bonus interest rate...which would mean the remaining balance would earn only 2.85% APR instead of the (current) 6.35% AER with bonus.


EDIT: You beat me to it!