Demise of N and P E family regular saver
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ashteadgirl
Posts: 275 Forumite
Very sad day! With Yorkshire Building Society taking over Norwich and Peterborough had letter today stating that my N and P E family regular saver with present interest rate of 0.5% + 3% bonus will be changing to YBS Online triple access saver with interest rate 0.85% :eek::mad::eek::mad:
Well I do not think many of us will be leaving our money there. Absolute disgrace treating loyal N&P customers like that.
My advice to anyone else with N&P savings account - check what they are changing to walk away if not happy.
Well I do not think many of us will be leaving our money there. Absolute disgrace treating loyal N&P customers like that.
My advice to anyone else with N&P savings account - check what they are changing to walk away if not happy.
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B@gger.
Can I ask the dates please?
I've been keeping my head very low down on this acccount!
Wonder what they'll do with those of us with (also) a N&P and Yorks RS in addition to this efamily account.0 -
I believe that the subject line of the letter about the changes is misleading and the statement that there are no bonus accounts that N&P Savings Accounts can change to is also misleading as it is only their choice not to allow such a change that means there are no accounts.
The subject of the letter includes the words "your interest rate is increasing. We are also withdrawing bonus accounts". The words "your interest rate is increasing" gives the impression that the return on existing accounts is increasing. But the text of the letter gives the true picture - "an interest rate of 0.5% + 1.5% bonus will change to a YBS Online triple Access Saver Accont with an interest rate of 0.85%". So for most customers who will meet the bonus conditions, the rate does not increase, but decreases from 1.5% to 0.85%. I believe that the subject line of the letter is misleading.
Further down in the letter, there is a statement that "We withdrew YBS bonus accounts which means that there are no bonus accounts that N&P Savings Accounts can change to". The YBS Regular Saver Issue 2 product equivalent to the N&P E-Regular Savings Account was withdrawn on 14th December 2017, but was transferred to a YBS Single Access Saver Unique Edition account which pays an interest rate of 1.5% for 12 months. So despite what their letter says, there is a YBS account to which N&P Savings Accounts could change to in July in the same way as was done for YBS customers with the equivalent account last December. Additionally, YBS customers were allowed to make one off topups to that accounts to a maximum of £22,000 and unrestricted access without loss of bonus or interest was allowed for a period of two months.0 -
Absolute disgrace treating loyal N&P customers like that
Not that they bought your "loyalty" with a loss leading interest rate at the expense of other customers getting lower rates.0 -
Has anyone else NOT been contacted about the changes to this or the 'normal' N&P Regular Saver account?0
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veryintrigued wrote: »Has anyone else NOT been contacted about the changes to this or the 'normal' N&P Regular Saver account?
Yes me.
Already trying to figure out where to park the funds from 2 x e family reg and 2 x family reg.0 -
Speculator wrote: »Yes me.
Already trying to figure out where to park the funds from 2 x e family reg and 2 x family reg.
Thank you - similar issues here!0 -
This is from the Yorkshire Building Society
MONTHLY REGULAR SAVER
The Monthly Regular Saver can be opened in branch or by post.
It's a straightforward way to save through our branch and agency network, allowing access to your money with one withdrawal day each account year, based on the anniversary of the account opening date.
Key features
Save up to £500 per month for 2 years
Pays a variable** rate of interest
Interest paid annually
One withdrawal day per year based on the anniversary of account opening, plus closure if required
Only one account per person
Register to view and manage your account online (minimum age 16)
2.00%
gross!!!8224; p.a./AER* variable**Save up to £500 per month for 2 years
Pays a variable** rate of interest
Interest paid annually
One withdrawal day per year based on the anniversary of account opening, plus closure if required
Only one account per person
Register to view and manage your account online (minimum age 16)
you may have this already
and there is Principality B/S also £ 500 pcm pay in
just opened Lloyds Monthly Saver after your recent post regarding opening datesMortgage Free 02/02/20240 -
I have an EasyPlus account from a matured Gold Reg Saver. It pays 1.5%, gives instant access, and changes with base rate, so it's a pretty useful account at the moment. They are also changing these to triple access savers at 0.85% and selling it as an improvement because you get one extra withdrawal per year. I think not!
It's a pretty shoddy way to treat customers. It is their decision not to honour these accounts and nothing to do with whether YBS brand has the same account or not. This has to be worth a complaint.0 -
Still no paperwork received here - even after sending them a message last week.
They said we should all receive it by the end of the week. That's not happened.
Why they can't send it all out together is bewildering.0 -
veryintrigued wrote: »Still no paperwork received here - even after sending them a message last week.
They said we should all receive it by the end of the week. That's not happened.
Why they can't send it all out together is bewildering.
Received my letter today.
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