Yorkshire BS Regular Saver c2008 vintage slashed
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so Issue 2 is going as well but I have not had a letter from YBS to confirm this as of yet ....
I messaged YBs and got this reply
"all issues of the Regular Saver will be affected by the upcoming changes. We are currently in the process of issuing these letters to all of our impacted customers so you should be receiving yours soon"
To me this sounds like even the miserable newest 1.75% regular saver will be going as well
I've got one of the awful 1.75% regular savers, so I wouldn't be too bothered if it closed early. I will just have to wait and see.0 -
Yorkshire_Pud wrote: »I'm going to withdraw all but £10 on or ASAP after 14th October, then put £490 in to make up the £500 allowed for October. On 1st of November I'm going to put £500 in, ditto 1st December.
A little extra interest after locking in the two months suppositional interest on 14th October.
So if I've got it right I can still get interest at 3.55% for an additional two months on the £500 allowed deposits from October 14th to December 13th.
The bonus conditions from 14 October 2017 to 13 December 2017 state bonus will only be paid on the first £20,000.
So say you have £19,700 in the account on 13th October I think it's only worth adding another £300 over the next two months as any more would only earn 0.05%.Does anyone have both/either of the general and the specific terms and conditions going back to Issue 1. This is such a major change to the terms of the account (removing an annual bonus) that I cannot believe it would have been anticipated at the time. The current terms permitting changes, include 'to enable us to manage our business (and its growth) prudently', but I doubt whether this was included as a term some 10 years ago, and even if it was, I doubt it would be considered to cover the change being implemented. If you have got a copy of the original terms, I would be interested in seeing it (I am currently going through some old paperwork, but doubt if I still have it - last time I went in to have the book made up, the cashier commented that it was important for me to maintain the regular payments, as then they couldn't remove the bonus!).
I have the regular saver T&Cs booklet from April 2008. I think this replaced the original one when the interest payment date was changed from the anniversary of the account opening to the first day of the anniversary month.
Anyway this does include reason ix) 'to enable us to manage our business (and its growth) prudently', for when changes in terms can be made.0 -
The bonus conditions from 14 October 2017 to 13 December 2017 state bonus will only be paid on the first £20,000.
So say you have £19,700 in the account on 13th October I think it's only worth adding another £300 over the next two months as any more would only earn 0.05%.
I think he said he will be reducing the balance to £10 on the 14th of October. Therefore, he is allowed to add £490 in October and £500 in Nov and Dec because the balance will be below £20K0 -
The bonus conditions from 14 October 2017 to 13 December 2017 state bonus will only be paid on the first £20,000.
So say you have £19,700 in the account on 13th October I think it's only worth adding another £300 over the next two months as any more would only earn 0.05%..
My plan which I'm not advising anyone else to do in case I'm wrong but I don't think I am is that as the bonus is paid on 14th October for the following two months regardless of any withdrawals after 14th Oct there is nothing to stop me withdrawing all but £10 and putting that money in another account where it earns interest. It won't earn any more in the Reg Saver except 0.05%.
Then with the depleted balance I can make the £500 per month deposits I wouldn't have otherwise done and earn 3.55% on that. Not life changing amounts but maxing it out as much as I can.
Then on 14th December, if I want to earn 1.5% variable I can put the funds back but hopefully with interest rates creeping up I won't be bothered to and as YBS want to kill off this account I can only see them reducing the rate as well as its one withdrawal a year etc so a poor sort of account.0 -
Speculator wrote: »I think he said he will be reducing the balance to £10 on the 14th of October. Therefore, he is allowed to add £490 in October and £500 in Nov and Dec because the balance will be below £20K
Sorry I wasn't saying he wouldn't be allowed to add extra money. I know the balance is being reduced to £10 on the 14 Oct. I just don't think you'll earn 3.55% on the deposits in Nov and Dec. e.g. receive bonus on £19700 from 14 Oct to 13 Dec on 14 Oct. Reduce balance to £10. Then add £490 but only £300 of that will be eligible for the bonus (credited the following day). Pay £500 in Nov and £500 on 1 Dec - none of this will be eligible for the bonus. That's just how I interpret it anyway.0 -
The letter said the bonus will be paid and credited 'the next day' on deposits up to £500 made after the 13th October.
Anyone can make a withdrawal to reduce the overall balance and get interest on the subsequent deposits (maybe). That's how the account worked in the past.0 -
GreenBitterfly wrote: »I've got one of the awful 1.75% regular savers, so I wouldn't be too bothered if it closed early. I will just have to wait and see.
The way things are ever sliding downwards even the awful low 1.75% interest rate is exciting.
I thought of it as the sacrificial goat before this week - thinking it was the account to plunder for financial emergencies.
But looking at flexible ISAs and bonds yesterday even 1.5% seems like mission impossible ...“Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”0 -
Just transferred £490 X 2 into our Issue 1 for 2 months free interest on £980.0
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Please can I confirm this closure is for issue one YBS regular saver?
I've not seen anyone specify the account name on either thread and no letter here yet either.
I have Regular Saver October Issue 2
paying 0.50% plus 2% bonus - interest just paid on October 1st
and also the recent Monthly Regular Saver paying the miserable 1.75%
Letter received today .. Regular Saver 2 going the same direction as Reg Saver 1 .. date 14-12-2017 .. exclusive rate 1.50% in Single Access Saver Unique Edition .. same as above postings0 -
patientperson wrote: »Letter received today .. Regular Saver 2 going the same direction as Reg Saver 1 .. date 14-12-2017 .. exclusive rate 1.50% in Single Access Saver Unique Edition .. same as above postings
thanks for this, our post delays, often a day behind everyone else
Still not fully sure what strategy to take, wether to just leave whats left in the YBS saver 2 until early December and then close it.
But I've opened a Chorley and a Homesdale in the meantime.“Create all the happiness you are able to create; remove all the misery you are able to remove. Every day will allow you, --will invite you to add something to the pleasure of others, --or to diminish something of their pains.”0
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