Yorkshire BS Regular Saver c2008 vintage slashed

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  • mhoc
    mhoc Posts: 19,262 Forumite
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    Paul_DNAP wrote: »
    Got my letter too, absolutely gutted, been a great account and very nice earner.


    My plan is to keep the funds in the new 1.5% account, I know it's not the best rate out there but the only way to beat it significantly is to lock it away for a while and if I am going to do that I think I will do it under the wrapper of next year's ISA so I can't lock it too heavily right now.


    Although, now I no longer have 3.55% earnings on what is close to £20k then I am no longer going to be bubbling around the personal savings allowance with my interest earning am I, so maybe an ISA isn't strictly necessary anymore?


    One thing is absolutely certain, the account will be well and truly closed before it drops to the 0.6% rate.

    I am not sure its even possible to get a 1 year ISA with 1.5% fixed interest - even with no withdrawals.

    I've not been saving very long but I was building good balances with the Cheshire and the old Nationwide monthly saver (you could put in £1000 each month) before both closer.
    It was very easy just having 2 accounts especially as both had no end dates but now I've had to adapt and the proceeded of these are spread across several different regular savers.
    “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.”
  • Paul_DNAP
    Paul_DNAP Posts: 751 Forumite
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    I do consider my ISA-pots as a long-term investment so I would not be adverse to go for a longer term, 5 years if the rate is much better than the 1.5% at YBS. But I can't lock it all away as the YBS with it's "one access per year" was nominated as my "emergency fund" if any large unforeseen expenses came up because after my 123 current account I don't have much that is "instant access".


    It is going to a depressing April, I have an ISA, a Fixed rate saving bond, and now this YBS regular saver that will all need a new home, and probably all at a fraction of the rate they're maturing from.


    There does seem to be a bit of a dearth in regular savings type accounts. One option that has just sprung to my mind is that instead of funding the YBS saver I could increase my pension contributions, either the AVC to my work pension or my secondary private pension pot. Again, that's a very long term option and it's well and truly locked away - but if I consider that the primary aim of my savings is to be there to spend when I stop earning then it makes sense as a strategy.


    I will need to put a pencil sharpener and a new notepad on my Santa list this year to work this one out!
    (Although I could be wrong, I often am.)
  • mhoc
    mhoc Posts: 19,262 Forumite
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    Paul_DNAP wrote: »
    I do consider my ISA-pots as a long-term investment so I would not be adverse to go for a longer term, 5 years if the rate is much better than the 1.5% at YBS. But I can't lock it all away as the YBS with it's "one access per year" was nominated as my "emergency fund" if any large unforeseen expenses came up because after my 123 current account I don't have much that is "instant access".


    It is going to a depressing April, I have an ISA, a Fixed rate saving bond, and now this YBS regular saver that will all need a new home, and probably all at a fraction of the rate they're maturing from.


    There does seem to be a bit of a dearth in regular savings type accounts. One option that has just sprung to my mind is that instead of funding the YBS saver I could increase my pension contributions, either the AVC to my work pension or my secondary private pension pot. Again, that's a very long term option and it's well and truly locked away - but if I consider that the primary aim of my savings is to be there to spend when I stop earning then it makes sense as a strategy.


    I will need to put a pencil sharpener and a new notepad on my Santa list this year to work this one out!

    There are much fewer than there was but have a look at the thread further down called

    Regular Savings Accounts: The Best Currently Available List!

    Its a good place to find the less obvious regular savers - some of the regional ones are quite acceptable - better than 1.5% anyway
    “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.”
  • oldfella
    oldfella Posts: 1,534 Forumite
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    full interest paid today up to mid December. Moved most of the capital out, then will move in £500 a month starting next week.
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,860 Forumite
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    edited 14 October 2017 at 8:22AM
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    Yes interest added today but Faster Payments take a few days with YBS.

    I believe the instruction has to be made or is counted as being before 5pm on a working day and the Faster Payment is then sent the next working day, which means even if instruction is made today saturday or tomorrow and account debited immediately, the money won't arrive until Tuesday? Although think I've done a FP request on a Sunday and it gets paid on the Monday.
  • oldfella
    oldfella Posts: 1,534 Forumite
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    My memory is that a transfer early morning reaches your bank by midday on working days.

    Not sure though.
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,860 Forumite
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    Done payment request account debited immediately but no matter as not earning any interest now.

    Noticed a message atop opening page saying YBS Internet banking will not be available Sunday 15th from 2.30am until 18:00 approximately.
  • Frogletina
    Frogletina Posts: 3,899 Forumite
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    oldfella wrote: »
    full interest paid today up to mid December. Moved most of the capital out, then will move in £500 a month starting next week.

    Have you not paid any money in this month? I've already paid in £10 and I was sure the £500 limit still exists so I was going to withdraw everything except £10 and then add £490.

    frogletina
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    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,860 Forumite
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    Frogletina wrote: »
    Have you not paid any money in this month? I've already paid in £10 and I was sure the £500 limit still exists so I was going to withdraw everything except £10 and then add £490.

    frogletina

    Snap! That's what I've done.
  • pafpcg
    pafpcg Posts: 885 Forumite
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    edited 15 October 2017 at 3:30PM
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    Yorkshire_Pud wrote: »
    ........ but no matter as not earning any interest now.

    The funds in an Issue2 account are still earning interest at 0.5% (until Dec14th when it becomes 1.5%).

    What we've had credited to our accounts today (Oct14th) is the bonus interest at 2.0% for the days since the last bonus payment (eg Aug1st) until Dec13th (when the bonus ceases).

    [Edited to clarify that this post refers to Issue2 of the YBS Regular Saver; the rates are different for Issue1]
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