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  • FIRST POST
    • ashteadgirl
    • By ashteadgirl 23rd Apr 18, 12:31 PM
    • 143Posts
    • 200Thanks
    ashteadgirl
    Demise of N and P E family regular saver
    • #1
    • 23rd Apr 18, 12:31 PM
    Demise of N and P E family regular saver 23rd Apr 18 at 12:31 PM
    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%
    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.
Page 1
    • veryintrigued
    • By veryintrigued 23rd Apr 18, 12:35 PM
    • 2,415 Posts
    • 1,853 Thanks
    veryintrigued
    • #2
    • 23rd Apr 18, 12:35 PM
    • #2
    • 23rd Apr 18, 12:35 PM
    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.
    Last edited by veryintrigued; 23-04-2018 at 12:49 PM.
    • CJL
    • By CJL 23rd Apr 18, 12:38 PM
    • 12 Posts
    • 5 Thanks
    CJL
    • #3
    • 23rd Apr 18, 12:38 PM
    • #3
    • 23rd Apr 18, 12:38 PM
    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.
    • PeacefulWaters
    • By PeacefulWaters 23rd Apr 18, 1:42 PM
    • 8,318 Posts
    • 10,664 Thanks
    PeacefulWaters
    • #4
    • 23rd Apr 18, 1:42 PM
    • #4
    • 23rd Apr 18, 1:42 PM
    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.
    • veryintrigued
    • By veryintrigued 26th Apr 18, 6:20 PM
    • 2,415 Posts
    • 1,853 Thanks
    veryintrigued
    • #5
    • 26th Apr 18, 6:20 PM
    • #5
    • 26th Apr 18, 6:20 PM
    Has anyone else NOT been contacted about the changes to this or the 'normal' N&P Regular Saver account?
    • Speculator
    • By Speculator 26th Apr 18, 8:22 PM
    • 1,778 Posts
    • 1,386 Thanks
    Speculator
    • #6
    • 26th Apr 18, 8:22 PM
    • #6
    • 26th Apr 18, 8:22 PM
    Has anyone else NOT been contacted about the changes to this or the 'normal' N&P Regular Saver account?
    Originally posted by veryintrigued
    Yes me.

    Already trying to figure out where to park the funds from 2 x e family reg and 2 x family reg.
    Last edited by Speculator; 26-04-2018 at 8:23 PM. Reason: .
    • veryintrigued
    • By veryintrigued 26th Apr 18, 8:32 PM
    • 2,415 Posts
    • 1,853 Thanks
    veryintrigued
    • #7
    • 26th Apr 18, 8:32 PM
    • #7
    • 26th Apr 18, 8:32 PM
    Yes me.

    Already trying to figure out where to park the funds from 2 x e family reg and 2 x family reg.
    Originally posted by Speculator
    Thank you - similar issues here!
    • solartom
    • By solartom 26th Apr 18, 8:40 PM
    • 13 Posts
    • 5 Thanks
    solartom
    • #8
    • 26th Apr 18, 8:40 PM
    • #8
    • 26th Apr 18, 8:40 PM
    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 dates
    • steve65e
    • By steve65e 4th May 18, 12:18 PM
    • 153 Posts
    • 94 Thanks
    steve65e
    • #9
    • 4th May 18, 12:18 PM
    • #9
    • 4th May 18, 12:18 PM
    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.
    • veryintrigued
    • By veryintrigued 4th May 18, 3:06 PM
    • 2,415 Posts
    • 1,853 Thanks
    veryintrigued
    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.
    • Speculator
    • By Speculator 4th May 18, 3:47 PM
    • 1,778 Posts
    • 1,386 Thanks
    Speculator
    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.
    Originally posted by veryintrigued
    Received my letter today.


    Last edited by Speculator; 04-05-2018 at 4:00 PM. Reason: add letter
    • ValiantSon
    • By ValiantSon 4th May 18, 9:16 PM
    • 2,192 Posts
    • 2,064 Thanks
    ValiantSon
    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.
    Originally posted by steve65e
    What do you hope to gain from a complaint? They can offer whatever accounts and interest rates that they want. They've made their decision and your complaint is not going to change that. If you don't like what they have to offer then look elsewhere, but don't waste your time complaining about something that they are entitled to do.
    • veryintrigued
    • By veryintrigued 5th May 18, 3:03 PM
    • 2,415 Posts
    • 1,853 Thanks
    veryintrigued
    Paperwork finally received and the N&P Monthly Regular Saver will change to a Yorkshire Monthly Regular saver.

    I see a problem on the horizon though for those of us who already have a YMRS - as the terms on pages 18 and 19 confirm only one of these is permitted per customer.

    Maybe they'll waive these terms in this case or else the letter is wrong!
    Last edited by veryintrigued; 05-05-2018 at 3:17 PM.
    • patientperson
    • By patientperson 6th May 18, 6:29 AM
    • 466 Posts
    • 396 Thanks
    patientperson
    I understand that the N&P Regular Saver was pulled last Thursday.
    • Jimmithecat
    • By Jimmithecat 6th May 18, 7:49 AM
    • 146 Posts
    • 193 Thanks
    Jimmithecat
    So am I right in thinking that we continue to get our original n&p rate until 6 July?
    I was going to close this down on 5 July.
    It has been a great account - I was surprised it lasted this long though....
    • steve65e
    • By steve65e 6th May 18, 10:53 AM
    • 153 Posts
    • 94 Thanks
    steve65e
    What do you hope to gain from a complaint? They can offer whatever accounts and interest rates that they want. They've made their decision and your complaint is not going to change that. If you don't like what they have to offer then look elsewhere, but don't waste your time complaining about something that they are entitled to do.
    Originally posted by ValiantSon
    Having now received my letter, my complaint will be that

    1) It's headline is that my interest rate is going up, when it is clearly going down.
    2) I had been previously told that it was a rebranding exercise and that the actual products weren't changing (other than ending current accounts).
    3) They haven't even changed it to the most similar YBS product, which is the new single access saver.

    I don't believe that they intended to have large amounts of money withdrawn from restricted access accounts paying only 1.5%, and will be telling them so.
    • ValiantSon
    • By ValiantSon 6th May 18, 11:53 AM
    • 2,192 Posts
    • 2,064 Thanks
    ValiantSon
    Having now received my letter, my complaint will be that

    1) It's headline is that my interest rate is going up, when it is clearly going down.
    2) I had been previously told that it was a rebranding exercise and that the actual products weren't changing (other than ending current accounts).
    3) They haven't even changed it to the most similar YBS product, which is the new single access saver.
    Originally posted by steve65e
    None of those are grounds for a formal complaint.

    1) The interest rate is going up, but they are removing the bonus.

    2) It is irrelevant what you had, "previously been told". Banks and building societies are entitled to change the products they offer at any time (subject to appropriate notice, as defined in the terms and conditions) and in line with achieving their core business objectives. No bank or building society can, or will, offer the same products forever. N&P was merged with Yorkshire Building Society in 2011, and the intended withdrawal of the N&P brand was announced in January 2017, i.e. well over a year ago. In that time they have come to the decision that they will convert certain existing N&P branded accounts to certain Yorkshire Building Society branded accounts. There is nothing amiss here, and you are perfectly free to apply for an alternative Yorkshire Building Society account, or indeed for a different product with an alternative bank or building society. Furthermore, you have been given notice of the changes!

    3) Irrelevant. They don't have to change it to the account that you believe is most similar, but you are free to apply for the account you believe it should have been changed to.

    You don't have any grounds for complaint because they haven't broken any regulations or their own terms and conditions, to which you are a signatory.

    I don't believe that they intended to have large amounts of money withdrawn from restricted access accounts paying only 1.5%, and will be telling them so.
    Originally posted by steve65e
    They will have conducted an impact evaluation of these changes and factored in the withdrawal of funds by some people. As part of that process they will have compared what other banks and building societies are offering to reach an appropriate decision that balances some (limited) loss of savings with a competitive offering that keeps their balance sheet in good order. They will not be interested in your - pardon me for saying - uninformed evaluation of the impact on the business.

    You don't have any grounds for a complaint. All you will achieve is wasting some time and resources of the building society, which is a pretty fruitless exercise, because these have a cost, and the end result is that the society has less in its operating budget, which directly impacts on the benefits that members have access to. While an individual complaint will have a negligible impact, if every disappointed customer makes a fruitless complaint then the impact is magnified.

    The complaints procedure is not for when they do something that you don't like, but rather when they do something that is wrong. In this instance they haven't done anything wrong, only something that you don't like.

    Don't waste your time and energy, or the society's time and money. You have no legitimate grounds for complaint.
    Last edited by ValiantSon; 07-05-2018 at 9:39 AM. Reason: Typo
    • Speculator
    • By Speculator 5th Jul 18, 10:43 PM
    • 1,778 Posts
    • 1,386 Thanks
    Speculator
    Changeover will happen this weekend.

    Might use a big chunk of my balance to top up my Single Access Special Edition saver paying 1.75% until December. (Max bal 22K)
    • veryintrigued
    • By veryintrigued 6th Jul 18, 7:35 AM
    • 2,415 Posts
    • 1,853 Thanks
    veryintrigued
    Customer services advised me yesterday that the interest and bonus on this account will be paid today.
    • Reed_Richards
    • By Reed_Richards 6th Jul 18, 8:03 AM
    • 97 Posts
    • 31 Thanks
    Reed_Richards
    The YBS "Single Access Saver" account runs for a year from the date of opening and then converts to another account with a lower rate of interest. Surely that is a bonus account to all intents and purposes. So YBS have not withdrawn their bonus accounts, merely disguised them.
    Reed
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