The Lemon Fool

We have an account with Yorkshire Building Society. It is an 'Internet Saver' account. It pays 3.95% interest. I have just discovered that they now have an 'Internet Saver Plus' account paying 4.50% - same instant access terms.
I have complained and asked why we were not automatically notified - they say we had to sign up to be notified when/if there is a better deal. This sort of sharp practice used to be common years ago and I thought it had been made illegal. Why wouldn't a customer want a better deal on the same terms? They say we can switch to the new account, but I have told them that I expect them to do it automatically, if not I might as well switch to another savings co. with possibly better interest rate and better customer service. In fact my checking the interest rate on our YBS account was prompted by a notice from Charles Stanley about their cash savings accounts. The instant-access one pays 4.50% and 30-day 4.75%.
Does any one else have experience of this sort of sharp practice?

Why didn't you sign up?

It pays to be a rate tart. I do have some ybs accounts but have found better ones. Shawbrook and Santander recently.

Lookout for some of the regular savers they often have even higher rates including ybs

I think they almost all still do this stuff, apart from Triodos but none of their rates are very good in the first place.

Similar with ISA accounts which pay a slightly worse interest rate than an equivalent non-ISA account, no doubt to account for the additional costs of not having to prepare you a tax bill.

The whole banking industry is full of cowboys.

Nocton wrote:We have an account with Yorkshire Building Society. It is an 'Internet Saver' account. It pays 3.95% interest. I have just discovered that they now have an 'Internet Saver Plus' account paying 4.50% - same instant access terms.
I have complained and asked why we were not automatically notified - they say we had to sign up to be notified when/if there is a better deal. This sort of sharp practice used to be common years ago and I thought it had been made illegal. Why wouldn't a customer want a better deal on the same terms? They say we can switch to the new account, but I have told them that I expect them to do it automatically, if not I might as well switch to another savings co. with possibly better interest rate and better customer service. In fact my checking the interest rate on our YBS account was prompted by a notice from Charles Stanley about their cash savings accounts. The instant-access one pays 4.50% and 30-day 4.75%.
Does any one else have experience of this sort of sharp practice?

I'm on one from YBS that pays 5.1%

My view of them also went down when they clobbered that poor vicar recently. As I recall they debanked him when he had the temerity to ask why they didn't just stick to banking rather than engage in political posturing.

Yes, same here. I transferred into the higher paying account and was sent a feedback form so complained, like you have. I've just logged on and I see no option to sign up to be notified of better rates. By the way, the new rate is 4.8%

Internet Saver Plus Issue 14
4.80%
Open from £1
Annual interest
Unlimited withdrawals

The 5.1% rate mentioned above is for a 2 year bond.

Nocton wrote:We have an account with Yorkshire Building Society. It is an 'Internet Saver' account. It pays 3.95% interest. I have just discovered that they now have an 'Internet Saver Plus' account paying 4.50% - same instant access terms.
I have complained and asked why we were not automatically notified - they say we had to sign up to be notified when/if there is a better deal. This sort of sharp practice used to be common years ago and I thought it had been made illegal. Why wouldn't a customer want a better deal on the same terms? They say we can switch to the new account, but I have told them that I expect them to do it automatically, if not I might as well switch to another savings co. with possibly better interest rate and better customer service. In fact my checking the interest rate on our YBS account was prompted by a notice from Charles Stanley about their cash savings accounts. The instant-access one pays 4.50% and 30-day 4.75%.
Does any one else have experience of this sort of sharp practice?

Uh? Experience of banks/b.socs that don't inform you or automatically upgrade you when they issue new otherwise-the-same savings accounts with a better interest rate than the one you have? Do bears poop in the woods? Is the Pope Catholic?

You'd be better off asking which banks/b.socs do inform you/automatically upgrade you when they issue new otherwise-the-same savings accounts with a better interest rate, the list would be a lot shorter! And ever shorter still would be ones that do it consistently....

Redmires wrote:Yes, same here. I transferred into the higher paying account and was sent a feedback form so complained, like you have. I've just logged on and I see no option to sign up to be notified of better rates. By the way, the new rate is 4.8%

Internet Saver Plus Issue 14
4.80%
Open from £1
Annual interest
Unlimited withdrawals

The 5.1% rate mentioned above is for a 2 year bond.

There's also the Loyalty Six Access eSaver 2023 at 5.1%.

https://www.ybs.co.uk/savings/product?id=YB951757W

Nocton wrote:They say we can switch to the new account, but I have told them that I expect them to do it automatically, if not I might as well switch to another savings co. with possibly better interest rate and better customer service.

To be honest it sounds like you're being willfully difficult and I don't understand it; their operation requires you to check/enquire/opt in to alerts - you didn't do any of these..

Nocton wrote:I might as well switch to another savings co...

So you are able to behave diligently when it comes to managing accounts for better rates, but chose not to with YBS.

Sharp practice I think not.

elephanthunt11 wrote:

Nocton wrote:They say we can switch to the new account, but I have told them that I expect them to do it automatically, if not I might as well switch to another savings co. with possibly better interest rate and better customer service.

To be honest it sounds like you're being willfully difficult and I don't understand it; their operation requires you to check/enquire/opt in to alerts - you didn't do any of these..

Nocton wrote:I might as well switch to another savings co...

So you are able to behave diligently when it comes to managing accounts for better rates, but chose not to with YBS.

Sharp practice I think not.

Totally disagree with this argument. I don't think I'm being "willfully difficult" when YBS could make the switch in a few seconds whereas I shall have to spend as much time on the job as opening another account with another co. When you say: "their operation requires you to check/enquire/opt in to alerts - you didn't do any of these", we have been with YBS for years and have never been offered the option to receive savings account alerts. I have received lots of emails from them over the years, but never suggesting I could switch to a better interest account on exactly the same terms. Once we had two accounts with them - one giving higher interest for only 6 withdrawals a year. When the interest on that dropped below that in the instant access account, I closed it. Should have realised then not to trust them. All I really expect is basic customer service.

Nocton wrote:I have received lots of emails from them over the years, but never suggesting I could switch to a better interest account on exactly the same terms. Once we had two accounts with them - one giving higher interest for only 6 withdrawals a year. When the interest on that dropped below that in the instant access account, I closed it. Should have realised then not to trust them. All I really expect is basic customer service.

Surely all the banks and BS do that and always have. Chop and change rates and terms & conditions, so they can offer an attractive headline rate to pull in new customers.... most of whom will not then notice subsequent deteriorations.
It's the equivalent of insurers giving better deals to new customers.

If they told all their customers about the better rates, then the rates would have to be lower.
Those who are agile and on the ball can hop from account to account. Those who aren't, are subsidising those who are.
Not saying it's right, but I take it as routine.

V8

I'm a big fan of Yorkshire and have several accounts with them. I signed up for their new account notifications and it works a treat. I receive regular updates from them and can easily switch and compare. They have a high Street branch in Wetherby where I live and are really helpfull if I have problems, whether it be online or branch accounts.
Earlier this year customers were invited to a money forum at the Royal Armories in Leeds and even treated to afternoon tea. Now that's what I call customer service. Never experianced this service from other banking institutions in over 50 years !!