Regular Savings Accounts: The Best Currently Available List!
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But WHY are you to withdraw £600/set up SO for £50 ?????0
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This is because the account has a maximum balance of 6k, a bonus paid annually (31 Aug), but no maturity date. So you need to find a way to keep getting interest on the maximum (almost) balance when you get there.
You have to pay in a minimum of £50 pcm to meet the conditions for the bonus (1.8% of the 2.3% total). If you didn't withdraw £600 you would go over 6k and break a different bonus condition. Also if you make more than one withdrawal per bonus year you won't get it.
This applies to those of us who opened this issue as soon as it came out (Sept 2016). If you opened it mid year you could withdraw less, but you'd still have to take out another £600 at the start of the next year. I think!0 -
£250 per month standing order will mean I get to the max holding of £6000 in January 2019 2019 (so £250 for 24 months)
but then you have to factor in any interest that is paid - not sure what the date is when this is paid, need to check this up, put it on the calendar for re doing the calculations .
So it will be sooner than January 2019.
What happens after that - would anything over £6000 be automatically returned?
I opened my Issue 4 in September 2016 and I have notes that interest is paid out on 31/8/17 and 31/8/18 and that the maximum balance is £6000 excluding interest. If the max is £6000 surely you wouldn't bother putting in any more money just to find out what happens to the extra
HTH 0 -
This is because the account has a maximum balance of 6k, a bonus paid annually (31 Aug), but no maturity date. So you need to find a way to keep getting interest on the maximum (almost) balance when you get there.
You have to pay in a minimum of £50 pcm to meet the conditions for the bonus (1.8% of the 2.3% total). If you didn't withdraw £600 you would go over 6k and break a different bonus condition. Also if you make more than one withdrawal per bonus year you won't get it.
This applies to those of us who opened this issue as soon as it came out (Sept 2016). If you opened it mid year you could withdraw less, but you'd still have to take out another £600 at the start of the next year. I think!
That's it in a nutshell!0 -
so with drawing £600 will keep the account viable for another 12 months adhering to the one withdrawal per year condition and minimum deposit of £50 per month to keep the 2.3% interest rate.
I am only up to month 6 as I was late to the party as usual - so I am playing catch up
Much easier sums if the interest is not counted as part of the £6 k
Then in the month I am over £5750 which will be December 2018 schedule the £600 withdrawal in week 3 of that month (and adjust the standing order down to £50) so I am then back down to a total £5150 or thereabouts at 2.3%“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 -
This is because the account has a maximum balance of 6k, a bonus paid annually (31 Aug), but no maturity date. So you need to find a way to keep getting interest on the maximum (almost) balance when you get there.
You have to pay in a minimum of £50 pcm to meet the conditions for the bonus (1.8% of the 2.3% total). If you didn't withdraw £600 you would go over 6k and break a different bonus condition. Also if you make more than one withdrawal per bonus year you won't get it.
This applies to those of us who opened this issue as soon as it came out (Sept 2016). If you opened it mid year you could withdraw less, but you'd still have to take out another £600 at the start of the next year. I think!
How about the interest adding in? Surely should be withdrawing £600 + the interest added?0 -
johnmoney05 wrote: »How about the interest adding in? Surely should be withdrawing £600 + the interest added?
No, the actual maximum balance is 6k + accrued interest, according to the (paper) t&cs I have. So you don't have to allow for the interest.
(Many thanks btw to whoever flagged this up first. I't hadn't occurred to me and I probably would have blown my bonus in year 3)0 -
johnmoney05 wrote: »How about the interest adding in? Surely should be withdrawing £600 + the interest added?
According to the link a few posts up thread, its £6,000 maximum investment. Which means money you put in. Not interest - interest would be outwith the investment. £6,000 divided be £250 is 24 equal payments into the account.I consider myself to be a male feminist. Is that allowed?0 -
No, the actual maximum balance is 6k + accrued interest, according to the (paper) t&cs I have. So you don't have to allow for the interest.
(Many thanks btw to whoever flagged this up first. I't hadn't occurred to me and I probably would have blown my bonus in year 3)
You may not get as far as year 3. Leeds have a habit of terminating these accounts if they perceive that they're paying interest over the odds!0 -
You may not get as far as year 3. Leeds have a habit of terminating these accounts if they perceive that they're paying interest over the odds!
That was my initial thought, that they just would not let the account run for a full three years.
Issue three was terminated but at least they have allowed us to keep the account open and earning until October so quite possibly this is what will happen with Issue four .
(Maybe if issue 5 is an over whelming success they will shut down issue 4??? )“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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