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  • FIRST POST
    • bristolleedsfan
    • By bristolleedsfan 28th Nov 07, 1:44 PM
    • 7,493Posts
    • 9,626Thanks
    bristolleedsfan
    Regular Savings Accounts: The Best Currently Available List!
    • #1
    • 28th Nov 07, 1:44 PM
    Regular Savings Accounts: The Best Currently Available List! 28th Nov 07 at 1:44 PM
    Watch out on this account. Tho' it's promoted as £1000pm its actually £1000 during the 6 weeks prior to your statement date!

    Depending on your statement date this means that, theoretically you could pay in £1000 in 2 consecutive calendar months and get a penal interest rate (approx 0.5%) OR you could pay in £0 in a calendar month and still get the full 6.35% for that month!!

    The "£1000 in 6 weeks prior to statement date" is hidden away in the T&Cs.
    Originally posted by Old Slaphead


    this is how the post on the subject was made on r-points on 17th november.


    funtimefrankie
    Gifted



    Joined: 11 Apr 2006
    Posts: 437

    Posted: 17 Nov 2007 15:55 Post subject: BEWARE THE COVENTRY FIRST ACCOUNT

    If you're looking for good catches - try the Coventry First.

    You think you're supposed to pay in £1000pm to get 6.35% interest ? - Well no, actually you have to pay in £1000 during the 6 weeks before statement date. My statement is 19th of month - therefore, using October as example I have to pay in £1000 between 7th Sept and 19th Oct to qualify for 6.35%.

    I actually paid in money on 6th Sept and 20th Oct and qualified for 0.5% interest in October !!!!!

    Using the Coventry method, it's both pssible to pay in £1000 in 2 consecutive calendar months (as I did) and only get 0.5% interest, conversley, it's possible to pay in nothing in a calendar month and still get 6.35%.

    Is THAT weird or what !
Page 319
    • mgarl10024
    • By mgarl10024 5th Oct 17, 1:22 PM
    • 609 Posts
    • 423 Thanks
    mgarl10024
    Just to let people know with regards to the Leeds Building Society Issue 3 account which is due to mature 31st Oct 2017, I just phoned Leeds to ask how this worked and was advised that they would be writing with maturity options 14 days before the 31st Oct.
    I asked whether return of funds electronically was an option and was told that this should be available fee free.
    I guess I'll see what savings options they present...
    • mhoc
    • By mhoc 5th Oct 17, 1:27 PM
    • 16,514 Posts
    • 203,718 Thanks
    mhoc
    Or drop the monthly payment to £50 and withdraw £600? New to me, but that's my plan anyway...
    Originally posted by mgarl10024
    Thanks for this, very useful, calendar adjust accordingly.
    “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.”
    • mhoc
    • By mhoc 5th Oct 17, 1:49 PM
    • 16,514 Posts
    • 203,718 Thanks
    mhoc
    Is Leeds the only Building society with an open ended regular saver - no actual maturity date (except for a maximum deposit)

    I keep a projected list of regular saver payments going out and maturity dates with payments coming in (as accurately as possible) up to about February 2019 - possibly a few more Virgin regular savers along the way.

    I was just thinking of how likely it might be for a bank or building society to come along in a few years time with a cash ISA paying over 3% gross interest - so as each regular saver matured the contents would filter into this ISA and we no longer have to juggle monthly savers (apart from things like First Direct and marks) - my mother always did say I lived in a fantasy world
    “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.”
    • Eco Miser
    • By Eco Miser 5th Oct 17, 2:13 PM
    • 3,422 Posts
    • 3,180 Thanks
    Eco Miser
    I was just thinking of how likely it might be for a bank or building society to come along in a few years time with a cash ISA paying over 3% gross interest - so as each regular saver matured the contents would filter into this ISA and we no longer have to juggle monthly savers
    Originally posted by mhoc
    If that happens, Regular Savers are likely to be paying around 5%, so the juggling will continue.
    Eco Miser
    Saving money for well over half a century
    • Westie983
    • By Westie983 5th Oct 17, 2:15 PM
    • 4,130 Posts
    • 14,647 Thanks
    Westie983
    I send my books to Leeds each month and they always make it back, I closed my issue 3 last month by filling out the closure that comes back with the passbooks.

    I then got a cheque back in the post along with Issue 4 and 5 books.

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£5,000/£12,000 = 41.66%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0/£800 = 0.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £22.59/£365 = 6.18%
    Virtual Sealed Pot #1 Total £300/£1,000 = 30.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-490/£2,000 = 50.50%

    Total £5,322.59/£16,165 = 32.92%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • Speculator
    • By Speculator 5th Oct 17, 2:16 PM
    • 1,749 Posts
    • 1,336 Thanks
    Speculator
    Or drop the monthly payment to £50 and withdraw £600? New to me, but that's my plan anyway...
    Originally posted by mgarl10024
    What's the minimum monthly deposit?

    If it's £10, you could withdraw £120 and pay in £10pm.


    If it's £1, I would just withdraw £48 and forget about it for 4 years
    • mgarl10024
    • By mgarl10024 5th Oct 17, 2:53 PM
    • 609 Posts
    • 423 Thanks
    mgarl10024
    What's the minimum monthly deposit?

    If it's £10, you could withdraw £120 and pay in £10pm.


    If it's £1, I would just withdraw £48 and forget about it for 4 years
    Originally posted by Speculator
    No, the £50 was chosen deliberately as it is the minimum.
    • Speculator
    • By Speculator 5th Oct 17, 3:36 PM
    • 1,749 Posts
    • 1,336 Thanks
    Speculator
    No, the £50 was chosen deliberately as it is the minimum.
    Originally posted by mgarl10024
    Ok thanks. Just found the Full details here.

    You will need to withdraw more than £600 because interest/bonus is credited to the account.

    You are allowed 1 withdrawal per bonus period so it may be wise to make your withdrawal just before your bonus is paid. I will withdraw £750 to cover the interest.

    I will then be free to make another withdrawal if I wish after the bonus/interest payment date 31/8/18.

    I will hit £6000 on 1st Sept 2018 but will make a £750 withdrawal a week before the bonus is paid (31/8/18) giving me another penalty free withdrawal after 31/08/2018


    Another method is to withdraw say £400 before the bonus date then make another withdrawal when you near the £6000 mark in 2019.
    Last edited by Speculator; 05-10-2017 at 4:04 PM. Reason: .
    • Vortigern
    • By Vortigern 5th Oct 17, 3:44 PM
    • 2,357 Posts
    • 1,568 Thanks
    Vortigern
    I send my books to Leeds each month
    Originally posted by Westie983
    What's your effective interest rate after paying for all those stamps?

    I can view my accounts online and I don't bother with passbook updates other than by annual visit to a nearby branch when I happen to be passing that way.
    • mgarl10024
    • By mgarl10024 5th Oct 17, 5:27 PM
    • 609 Posts
    • 423 Thanks
    mgarl10024
    You will need to withdraw more than £600 because interest/bonus is credited to the account.
    Originally posted by Speculator
    Not sure that's right. Just checked my saved copy of the terms and it says "The maximum investment balance is £6,000 (excluding accrued interest). "
    • Westie983
    • By Westie983 5th Oct 17, 10:55 PM
    • 4,130 Posts
    • 14,647 Thanks
    Westie983
    What's your effective interest rate after paying for all those stamps?

    I can view my accounts online and I don't bother with passbook updates other than by annual visit to a nearby branch when I happen to be passing that way.
    Originally posted by Vortigern
    its prepaid envelopes, I just fill out the forms include the cheque and the passbook, no cost apart from time writing the cheques out.

    I live nowhere near a branch so I cant update in person, like I do with Virgin.

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£5,000/£12,000 = 41.66%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0/£800 = 0.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £22.59/£365 = 6.18%
    Virtual Sealed Pot #1 Total £300/£1,000 = 30.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-490/£2,000 = 50.50%

    Total £5,322.59/£16,165 = 32.92%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • glider3560
    • By glider3560 6th Oct 17, 7:13 AM
    • 3,434 Posts
    • 2,154 Thanks
    glider3560
    I do not need to monthly balance update on my saving as I could easily see it online.

    By it is good to know about prepaid envelope. How did you get a prepaid envelope ??

    Would you mind telling
    Originally posted by adindas
    They send one everytime you send them the passbook. They also include a withdrawal/closure slip and possibly a deposit slip.

    There's also a freepost address on one of the old Carpetbagging threads.

    • patientperson
    • By patientperson 6th Oct 17, 12:51 PM
    • 444 Posts
    • 369 Thanks
    patientperson
    Freepost Building Society addresses
    There's also a freepost address on one of the old Carpetbagging threads.
    Originally posted by glider3560
    Perhaps Rpoints? .. this is the one I have used

    http://www.rpoints.com/forum/f11/society-freepost-addresses-34511.html#post248183
    • adindas
    • By adindas 6th Oct 17, 1:31 PM
    • 3,655 Posts
    • 2,076 Thanks
    adindas
    Originally posted by patientperson
    Could people who ever use this address
    Leeds BS
    FREEPOST LS465
    105 Albion Street
    Leeds
    LS1 5YY (online a/cs)

    Please share their experience
    • youngretired
    • By youngretired 6th Oct 17, 1:39 PM
    • 145 Posts
    • 68 Thanks
    youngretired
    Has anyone received their maturity letter for the Virgin Regular Saver that matures 20/10/2017?

    I know it states that they will write with your options, but other companies send out their letters about 3 weeks to a month in advance and the maturity date is a fortnight from today. I'm only asking as my post seems to be delayed being delivered recently as can be 3 weeks from date of post.
    • Hattie625
    • By Hattie625 6th Oct 17, 1:46 PM
    • 651 Posts
    • 509 Thanks
    Hattie625
    Has anyone received their maturity letter for the Virgin Regular Saver that matures 20/10/2017?

    I know it states that they will write with your options, but other companies send out their letters about 3 weeks to a month in advance and the maturity date is a fortnight from today. I'm only asking as my post seems to be delayed being delivered recently as can be 3 weeks from date of post.
    Originally posted by youngretired
    Haven't had mine yet but not checked today's post yet.
    • patientperson
    • By patientperson 6th Oct 17, 4:20 PM
    • 444 Posts
    • 369 Thanks
    patientperson
    Leeds BS Freepost
    Could people who ever use this address
    Leeds BS
    FREEPOST LS465
    105 Albion Street
    Leeds
    LS1 5YY (online a/cs)

    Please share their experience
    Originally posted by adindas
    I used this address in April 2017 .. all was okay.

    Another variant address is also shown by a google search which links to the Leeds BS website :

    http://www.leedsbuildingsociety.co.uk/savings/open-account-by-post/

    Leeds Building Society
    Freepost RTLC-TTTB-SBYS
    Leeds Building Society
    105 Albion Street
    Leeds
    LS1 5YY
    • flergalwit
    • By flergalwit 7th Oct 17, 2:41 AM
    • 63 Posts
    • 33 Thanks
    flergalwit
    I think the 2% Nationwide account in post #4 has been withdrawn. At the very least, the link is broken and I can't find any reference to it on their site.
    • Kim_13
    • By Kim_13 7th Oct 17, 5:40 AM
    • 1,903 Posts
    • 2,025 Thanks
    Kim_13
    I think the 2% Nationwide account in post #4 has been withdrawn. At the very least, the link is broken and I can't find any reference to it on their site.
    Originally posted by flergalwit
    It has been, it comes up under the find current and old interest rate and says that the account no longer accepts new applications. It was still £0-£500 a month, so whether they'll launch another limited to £250 in the future we will see.

    Here's a link to the section I found the information on: http://www.nationwide.co.uk/support/support-articles/rates-fees-charges/view-savings-rates
    Last edited by Kim_13; 07-10-2017 at 4:14 PM.
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • Sea Shell
    • By Sea Shell 7th Oct 17, 7:11 AM
    • 516 Posts
    • 514 Thanks
    Sea Shell
    Has anyone received their maturity letter for the Virgin Regular Saver that matures 20/10/2017?

    I know it states that they will write with your options, but other companies send out their letters about 3 weeks to a month in advance and the maturity date is a fortnight from today. I'm only asking as my post seems to be delayed being delivered recently as can be 3 weeks from date of post.
    Originally posted by youngretired
    No, no letters here yet either!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
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