Leeds BS 3.05% Easy Access Online Saver

alanq

See Product Details
"When is interest paid?
Interest is paid annually on 31 July (commencing 31 July 2010)."

So any money invested before 31 July 2009 will earn a lower effective interest rate as it will be over a year before interest is compounded. I suppose the rate could be said to be true if one closes the account and gains the interest before the first anniversary.

Special_Saver2

G_M wrote: »

Yes - initial payment can be BACS not cheque if preferred.

Faster Payments received (sort code 40-27-15) but not sent.

Sorry G_M, I think that is incorrect. I have just applied for the account and the screen then says...

We are pleased to say that we have verified the details you have provided; therefore you are not required to send any further proof of identification to us.

To enable us to activate your account, we require:

• Your application form, fully completed and signed
• A personal cheque, made payable to the name(s) in which the account has been opened for your initial deposit - please check individual product terms and conditions for the minimum opening amount.

Once the account has been activated, if you wish to deposit additional funds into your account (and the product terms and conditions allow) you can either:
Send a cheque, made payable to the name(s) in which the account will be opened, to the address shown below (quoting your account number).
Or
Arrange for a transfer of funds from another Leeds Building Society account. To do this, please send a completed postal withdrawal form or provide written instructions to the address below (quoting your account number or including your passbook(s) where applicable).
Or
Arrange for a transfer of funds from another Building Society or Bank. To do this, your Building Society / Bank will require the following information: Our sort code 40 27 15 (LBS Sort Code) Our bank account number 12440040 (LBS ACC NO) Our account reference The 10 digits of your new ONLINE ACCESS ACCOUNT account number
Please do not arrange for a transfer of funds until your account has been fully opened, as any funds received prior to account activation will be automatically returned to your bank. We will contact you when your account has been opened.

Looking at that last line, you need to send in a cheque to get your account activated before you can do any BACS / FP transfers.

SS2

G_M

Looking at that last line, you need to send in a cheque to get your account activated before you can do any BACS / FP transfers.

Yup - I saw that. Called them and they confirmed BACS is OK. Cheque not needed (provided you've been electronically ID'd).
Don't initiate the BACS transfer though till the account is live (ie they've confirmed receipt of signed application etc)

Sebby*

This seems like a decent account, and one of the best at the moment, unless I'm missing something obvious.

Steve_xx

Sebby* wrote: »

This seems like a decent account, and one of the best at the moment, unless I'm missing something obvious.

Yes it's very good. You need to keep a minimum of £100 in the account.

The Birmingham Midshires Telephone Extra account pays marginally more at 3.15% and you need only deposit £1. See here:

http://www.askbm.co.uk/savings/intro.asp

Dagobert

I received a confirmation email to-day:

as this product is a limited issue, please act quickly to ensure
that any additional investments are received before the account is
withdrawn for additional investments

Not such a good deal after all. It can't be used as an instant access account then.

Sebby*

That must be a mistake (a general email or something) as this suggests different.

trynsave

http://www.leedsbuildingsociety.co.uk/online_savings/online_tandcs.html
Online Access Account
Product Terms & Conditions

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions. Effective From Date of Account Opening
1.The Online Access Account is a variable rate account. 2.The Online Access Account is not available to non-UK residents, executors, trustees, minors or corporate bodies.
3.The Online Access Account is limited to one account per customer. 4.The minimum investment and operating balance is £100. The maximum investment and operating balance is £1,000,000 (£2,000,000 for joint accounts). 5.Additional funds up to the maximum investment and operating balance of £1,000,000 (£2,000,000 for joint accounts), may be invested, whilst the issue remains open for further investment. 6.The Bonus period runs from date of opening to 31 July 2010. 7.Interest is calculated daily and paid annually on 31 July (commencing 31 July 2010). 8.Interest is credited to the account.
9.Withdrawals are by bank transfer only and can be made at anytime without notice or loss of interest, subject to the minimum balance of £100 being maintained at all times. If the account falls below £100 at any time, the account will be closed. The account can be closed at anytime without notice or loss of interest. 10.The Online Access Account is a limited issue and may be withdrawn without notice. 11. The Online Access Account is only available online and cannot be operated by post or through any of the Society’s branches or agents.

bristolleedsfan

My guess is that it will stay open until end of July, thats how it worked with its loyalty member accounts which ran under similar lines.

claire07

Well spotted that you can only add while it's open for new investments. I've just opened it to use as an ordinary online saver to add to when any bonds mature and missed that in the T&C's. So I guess I'll be closing it and looking around again.