Leeds BS: Easy-access, 3.05% AER

veryintrigued

Slim wrote: »

ChiefGrassCutter, If you open an ING account in joint names (or if you previously held a joint account and you now open a new account with the names transposed) they treat you as a new customer and hence eligible for the higher interest rate.

Interesting option this - incase this LBS doesnt come up trumps. Thanks for this

AndyAndyAndy

Thanks Veryintrigued,

The only saving grace is that Leeds Building Society at least said they would notify us first so we don't have to keep checking and shouldn't wonder why a BACS payment or whatever you use has bounced back. It'll still be a faff if it's not open long given the effort to set it up and feed money in, I agree.

claire07

Beginning to wish I'd never wasted time opening this account. It's finally opened and I went to transfer my Leeds online saver to it but apparently despite both being called "online accounts" this can only be done by writing to them and requesting it.

I realise it's my own fault for not reading the terms of conditions properly but all I wanted was a straightforward instant access with a good interest rate to pay money in to over the next year.

Also find a few of the links on the Leeds website either wrong or bringing up error messages.

veryintrigued

Just called the 0113 number above and they were pretty helpful. Although they hadnt received my opening cheque they were able to confirm that I was able to make regular payments to this account from others and that these would receive the 3.05% rate. They were also able to give me the sort code and account numbers to able to do this.

martinpe

I spoke to LBS yesterday and they still cannot say when the accounts will be closed to new deposits. I hope this means that it might still be some way off.

They should give say a week or so's warning by email of a closure date. This would be fairer and avoid money having to be returned (meaning stuck in cyberspace for days earning no interest for its owner). Newcastle BS have given fair warning with their new bond (see separate thread). LBS did send a standard email saying deposit your money quickly to avoid disappointment!

I suggest we all put pressure on LBS to give fair prior warning of closure date.

AndyAndyAndy

Just an update as I said I would:
My account is now fully open with funds above the required £100, interest is showing 3.05% as it should despite a confusing email (which martin refers to) claiming it would show only 0.5% until the cheque had cleared, it seems they didn't notify me that my account was fully operational until the cheque had cleared so a needless comment from them about 0.5% interest.

martinpe wrote: »

LBS did send a standard email saying deposit your money quickly to avoid disappointment!

I suggest we all put pressure on LBS to give fair prior warning of closure date.

Sounds like a good idea to me Martin, if I have time I'll take a dive through the T&Cs again to see if they allow them to close the account without notice. If they don't state anything surely they have to give a reasonable notice of change??? Maybe someone knows the definitive answer on that?

ChiefGrasscutter

Slim wrote: »

ChiefGrassCutter, If you open an ING account in joint names (or if you previously held a joint account and you now open a new account with the names transposed) they treat you as a new customer and hence eligible for the higher interest rate.

Sorry, only just seen this reply.
I live on my own - so the solution is not applicable!

ShelleyC_2

Sent my paperwork and opening cheque off. Decided in case it closes rapidly to new money I'd send in a large chunk straight away!

Hope to move bit more over to that once Vantage rate drops. I'm so fed up of hunting out new ways for my house fund to make any kind of interest. I'm actually looking forward to sacrificing all the cash to the bank and paying a mortgage when I finally find a home

martinpe

"I suggest we all put pressure on LBS to give fair prior warning of closure date."

I did raise this issue with Leeds and they said they would pass my comments to their marketing department - don't hold your breath!

veryintrigued

Unfortunately my initial cheque went mising but they allowed me to send the deposit electronically. Subsequently this account is showing as 3.05% online and I have started moving money over directly when I can.

Also received the email with the bit below:

The Online Access Account is a limited issue and may be withdrawn for additional deposits without notice. We would advise customers who have already opened an account but would like to make further deposits to do so as soon as possible to avoid disappointment.

A previous email stated:

Thank you for recently opening your Online Access Account. I am delighted to inform you that the Society has decided to extend the current fixed bonus of 1% for a further five months, until 30 June 2012. This is combined with unlimited access to your funds to give a great market leading product, subject to the minimum balance of £100 being maintained. The interest rate will remain at 2.05% Gross¹ p.a./AER² (variable), giving you the same fantastic return of 3.05% Gross p.a./AER (variable) until 30 June 2012

All good so far.