Quick question on Leeds BS ISA

andy013

Hey, I was thinking about going for the Leeds fixed 5 year isa as it's a better deal than my current instant access account. The fact that I could withdraw 25% without penalty was appealing to me however looking at the general investment conditions PDF it says that transfering funds from your account via CHAPS costs £20 per transfer.

Does this mean if I wanted to withdraw the 25% I would need to pay this fee? It does not say you can transfer out via BACS.

Vortigern

Is this an online account? If it's a passbook account, you just go to a branch and they'll give you cash or a cheque, depending on the amount withdrawn.

I don't believe they will compel you to use CHAPS, it's just an option for those who need a quick transfer.

andy013

The nearest branch to me is quite far away. I do almost all of my banking online. I'd like to have the option to just transfer funds to my current account if the need arises. I'm not sure if there's a way to do it with this account though without paying a fee.

Archi_Bald

You only picked one of several available payment methods.

http://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/GIC_web.pdf

Automated Payments can be made to your General Investment Account in the following ways:
• Faster Payment, BACS, Standing Order, CHAPS and IMO, quoting sort code 40-27-15, account number 12440040 and your General
Investment Account number.


Automated Payments can be made from your General Investment Account in the following ways:
• CHAPS and IMO
• Faster Payment (at product maturity only)
• Standing Order (where this is permitted by the Product Terms and Conditions)
• Direct Debit quoting sort code 40-27-15, account number 12440040 and your General Investment Account number (where this is
permitted by the Product Terms and Conditions).

andy013

So I could use a standing order to transfer out 1 lump sum with no fee?

[EDIT] Looks like the account can't be operated online anyway.

Archi_Bald

What's wrong with a faster payment?

andy013

It says that is available at product maturity only.