Leeds Building Society Online ISA 2013 / 14

mt77

badger09 wrote: »

Now I am seriously confused - not to say displeased! Like many others, I opened this as a potential home for when a Nationwide ISA rate dropped in November 2013.

Like many others, I was told this was not possible as, by then, the account had been withdrawn from sale, so it was not possible either to transfer in (or add new 2014/15 money, which I didn't actually intend to do)

Sorry to hear this, I can't understand why Leeds BS would have told you / and others this information. IIRC, there were no restrictions on ISA transfers from other providers into this account, or for current year's subscriptions. As stated previously I also have a letter stating instructions on how to perform electronic payments into this account.

IIRC this account was pulled off the market early; Within days actually of it being advertised as one of the leading rates. I remember being lucky in applying for this account last April (sneakily via some backdoor method) when their main front web page stated this account was no longer available.

I am guessing they must have mistaken you, and others, and assumed you were trying to open this account in November when it was no longer available (rather than trying to deposit / transfer funds into it). By the sounds of it, this and possibly the fact that some people might not have received the letter / instructions on transfer, is what may be causing the confusion. That, or Leeds are talking BS (and that's not building society!)

Lansdowne

Scuse me but why is anyone trying to add new money to an account that is only going to give one month's worth of 2.55% before reverting to a bog standard rate?

mt77

Lansdowne wrote: »

Scuse me but why is anyone trying to add new money to an account that is only going to give one month's worth of 2.55% before reverting to a bog standard rate?

It has been 2.55% since last year, and it still offers better return than most other ISA accounts this year. In that case, you might as well add the current year's subscription and keep money in this account (hence earning that little bit more in interest) until the bonus period expires. Then transfer out to another ISA account.

philgee

Hi, I'm having difficulty finding the T&Cs for this ISA - does anyone know when the interest will be paid please? I've got the keyfacts saved somewhere, just can't find it at the moment
Thanks

GreenBitterfly

philgee wrote: »

Hi, I'm having difficulty finding the T&Cs for this ISA - does anyone know when the interest will be paid please? I've got the keyfacts saved somewhere, just can't find it at the moment
Thanks

30th April.

mt77

adindas wrote: »

I have the same ISA, paying 2.55% with bonus (?), I have been trying two times to transfer it e.g first time when my NW ISA interest dropped and early this year. The answer is, it is not allowed.

mt77, I think your case is different to other people as what you were doing is that to top up your ISA up to this year allowance. So you are not transferring but you put new money and use up to your this year ISA allowance.

If people ISA including this year allowance is sitting on another provider, they will not be able to do transfer by themselves. The standard procedure AFAIK applicable to all ISA providers is that to use the ISA transfer form this is completed and sent.

otherwise the people will loose their ISA tax free status.

Hi Adindas,

You seem to have answered correctly for this / your own situation - About transferring ISA's held by OTHER PROVIDERS. As you mentioned, this can only be done by using an ISA transfer request form (and not by an electronic bank transfer performed by yourself). I too used this method last year to transfer my cash ISA from Santander to Leeds.

The OP, and others above, were referring to adding ISA subscriptions for the current year - £5640 for last year, £5940 current limit for this year (also about Leeds BS giving bogus / misleading info?). These payments can be done by electronic bank transfers ourselves, since they are not coming from any other ISA accounts. Once these subscriptions are in your ISA account, they can ONLY be transferred to another ISA provider via an ISA transfer request form.

I would NOT recommend anyone to transfer their ISAs using electronic bank transfer. As you rightly point out, you are likely to lose your tax free status if you were to do that.

MT

mt77

As you will be aware, the Bonus on your Online Bonus ISA Account is due to come to an end on 30th April 2014. However, from 1st May 2014, the account will continue to pay the underlying rate of 1.30% Tax-free† p.a./AER* (variable), in line with the original Terms and Conditions.


The Online Bonus ISA is now closed to further subscriptions. However, if you have already subscribed into this product in the 2014/15 tax year we will honour these deposits and allow you to make further deposits up to a maximum of £5,940 until 30th June and then £15,000 from 1st July (subject to any stocks and shares ISA subscriptions you have made for the 2014/2015 tax year). Any further deposits can only be made by cheque(s) which should be posted to Customer Services Department, 105 Albion Street, Leeds, West Yorkshire LS1 5AS.
Online Bonus ISA features are:

• You can check your balance and view your statements online.
• Withdrawals to your Nominated Accounts made before 8pm on a working day will be available to the payee on the next working day.
• Unlimited withdrawals can be made to one of your Nominated Accounts. No notice or loss of interest for withdrawals, subject to the minimum operating balance being maintained.
• Interest is paid annually on 30th April.

GreenBitterfly

Was just about to come on here, and post about the e-mail. I will wait till my other ISA transfer go through, and then transfer again to ensure the account is closed.

dreamypuma

Does anyone have copy of the original T&C's for this account from last year that they can post?

We've just checked my wife's account into which we transferred £1 on 10th April using faster transfer (as a test transfer). The Leeds accepted this deposit and credited her ISA account. The account then shows this deposit being withdrawn (returned)

Considering they sent an email on 11th stating "if you have already subscribed into this product in the 2014/15 tax year we will honour these deposits and allow you to make further deposits up to a maximum of £5,940 until 30th June" surely they shouldn't have returned the deposit and should accept the remaining investment of £5939 to top up the account. We don't mind sending this by cheque as requested.

mt77

adindas wrote: »

It was not like that in my case. I also managed to opened in April 2013 in anticipation of my NW ISA dropped in October last years.

I put all of 2013/2014 allowance in Nationwide So no more left.

I also been told I could not transfer it to this account.

Anyway I found a better home with Saffron regular Saver ISA which I could put £1,250 per month. Much better rate than this ...

I don't know what Leeds are up to and I wish I could answer. But I don't work for Leeds BS, and I've now had enough answering for them! Apologies, I know it doesn't help - I am very fortunate to have not experienced the issues you lot have. Could they have had a cut off period for doing transfers / subscriptions? - I made my subscriptions and transfer at the same time as opening this account, but some were trying to do this months after opening the account. I no longer have their previous T&C, so I don't know.

The previous poster also reports of having his recent faster payment transfer returned back, whereas I made my full subscription sucessfully through the same method last Monday - no return back for me. Again, no idea why he/she has experienced this and not me. With the recent email update I had from Leeds, I am guessing Leeds representatives are giving misleading information. I would challenge them with this information.

Regards

MT