Leeds BS Regular Saver Issue 2

scubado2

If anyone has one of the above please be aware that Leeds are closing these accounts down at the beginning of March and transferring the balances (from an account paying 3.05%) to one paying only 0.35% over base.


I complained and received a response saying only that the rate was unsustainable. My questions to them are a) how come you didn't know this was unsustainable when you launched the account (when rates were already low) and b) how come HSBC and M&S can pay 6% on their monthly savers.


One to be aware of if you have this product.

General_Grant

Leeds have written letters to everyone affected, so we should be aware.

I wonder if they will respond to your (a) and (b) questions.

TheCrips

Will coordinated action by those affected result in a change of mind by Leeds BS?

I have logged a complaint and will be withdrawing my savings (Issue 1 since 2003)

planteria

i know they have reviewed their accounts. they have changed my IA account, and raised the rate in the process.

are they shutting these Regular Savers down on you during their term? and if so, is it a One Year Term? from The Crips post i am thinking that it has been a Regular Saver than accumulates over the years..

GreenBitterfly

I will be closing the tracker account when they close the regular saver in March. Whilst I won't disregard Leeds Building Society completely for savings accounts in the future. I'm disappointed with the way they've handled this, and the way they handled the Online Bonus ISA that was issued in 2013. For the Bonus ISA, I'm sure I didn't get the amount of interest I would have got, had they moved quicker on the transfers of previous ISAs.

bristolleedsfan

scubado2 wrote: »

I complained and received a response saying only that the rate was unsustainable. My questions to them are a) how come you didn't know this was unsustainable when you launched the account (when rates were already low) and b) how come HSBC and M&S can pay 6% on their monthly savers.

.

Answer to B is, they end after 12 Months

Probably better to go down the complaining route as suggested by Milarky

http://forums.moneysavingexpert.com/showpost.php?p=67547830&postcount=16

[FONT=&quot]http://forums.moneysavingexpert.com/showpost.php?p=67554286&postcount=21

[FONT=&quot]As for the rate being[/FONT][/FONT][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot] u[/FONT]nsustainable Yorks[FONT=&quot]hire B.S [FONT=&quot]are[FONT=&quot] still paying 3.75% on its Regular Saver Issue 1 and 3% on Issue 2[/FONT][/FONT][/FONT][/FONT][/FONT]
[/FONT]

patientperson

My letter concerning Saver 2 arrived today. I will close this account in March .. I have already closed 2 other accounts as a result of their grand simplification of interest rates. My rates have all headed downwards.

I wonder whether we can expect the directors to simplify their remuneration packages and downscale their inflated rewards in line with their treatment of savers.

It is also time that Leeds BS had full internet access to accounts. If the tiny Beverley BS can do it then what is holding back Leeds?.

MARTYM8`

patientperson wrote: »

My letter concerning Saver 2 arrived today. I will close this account in March .. I have already closed 2 other accounts as a result of their grand simplification of interest rates. My rates have all headed downwards.

I wonder whether we can expect the directors to simplify their remuneration packages and downscale their inflated rewards in line with their treatment of savers.

It is also time that Leeds BS had full internet access to accounts. If the tiny Beverley BS can do it then what is holding back Leeds?.

The Chorley, Mansfield, Monmouthshire and Bath building societies all have online access to view regular saver and other accounts – some even allow online withdrawals (e.g. Monmouthshire).

So as you say Leeds – who are much bigger – should be looking to do something similar for passbook style accounts even if you can only withdraw by post/in branch. Its actually very useful to have online access – so you can actually see your payments are going in correctly each month.