Leeds Building Society Regular Saver Issue 3

elliottmp2p

Hi, couldn't find this on search/LBS, got locked out of my account logging in & keep getting cut off after q'ing for eternity on their call line!

For LBS Reg Saver Iss 3 does anyone know:

i) current rate
ii) account limit

Opening rate was 3.05% variable (1.8% bonus) and Issue 4 has 6k limit.

I just had a SO returned after reaching 2k and presumably the loss of 1.8% interest for missed payments does not apply once the limit has been reached.

Thanks.

Jo_Blogs

Take a look at this, although I can't find the present rate:

https://moneyfacts.co.uk/news/savings/6-of-the-best-regular-savings-accounts/#
(scroll down)

Here's a list of Leeds closed issues:

http://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/closed-account-pdfs/closed-rates.pdf

HTH

apt

The rate until the account is wound up in October is 2.3%.

[Deleted User]

elliottmatt1972 wrote: »

Hi, couldn't find this on search/LBS, got locked out of my account logging in & keep getting cut off after q'ing for eternity on their call line!

For LBS Reg Saver Iss 3 does anyone know:

i) current rate
ii) account limit

Opening rate was 3.05% variable (1.8% bonus) and Issue 4 has 6k limit.

I just had a SO returned after reaching 2k and presumably the loss of 1.8% interest for missed payments does not apply once the limit has been reached.

Thanks.

You should have got TWO letters about this from LBS, the most recent one in January reminding you of the changes effective 1 Feb on this issue. Check that LBS have your correct address.

The account became a closed issue on 1 February 2017. The letters made it clear that you should cancel any SO for payments into the account on or after 1 Feb, as they would not be accepted and would be returned. That is why your payment has been returned.

The interest rate is 2.3% pa basic (fixed) from and after 1 Feb 2017 until 31 October 2017. No loss of bonus (as there is no bonus) for failing to make payments. Free withdrawals.

elliottmp2p

Deleted_User wrote: »

You should have got TWO letters about this from LBS, the most recent one in January reminding you of the changes effective 1 Feb on this issue. Check that LBS have your correct address.

The account became a closed issue on 1 February 2017. The letters made it clear that you should cancel any SO for payments into the account on or after 1 Feb, as they would not be accepted and would be returned. That is why your payment has been returned.

The interest rate is 2.3% pa basic (fixed) from and after 1 Feb 2017 until 31 October 2017. No loss of bonus (as there is no bonus) for failing to make payments. Free withdrawals.

Many thanks Hattie, I'll try to get back in touch re address. Did they say on 31 Oct if will they automatically return the funds to the external funding account or would it change into another LBS account.

pafpcg

elliottmatt1972 wrote: »

Did they say on 31 Oct if will they automatically return the funds to the external funding account or would it change into another LBS account.

It's the latter! The letter LeedsBS sent out on 30th November 2016 contained the following:

"To give you time to plan, we're giving you eleven months' notice that from 1st November 2017, your balance (including accrued interest and bonus) will move to an easy access account and the interest rate will reduce. Whilst we're writing to you now, we'll also contact you nearer the time to make sure you understand the changes and explain the options available to you."

elliottmp2p

pafpcg wrote: »

It's the latter! The letter LeedsBS sent out on 30th November 2016 contained the following:

"To give you time to plan, we're giving you eleven months' notice that from 1st November 2017, your balance (including accrued interest and bonus) will move to an easy access account and the interest rate will reduce. Whilst we're writing to you now, we'll also contact you nearer the time to make sure you understand the changes and explain the options available to you."

Thank you so much for your help. I think a letter to close is in order as I now have some headroom in my Tesco accounts .