Leeds Building Society Reg Saver Iss 5 launch 4th July

Archi_Bald

TheShape wrote: »

Be very careful not to exceed the £3000 maximum balance especially if you're in the habit of topping up your regular savers on the 1st of the month. You can't make a final deposit in July 2018.

Not sure how you conclude you can't make a final deposit in July 2018 - although it would not be very profitable to do so as they have set the maturity date for July 2 2018.

gingercordial

Archi_Bald wrote: »

Not sure how you conclude you can't make a final deposit in July 2018 - although it would not be very profitable to do so as they have set the maturity date for July 2 2018.

"Maximum total balance: £3,000 (£3,000 for joint accounts).

If the maximum account balance is exceeded at any point the interest rate that shall apply to the whole balance will be 0.50% Grossp.a./AER (variable). This will apply for the period of time that the maximum balance is exceeded."

So making a 13th payment on 1 July and going to £3,250 (assuming you've made payment 12 in June taking you to £3,000) would mean losing interest on the whole balance in the account, albeit just for that day given it closes on 2 July anyway.

paul235

Vortigern wrote: »

I applied online* for issue 4. Once completed I could view my existing issue 3 online together with several older passbook accounts, including some accounts which I manage under power of attorney.

I take the passbooks in to a local branch annually for updating.

*"Online" at that time meant that you had to fill in a form on screen, then print it out and put it in the post with a cheque.

Is it required to print the form and return by post to open Issue 5 Online ? Can it be opened without sending a signed form ?

karlie88

paul235 wrote: »

Is it required to print the form and return by post to open Issue 5 Online ? Can it be opened without sending a signed form ?

If you're logged in then all fields are pre-populated and the account is open within minutes (no need to print/send off forms).

steve65e

paul235 wrote: »

Is it required to print the form and return by post to open Issue 5 Online ? Can it be opened without sending a signed form ?

I've just had a chat with them on the phone. The instruction to print off and post the application with a cheque is wrong. They are aware and will change it. The email you get is correct, the account is already open and can be funded by bank transfer.

EDIT : Slight caveat to that. I am an existing member. I don't know whether what I was told applies to new applicants.

paul235

karlie88 wrote: »

If you're logged in then all fields are pre-populated and the account is open within minutes (no need to print/send off forms).

I am not registered for online banking with Leeds BS. Will I still be able to open a Regular Saver account immediately? (i.e. no need to print/send off forms)

mhoc

On the website it has this table which is a bit odd - it has payments at the end of each month but no payments for the end of June ????

I like everything going out on the 1st but July 1st 2018 is a Sunday so that payment wont go in until July 2nd 2018

Up to Maximum account balance
31 July 2017 £250
31 August 2017 £500
30 September 2017 £750
31 October 2017 £1,000
30 November 2017 £1,250
31 December 2017 £1,500
31 January 2018 £1,750
28 February 2018 £2,000
31 March 2018 £2,250
30 April 2018 £2,500
31 May 2018 £2,750
2 July 2018 (Maturity Date) £3,000

TheShape

gingercordial wrote: »

"Maximum total balance: £3,000 (£3,000 for joint accounts).

If the maximum account balance is exceeded at any point the interest rate that shall apply to the whole balance will be 0.50% Grossp.a./AER (variable). This will apply for the period of time that the maximum balance is exceeded."

So making a 13th payment on 1 July and going to £3,250 (assuming you've made payment 12 in June taking you to £3,000) would mean losing interest on the whole balance in the account, albeit just for that day given it closes on 2 July anyway.

I did miss the statement that interest would be reduced only for the time that the balance was exceeded so given that it would only be for a day or two, not disastrous.

gingercordial

mhoc wrote: »

On the website it has this table which is a bit odd - it has payments at the end of each month but no payments for the end of June ????

I like everything going out on the 1st but July 1st 2018 is a Sunday so that payment wont go in until July 2nd 2018

Up to Maximum account balance
31 July 2017 £250
31 August 2017 £500
30 September 2017 £750
31 October 2017 £1,000
30 November 2017 £1,250
31 December 2017 £1,500
31 January 2018 £1,750
28 February 2018 £2,000
31 March 2018 £2,250
30 April 2018 £2,500
31 May 2018 £2,750
2 July 2018 (Maturity Date) £3,000

That table means that when each date comes the maximum balance can be whatever is listed.

So you will put the first £250 in some time in July. At 31 July your max balance can be £250.

At 31 August the max balance can be £500, which will be your July plus August deposits.

At 31 May you will have made 11 payments, max balance £2,750.

You can then put your final payment in any time in June or could (in theory) delay it until 1 July. The end of June balance isn't specified in the table but the account as a whole can't go over £3,000 so there's no real need to do so. But at 2 July when the account matures there can't be more than £3,000 in it. You are not allowed to make a payment on 1 July in addition to having made a payment during June.

TheShape

mhoc wrote: »

On the website it has this table which is a bit odd - it has payments at the end of each month but no payments for the end of June ????

I like everything going out on the 1st but July 1st 2018 is a Sunday so that payment wont go in until July 2nd 2018

Up to Maximum account balance
31 July 2017 £250
31 August 2017 £500
30 September 2017 £750
31 October 2017 £1,000
30 November 2017 £1,250
31 December 2017 £1,500
31 January 2018 £1,750
28 February 2018 £2,000
31 March 2018 £2,250
30 April 2018 £2,500
31 May 2018 £2,750
2 July 2018 (Maturity Date) £3,000

Your twelfth payment, in effect June's payment, bringing the account to the £3000 maximum balance can be deposited up to the 2nd July. Best to just make 1st June your final payment.