Leeds Building Society Reg Saver Iss 5 launch 4th July

changearound

paul235 wrote: »

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)

You can open and fund an account online withour being a pre-existing Leeds member. I did it earlier :j

What you can't do immediately is view your account online. During the application ptocess you get registered for their online service then they supply you with a customer number by post 'in the next 7 days.'

GreenBitterfly

mhoc wrote: »

I was also told that application was online followed by a form and cheque in the post so it was a pleasant surprise that the initial deposit could be done by bank transfer.

Mind you my base donor account is my Nationwide and for the 2nd day running their website and the app are having technical difficulties so I cant do the transfer yet and I cant set up the standing order - I like to do the setting up process all in one swoop so this is making me very twitchy
I messaged them via twitter and they have given me a number to ring but I like to do these things myself rather than over the phone
...

I also like to have passbooks and I still have a few, very old fashioned but sadly this is the way of the world now and everything is online.
I had a passbook for my original Cheshire building society account, sadly now long swallowed up by Nationwide but it was my first real adult savings account, it has sentimental values so its one I wont part with.

Off topic I know (although I have just opened my Leeds Regular Saver), I like using passbooks old fashioned I know. I got a survey from Skipton Building Society, about what my preferences would be if they were to phase out passbooks. It looks like it's something they are considering.

schiff

changearound wrote: »

What you can't do immediately is view your account online. During the application process you get registered for their online service then they supply you with a customer number by post 'in the next 7 days.'

My Customer Number is on its way to me. I have Issue 4 but only recently found out, on here, that you can see your accounts online.

So I went on the website to open Issue 5, it said it would be quicker if I quoted an existing account number, so I did. So I had to log in to complete the application. Customer Number needed so I couldn't. Ironic isn't it. As a member I can't apply online but if I wasn't I could. Not their fault though.

I went to my nearest branch and astonishingly it was all done over the counter in barely five minutes! Pretty new blue passbook, which would please Greenbitterfly I'm sure. Had my Issue 4 brought up to date and my five Virgin Store accounts, Virgin being round the corner from the Leeds.

Efficient day

Westie983

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

I think this is because in this issue of the RS, you can make up what you miss in previous months, as long as your balance doesn't exceed the total stated at the end of the month.

I dont remember seeing this in the previous issues, it did say you can miss months, but nothing about making it up in subsequent months, which will be good for me, as I am running out of funds, at the moment to fund another £250 but I have three RS maturing, next month, and two in September. So I will fund what I can this month, and make it up in August/September so the balance in the account is £500/£750.

I did speak to Leeds on the phone today, as I had missed one number off my customer number on my phone, as I have saved the details on my computer and i was applying on my phone, they told me the missing digit after going through appropriate security.

Those who don't know or don't think they have a customer number cant hurt to call them and ask for it over the phone, so you can log in. I asked if I would get a passbook if I opened online and was told they are not sent as standard but will send if I ask for one.

This makes sense as passbooks are being phased out, but as I fund the previous issue via cheque and passbook I want to keep this issue the same.

RS number #21 opened and funded -

Westie983

schiff

Westie983 wrote: »

....which will be good for me, as I am running out of funds at the moment to fund another £250 but I have three RS maturing, next month, and two in September. So I will fund what I can this month, and make it up in August/September so the balance in the account is £500/£750.

I will be in a similar position as early as next month. I've got two RS at 2% maturing fairly soon and I have the three Bank of Scotland accounts also at 2%.

So I lose nothing (net) if I 'raid' the Bank of Scotland accounts to tide me over. You could do the same if you have a balance at Bank of Scotland.

Ashen

As far as I can tell - I could set this up with a nominal monthly amount by standing order - then make any number of additional deposits as long as I stay under the max balance. I can't see anything to suggest otherwise?

I don't think I even need to make sure there's a standing order paying in every month as long as I make the initial deposit (although I have done).

schiff

Ashen wrote: »

As far as I can tell - I could set this up with a nominal monthly amount by standing order - then make any number of additional deposits as long as I stay under the max balance. I can't see anything to suggest otherwise?

I don't think I even need to make sure there's a standing order paying in every month as long as I make the initial deposit (although I have done).

If you are proposing to invest the maximum into this account why deposit in bits and pieces - unless of course you have no alternative.
Nothing wrong with what you're suggesting though.

schiff

I have enough in Bank of Scotland Vantage accounts to keep me ticking over. This has turned out to be the only upside to their interest rate reduction from 3%.

My target is to keep the RS going that give over 2%. On that basis I may abandon my Leek BS RS which would be ongoing after the first year is up in early September. £500 per month at 2% has been acceptable for year one but the full 2% involves the continuation of the £500 per month and the interest rate only applies subject to a bonus. Even if I withdraw, as I'm allowed to without penalty, the bulk of the £6000 available.

The BOE meetings recently do seem to suggest that interest rates may be going up slightly and perhaps investments at 2% don't need protecting as much as they did six months ago. And I think banks and building societies seem keen to attract funds in perhaps a shrinking market? Ford Money and Leeds BS for example. There may be more to come!

Rollinghome

schiff wrote: »

And I think banks and building societies seem keen to attract funds in perhaps a shrinking market? Ford Money and Leeds BS for example. There may be more to come!

Although Virgin have just informed customers that they'll be reducing the rate on their Easy Access Saver from 1.01% to 0.50% from 19 July. Odd when they've launched a string of RS accounts at 2.25% and Ulster/RBS have just launched a new easy access account at 1.25%.

david78

paul235 wrote: »

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)

That is exactly what I did this morning. I was not a member. Was asked to enter a password for online access. Went through the online application, was told my reference number as part of the application (you need to write this down as it isn't in the confirmation email you get). No forms to fill in.

The account was open immediately and ready for funding. I logged into my bank and did a BACS transfer. There is an option to send a cheque in the post instead.

Time to open account and make first payment ~ 15 minutes.

The only downside is there is no visibility of the account until I get my online user name, which is being sent by post and will take 7 days.