Regular Saver Thread **New and Restarted**

mgarl10024

My LeedsBS Regular Saver 10 is showing interest to be transferred on the 29/11 (maturity).

Useful for those like me who like to check calculations.

karlie88

Monmouthshire BS have replaced Issue 1 of their Reg Saver with Issue 2.

Issue 2 can only be opened in a branch (Issue 1 was online, postal and branch application).

Same rate as before.

where_are_we

Now that the Leeds Regular Saver 10 has matured you can open a RS21 even though you have a RS4. Interest rate is 2.3%. If you are quick you can deposit £250 in November and start your 11 standing orders at the beginning of December 2018. They have a new RS22 starting at the beginning of next week also at 2.3%.

EachPenny

where_are_we wrote: »

Now that the Leeds Regular Saver 10 has matured you can open a RS21 even though you have a RS4. Interest rate is 2.3%. If you are quick you can deposit £250 in November and start your 11 standing orders at the beginning of December 2018. They have a new RS22 starting at the beginning of next week also at 2.3%.

Doesn't the fixed maturity date of 04 November 2019 rather negate the benefit? The first two £250 deposits will be in the account for only slightly more than 11 months now, and the 12th deposit would only earn 4 days interest. In effect you 'lost' the opportunity to earn interest in the first month of the term.

I think my maths is right, but my brain is not really up to checking the calculations tonight.

Special_Saver2

Hi Everybody,

Here is this weekend's update.

- Monmouthshire BS account updated to issue 2 which is the same as issue 1 but can only be opened in branch

I will do another update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page

schiff

My last two versions were opened in the first week of August and October. Are we due for one next week? Collecting the funds from the maturing No 7 and opening the new one could be done on the same visit. Maybe?

Nick_C

Leeds BS Regular Saver - How do you deposit money?

EDIT - managed to get through to them on the phone. They gave me a sort code and told me to use the first 8 digits of my 10 digit account number. I won't put the sort code here in case they have more than one.

where_are_we

Nick_C - "Leeds BS Regular Saver - How do you deposit money?" For your initial £250 deposit use Faster payments with the sort code 08-61-19 and your account number which is the first 8 digits of the 10 digit account number which you were given. Then 11 £250 standing orders starting on the first of the following month from your deposit month.
Each Penny - "Doesn't the fixed maturity date of 04 November 2019 rather negate the benefit? The first two £250 deposits will be in the account for only slightly more than 11 months now, and the 12th deposit would only earn 4 days interest. In effect you 'lost' the opportunity to earn interest in the first month of the term." - You are only allowed one RS at a time so I could not open RS21 until RS10 had matured on 29/11.I opened RS21 on 30/11 and immediately deposited £250 and then 11 £250 standing orders starting from the beginning of December.The 12th deposit at the beginning of October 2019 will earn 33 days interest.Please confirm I am correct and that £250 can be deposited each Calendar month.

mgarl10024

The Leeds Regular Saver 10 matured on the 29th. The letter confirming the maturity instructions said "If you have requested an external transfer, this will be processed using electronic funds transfer. Your funds will be in the account requested by 5pm on the next working day".

I took this to mean I would have my funds at 5pm on the 30th - "the next working day". But Leeds have taken an additional day for processing, so I wont get my funds until the 3rd.

I've registered a complaint - not for the ~63p of interest - but because I think the letter was unclear. Leeds also expected me to know from that letter than the payment was by BACS and not FP and I'm not sure how I could have got that either.

Just putting it on here in case others are in the same boat and are concerned that their funds are not arriving as expected.

mgarl10024

cosh25 wrote: »

It was quite clear in the terms and conditions the account matured the 30th... maybe you sould read these before complaining.

Would you mind sharing what terms are you looking at?

Before phoning, I looked at the Regular Saver (Issue 10) Summary, which said

Interest is calculated daily and paid on maturity (29 November 2018).

The account will mature at midnight on 29 November 2018.

On the day after maturity (30 November 2018), your funds (including interest) will be
transferred to an instant access maturity account.

All of which led me to believe the account would mature on the 29th.