Leeds Building Society Regular Saver (Issue 4)

aj23_2

Does anyone have, or have had, this account? I'd like to know what happens when you reach £6,000, as I am close to doing. It was 2.3% (incl. bonus) and November was increased to 2.55% as a result of the base rate increase.

Their terms say you can't exceed a £6,000 deposit (excluding interest accrued). There isn't a fixed term on the account, as you can deposit between £50 and £250 a month, so £50 a month would take 10 years to reach £6,000, and £250 a month 2 years.

Their terms say nothing about a maturity account upon reaching £6,000, unlike Issue 5 through 11, which had fixed terms of 24 months and then 12 months (£6,000 and then £3,000) and then into a maturity (0.5%) account at the end of the term.

I interpret my issue 4 terms as me continuing to get 2.55% even after I cannot deposit beyond £6,000, due to there being nothing mentioned about maturity. I ask because it would make the different of me moving it elsewhere upon reaching it, as 0.5% is £30 a year for the maturity account, whereas I could beat that elsewhere. If it stays at 2.55%, I'd leave it there.

Am I right or wrong? They released issue 4 in Sept 2016 so no one would have reached £6,000 yet, but I'm not sure if this also applied to issue 1, 2 or 3 (if anyone had those, or still has them despite reaching the maximum operating balance).

castle96

interested in this too. Same situation as you. There was a thread some time ago. I have made a note to withdraw £50 at the end of the term... and then... (I've forgotten !)

aj23_2

castle96 wrote: »

interested in this too. Same situation as you. There was a thread some time ago. I have made a note to withdraw £50 at the end of the term... and then... (I've forgotten !)

But then you'd have to deposit £50 the month after and you'd be back at £6,000, or £5,950, so it becomes a circle, and you can only make one penalty free withdrawal per year.

Apparently they write to you as you approach £6,000.

andi2

You're supposed to withdraw £600 (one penalty free withdrawal) & then add the £50 per month back in.

At least I'm pretty sure that was the advice given x

aj23_2

andi2 wrote: »

You're supposed to withdraw £600 (one penalty free withdrawal) & then add the £50 per month back in.

At least I'm pretty sure that was the advice given x

When? I will reach £6,000 in September

andi2

aj23 wrote: »

When? I will reach £6,000 in September

Before you make any payments that would take you over £6000.

aj23_2

andi2 wrote: »

Before you make any payments that would take you over £6000.

So I deposit £250 in August, that will take me to £6,000, and then straight away withdraw £600?

Or deposit £250 in July, that will take me to £5,750, and then straight away with £600?

andi2

aj23 wrote: »

So I deposit £250 in August, that will take me to £6,000, and then straight away withdraw £600?

Or deposit £250 in July, that will take me to £5,750, and then straight away with £600?

I'd make the August deposit, then withdraw the day before the September deposit.

andi2

Actually more than one day - possibly three or four as it took a few days for closure of issue two (or issue 3 - whichever it was that ended last October) to hit my bank account.

aj23_2

andi2 wrote: »

I'd make the August deposit, then withdraw the day before the September deposit.

But September would take me to £6,250, so I would have exceeded the max. operating balance.

My August deposit will make my balance £6,000, and interest is paid on 31 August.

karlie88

Did we establish (on the old thread that has since got spammed and deleted :mad:) whether or not the bonus interest paid in Aug 17 and Aug 18 will count as part of the £6k balance?