Leeds Building Society Regular Saver (Issue 4)

pafpcg

aj23 wrote: »

Why? It would cost me more to be with Santander what with the fee. It's not me who forgot to deposit, I know how to use RS's. I have regular savers and I don't use standing orders and I've never had any issues.

"Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it." - Erm, that is their job! Ha. And it's not a waste of my time if I'm walking past anyway. :rotfl: Jesus.

Did you not read the bit in Hattie625's post that said "or another current account" to action the transfer of funds by standing orders? There's no suggestion that Santander is a requirement! It just so happens that a Santander123 account is useful for those funding large numbers of regular savers because Santander pays interest on balances up to £20,000, so for myself and my partner each with a similar number of accounts as Hattie625, the funds outflow on the first working day of the month is "substantial". However, we do use our other interest-paying current accounts as staging posts, for example we use a single standing order from Santander to a Bank of Scotland account to fund standing orders to BoS and Halifax regular savers and to our Virgin Money Branch regular savers. Then there are all the standing orders to shuffle money from one current account to another to meet the minimum monthly deposit requirements. All the current accounts offer standing orders which work as advertised, though some do have their idiosyncracies. As Hattie625 says, one has to be highly organised with electronic calendars and spreadsheets to keep track. I've never tested it, but I'm confident that should I be "unavailable" for a couple of weeks, everything should run automatically, but not for more than a month or so.

Out of curiosity, when you're walking past the branch, how do you pay into your accounts? Cash? Cheque? In any case, many of my accounts are with institutions with branches many miles away - I don't think I've ever seen, let alone been inside, a Principality or Saffron BS branch which have provided lucrative homes for tens of thousands over the years. And has anyone ever seen a branch of the First Direct bank?

In summary, there are some people whose requirements differ from yours and therefore may have a different perspective.

aj23_2

karlie88 wrote: »

Another aj23-ism to add to the growing list...

Oh, which one is that? I didn't realise what I said mattered to you or others that much that it warranted non-thread related replies, or even a reply at all.

aj23_2

pafpcg wrote: »

Did you not read the bit in Hattie625's post that said "or another current account" to action the transfer of funds by standing orders? There's no suggestion that Santander is a requirement! It just so happens that a Santander123 account is useful for those funding large numbers of regular savers because Santander pays interest on balances up to £20,000, so for myself and my partner each with a similar number of accounts as Hattie625, the funds outflow on the first working day of the month is "substantial". However, we do use our other interest-paying current accounts as staging posts, for example we use a single standing order from Santander to a Bank of Scotland account to fund standing orders to BoS and Halifax regular savers and to our Virgin Money Branch regular savers. Then there are all the standing orders to shuffle money from one current account to another to meet the minimum monthly deposit requirements. All the current accounts offer standing orders which work as advertised, though some do have their idiosyncracies. As Hattie625 says, one has to be highly organised with electronic calendars and spreadsheets to keep track. I've never tested it, but I'm confident that should I be "unavailable" for a couple of weeks, everything should run automatically, but not for more than a month or so.

Out of curiosity, when you're walking past the branch, how do you pay into your accounts? Cash? Cheque? In any case, many of my accounts are with institutions with branches many miles away - I don't think I've ever seen, let alone been inside, a Principality or Saffron BS branch which have provided lucrative homes for tens of thousands over the years. And has anyone ever seen a branch of the First Direct bank?

In summary, there are some people whose requirements differ from yours and therefore may have a different perspective.

"there are some people whose requirements differ from yours and therefore may have a different perspective." - I never said there wasn't different requirements. But funny how I'm not allowed my perspective, huh. I'm not particularly interested in how he or she operates their account. I wasn't commenting on that, nor did I ask for that info. I'm just saying that their way isn't necessarily convenient for someone else. So I agree in that different people have different requirements...

If you don't live near Principality, or Saffron, then why would you have walked past one? I don't see your point. I live within 10 miles of 4 Saffron's.

First Direct is an online and telephone offshoot of HSBC, so why would you have seen a branch? That said, you can still use HSBC branches for all First Direct products and transactions.

[Deleted User]

Seriously, you try to commiserate kindly with the poor poster who missed out on interest due to an understandable human error, while at the same time offering him/her and others a few pointers (from experience)on how to manage RS's and you get taken to task by some ars*****. This forum is not worth posting to.

aj23_2

Deleted_User wrote: »

Seriously, you try to commiserate kindly with the poor poster who missed out on interest due to an understandable human error, while at the same time offering him/her and others a few pointers (from experience)on how to manage RS's and you get taken to task by some ars*****. This forum is not worth posting to.

Well if that's what you think then I think it says more about you than anyone else by your language about people you don't know, have never met and will never meet...

It's an online money forum. People don't seem to like an opinion different to theirs or a different perspective on here. No everyone needs or has asked for pointers.

cosh25

Had my letter today. As we all expected, the issue will be closed. Key points;
- Maximum balance increased to £7250.00.
- Issue will be closed and converted to an Easy Access Account in Feb 2019.
- Bonus becomes unconditional from September (2.55% flat rate) max pay in remains at £250.00 per month until Feb however penalty free withdrawals and missed payments allowed.
- If the account is closed before September 2018 you will NOT get the bonus.

hgt

Ah drat, only just posted off my passbook and a withdrawal form to request withdrawal of £600 so I didn't max out the balance... needn't have bothered! I guess we always suspected this might happen given Leeds' track record!

aj23_2

cosh25 wrote: »

Had my letter today. As we all expected, the issue will be closed. Key points;
- Maximum balance increased to £7250.00.
- Issue will be closed and converted to an Easy Access Account in Feb 2019.
- Bonus becomes unconditional from September (2.55% flat rate) max pay in remains at £250.00 per month until Feb however penalty free withdrawals and missed payments allowed.
- If the account is closed before September 2018 you will NOT get the bonus.

Oh poo.

I was gunna withdraw £3000 on 31 August and put it in my Tesco Bank account to get 3%. From Sept-Feb I'd get £40 from Tesco Bank in interest from 5 interest payments starting October. All depends on whether I'd gain more than that by continuing with Leeds until Feb.

Also, Leeds did put the rate up last year in November when the BOE put the base rate up. If they do so in two weeks, Leeds may increase it to 2.80% in October time.

This has changed things a bit. Will have to re-think. I would be better off continuing and get the extra interest I think. That way in Feb I'll have 3k for lump deposit in Tesco Bank and my 2019/20 LISA contribution will be sorted too. I just used Calculator Site and the extra 6 months would net another £70 by Feb. So it's worth continuing.

I guess this means that interest will be paid on 31 August as normal, and then again in Feb 2019 when it converts.?

aj23_2

hgt wrote: »

Ah drat, only just posted off my passbook and a withdrawal form to request withdrawal of £600 so I didn't max out the balance... needn't have bothered! I guess we always suspected this might happen given Leeds' track record!

Get in contact ASAP and cancel it.

GreenBitterfly

When I saw this thread near the top of the page, I was worried that this was the reason! I was all geared up for the account to be closed (by LBS) in August, when I didn't get anything earlier this month from them, I thought I'd have another year at least with this account.