Leeds Building Society Regular Saver (Issue 4)

aj23_2

karlie88 wrote: »

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?

Interest accrued does not count toward the maximum operating balance. You personally cannot have put more than £6,000 in the account (or £3,000 if you have one of the more recent issues).

castle96

I assume only 23 x £250 then, ie July (FOR ME) is number 23 = £5750 (+ interest). Withdraw £600 before 2 yr anniversary. Set up new S/O for £50 just after 2 yr anniversary. For 12 mths
Edit - NO I will be OK for Aug/Number 24 = £6000

karlie88

aj23 wrote: »

Interest accrued does not count toward the maximum operating balance.

Is that in the T&Cs? I usually save PDFs for reg saver t&cs but can't find this one. :(

andi2

aj23 wrote: »

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.

That's why you withdraw a few days before the September payment goes in, to avoid exceeding the £6k.

It specifically states in the T&Cs that interest is excluded from the max.

aj23_2

castle96 wrote: »

I assume only 23 x £250 then, ie July is number 23 = £5750 (+ interest). Withdraw £600 before 2 yr anniversary. Set up new S/O for £50 just after 2 yr anniversary. For 12 mths
Yes, what about the interest. No problem before 2 yr end but at 3 yr end ?

I opened it in in mid-September 2016, and have deposited £250 every month since. I've had one interest payment, in August 2017.

Okay, so I'd deposit £250 in August to make £6,000, and in September withdraw £600 and deposit £50 later in the month?

Interest is exuded from your maximum operating balance.

aj23_2

karlie88 wrote: »

Is that in the T&Cs? I usually save PDFs for reg saver t&cs but can't find this one. :(

Yes it is.

karlie88

andi2 wrote: »

It specifically states in the T&Cs that interest is excluded from the max.

Thanks.

My plan is go in branch as close as possible to 31st August. The balance will be £6k(ish) the day that I go in branch. I will withdraw £600. Therefore balance will be around £5.4k on 1st Sept. I'll then start making £50 monthly deposits from 1st Sept.

aj23_2

karlie88 wrote: »

Thanks.

My plan is go in branch as close as possible to 31st August. The balance will be £6k(ish) the day that I go in branch. I will withdraw £500. Therefore balance will be around £5.5k on 1st Sept. I'll then start making £50 monthly deposits from 1st Sept.

You'd be two months short if you withdraw £500 and deposit £50 a month. You'd want to do £600 as 600 divided by 12 is 50, which will cover you for 12 monthly payment and repeat the same process.

karlie88

aj23 wrote: »

You'd be two months short if you withdraw £500 and deposit £50 a month. You'd want to do £600 as 600 divided by 12 is 50, which will cover you for 12 monthly payment and repeat the same process.

Yes apologies. Have edited my post.

aj23_2

karlie88 wrote: »

Yes apologies. Have edited my post.

I can't work out whether to withdraw in August when my contribution will be at £5,750, or in September when it will be £6,000. I'm worried that they will automatically convert it to a maturity account if it reaches £6,000 of my own contribution.