Leeds Building Society Regular Saver (Issue 4)

castle96

Oh this is fun ! Diaried. So the £600 out and S/O for £50 carries on (for the bonus) until they officially withdraw the account

aj23_2

castle96 wrote: »

Oh this is fun ! Diaried. So the £600 out and S/O for £50 carries on (for the bonus) until they officially withdraw the account

So for me, this is September? £6,000 (excl. int.), withdraw £600, few days later deposit £50?

I guess it's just doing it at the start of the Sept-Aug bonus year instead of at the end of this current Sept-Aug bonus period, and wringing them for the interest on the extra £250.

Kim_13

aj23 wrote: »

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.

If you're worried, could you pay in £249 in September instead of the usual £250? That way you're only losing interest on £1, rather than withdrawing a month early.

aj23_2

Kim_13 wrote: »

If you're worried, could you pay in £249 in September instead of the usual £250? That way you're only losing interest on £1, rather than withdrawing a month early.

That would be August for me, September would make my balance £6,249 otherwise.

Thank you. I am actually going to branch tomorrow, which is rare for me. So I'll ask them.

I doubt they could actually mature it automatically, as they usually ask if you want that to happen or transfer it out/close it so they'd need permission.

I usually post a cheque with the passbook but occasionally go past a branch.

andi2

Actually I think the original advice said to withdraw the £600 at the end of the bonus year (so August). That way you start a new bonus year & therefore still have a penalty free withdrawal available straight away if needed (if not needed then you use it at the end of the bonus year to pull out £600 again).

aj23_2

andi2 wrote: »

Actually I think the original advice said to withdraw the £600 at the end of the bonus year (so August). That way you start a new bonus year & therefore still have a penalty free withdrawal available straight away if needed (if not needed then you use it at the end of the bonus year to pull out £600 again).

That makes sense, thank you. I will do this in August then. Got there in the end lol!

karlie88

andi2 wrote: »

Actually I think the original advice said to withdraw the £600 at the end of the bonus year (so August). That way you start a new bonus year & therefore still have a penalty free withdrawal available straight away if needed (if not needed then you use it at the end of the bonus year to pull out £600 again).

aj23 wrote: »

That makes sense, thank you. I will do this in August then. Got there in the end lol!

Don't worry....when speculator replies to this thread we will all know what to do.

aj23_2

karlie88 wrote: »

Don't worry....when speculator replies to this thread we will all know what to do.

I think I will get my passbook updated on 31 August with the interest, and withdraw £600 that day, so it's within this years bonus period withdrawal to get the max.

Vortigern

It's possible that LBS will close this issue to further subscriptions before the next anniversary. Perhaps that has always been planned, hence the £6,000 limit?

Speculator

Leeds press release


I am not sure if the interest and bonus counts as investment but I am going to assume it does.

My current balance is £4281 so my Sept 1st £250 payment will take it well over £6000. (approx. £6181 if you inc the Aug 31st Bonus/Interest) I've deliberately over estimated the interest/bonus for Aug 2018 as £150.

I am going take out £550 in August before the 31st and reduce my Monthly payment to £50 pm from September.

My balance on Sept 4th (after the Sept £50 payment) should be less than £5431.

If I made a mistake in my calculations, I will still have a penalty free withdrawal.