Leeds BS Regular Saver (Issue 5)

[Deleted User]

This matures on 2 July (I'm not sure if all Issue 5 RS accounts will mature on the same date, as with Virgin Money, or if they are staggered over a period of time depending on date of opening).

Does anyone know what will be the maturity process with this account? I don't think that this account came with a passbook, so there isn't one to send back to Leeds.

Previous issues which I have (or had) were not fixed term. Issue 4 is still going. Issue 3 closed a while back.

Thanks for any advice.

AirlieBird

I don't think anyone knows for certain what the process is. Based on the maturity of a previous (online) account I'm expecting a letter or email around the 18th asking to select a maturity option using the online form.

tg99

Mine matures 2 July too and I recall when my previous one matured (RS3) the process was as AirlieBird described above. Will then be eligible to open RS16 2.55%.

aj23_2

If you opened in branch I'd have thought they'd issued a passbook. I have Issue 4 and I have a passbook. Same for postal too? UNless they give an option to manage online, thus you'd have to be registered for online banking.

It will mature into their Instant Access Maturity Account automatically, paying 0.5% I think.

aj23_2

Deleted_User wrote: »

This matures on 2 July (I'm not sure if all Issue 5 RS accounts will mature on the same date, as with Virgin Money, or if they are staggered over a period of time depending on date of opening).

Does anyone know what will be the maturity process with this account? I don't think that this account came with a passbook, so there isn't one to send back to Leeds.

Previous issues which I have (or had) were not fixed term. Issue 4 is still going. Issue 3 closed a while back.

Thanks for any advice.

Issue 4, like I have, has a max. deposit of £6,000. So if you opened it and added £250 a month, that's the max. balance in 24 months. It's more than likely that they will close the account to further deposits before September 2018 (24 months after it was launched) in anticipation of people having deposited the maximum monthly like I have done.

[Deleted User]

aj23 wrote: »

Issue 4, like I have, has a max. deposit of £6,000. So if you opened it and added £250 a month, that's the max. balance in 24 months. It's more than likely that they will close the account to further deposits before September 2018 (24 months after it was launched) in anticipation of people having deposited the maximum monthly like I have done.

Yes, I will also reach the maximum deposit of £6000 on Issue 4 after I make the 1 August payment of £250. First payment was made in September 2016.

tg99

Deleted_User wrote: »

Yes, I will also reach the maximum deposit of £6000 on Issue 4 after I make the 1 August payment of £250. First payment was made in September 2016.

Same here. So if they don’t close it then I believe the way to go is withdraw £600 pa and set the monthly SO to the minimum £50 such that you don’t exceed the £6k limit.

[Deleted User]

aj23 wrote: »

If you opened in branch I'd have thought they'd issued a passbook. I have Issue 4 and I have a passbook. Same for postal too? UNless they give an option to manage online, thus you'd have to be registered for online banking.

It will mature into their Instant Access Maturity Account automatically, paying 0.5% I think.

Issue 5 was the first of the fixed term Leeds RS's. If opened by post (like mine) it didn't come with a passbook (unlike Issues 3 and 4). Not sure of the position with Issue 5 if opened in branch.

[Deleted User]

tg99 wrote: »

Same here. So if they don’t close it then I believe the way to go is withdraw £600 pa and set the monthly SO to the minimum £50 such that you don’t exceed the £6k limit.

Good advice. I will make a note to take action after 1 August to withdraw £600 from Issue 4 and reduce the SO from £250 to £50 from 1 September onwards. Unless they withdraw the issue, of course :cool:

aj23_2

Deleted_User wrote: »

Yes, I will also reach the maximum deposit of £6000 on Issue 4 after I make the 1 August payment of £250. First payment was made in September 2016.

We are in the same position with regard to Issue 4 then.

aj23_2

tg99 wrote: »

Same here. So if they don’t close it then I believe the way to go is withdraw £600 pa and set the monthly SO to the minimum £50 such that you don’t exceed the £6k limit.

You might want to read https://forums.moneysavingexpert.com/discussion/5783648/leeds-building-society-regular-saver-issue-4 which I started in January about that.