Leeds BS Regular Saver (Issue 5)

aj23_2

Deleted_User wrote: »

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.

I opened issue 4 in branch. In Branch always issue passbooks.

tg99

aj23 wrote: »

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.

Tallies with my plan then which is to withdraw the £600 a few days before end of August (as I hit £6k excluding interest and bonuses on 1st August payment) and change 1st Sep payment to £50.

aj23_2

tg99 wrote: »

Tallies with my plan then which is to withdraw the £600 a few days before end of August (as I hit £6k excluding interest and bonuses on 1st August payment) and change 1st Sep payment to £50.

I'd withdraw on 31 August, as that is the date of interest payment. You don't want to withdraw £600 on say 27 August because then you'll miss out on that added interest. I live near the Stevenage branch so will just pop in on the 31 August, get the book updated with interest, and then withdraw £600 after it's been added, provided they don't close it to deposits between now and then.

I hope they don't, as if someone opened it and has only put in £50 a month, it would take them 10 years to reach £6000. So who knows.

tg99

aj23 wrote: »

I'd withdraw on 31 August, as that is the date of interest payment. You don't want to withdraw £600 on say 27 August because then you'll miss out on that added interest. I live near the Stevenage branch so will just pop in on the 31 August, get the book updated with interest, and then withdraw £600 after it's been added, provided they don't close it to deposits between now and then.

I hope they don't, as if someone opened it and has only put in £50 a month, it would take them 10 years to reach £6000. So who knows.

Yeah I was thinking though that it might take more than one day for my withdrawal to ‘clear’ from my account depending how they process it and thus might be safer to do a day or two early given we are only talking pennies of lost interest.

aj23_2

tg99 wrote: »

Yeah I was thinking though that it might take more than one day for my withdrawal to ‘clear’ from my account depending how they process it and thus might be safer to do a day or two early given we are only talking pennies of lost interest.

No because your passbook or account would be updated to show the withdrawal that day, it's treated as having been withdrawn, that money would no longer be in that account. That's how Building Society operates.

AirlieBird

Now I'm confused. Is this thread about issue 5 (as in the title) or issue 4 (as in 70% of the posts)

aj23_2

AirlieBird wrote: »

Now I'm confused. Is this thread about issue 5 (as in the title) or issue 4 (as in 70% of the posts)

Started as 5, now it's about withdrawal of 4 and keeping it going once you've reached £6k.

Rollinghome

Deleted_User wrote: »

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:

Can't recall how long v4 was available but I think it was for several months. Presumably for those not so close to the limit, they could just keep paying in the maximum then reduce the SO to £50 pm at whatever point so as to not exceed £6000 by 31 August next year.

The exact point will depend on how much has already been paid in. For some that could mean changing the SO when they reach £5400 to allow 12 x £50, while others who started a bit later or paid in smaller amounts will be able go beyond that if the £50 pm payments in the remaining months to 31 Aug 19 won't take them over the limit. Would save the hassle of withdrawing money and make minimal difference to interest received.

Or they could totally ignore 31 Aug and just keep paying in the max until just before they reach £6k but will then need to use up the one withdrawal a year allowed in the period between 1 Sept to 31 Aug.

This high-finance stuff is very complicated isn't it?

[Deleted User]

AirlieBird wrote: »

Now I'm confused. Is this thread about issue 5 (as in the title) or issue 4 (as in 70% of the posts)

It's not really confusing if you take the time to read the 18 or so posts.

On the other hand, if you can't be bothered reading the posts, that's fine. It's not compulsory. But no point in complaining about being "confused".

aj23_2

Rollinghome wrote: »

Can't recall how long v4 was available but I think it was for several months. Presumably for those not so close to the limit, they could just keep paying in the maximum then reduce the SO to £50 pm at whatever point so as to not exceed £6000 by 31 August next year.

The exact point will depend on how much has already been paid in. For some that could mean changing the SO when they reach £5400 to allow 12 x £50, while others who started a bit later or paid in smaller amounts will be able go beyond that if the £50 pm payments in the remaining months to 31 Aug 19 won't take them over the limit. Would save the hassle of withdrawing money and make minimal difference to interest received.

Or they could totally ignore 31 Aug and just keep paying in the max until just before they reach £6k but will then need to use up the one withdrawal a year allowed in the period between 1 Sept to 31 Aug.

This high-finance stuff is very complicated isn't it?

Issue 4 was for about three or four months I think. issue 5 was the start of their £3,000 a year then maturity cycle which Issue 16 issued last week is still on.

I will most likely take £4k out and add it to my LISA and then just continue paying £250 a month in as normal. All of this is subject to them not changing the rules though between now an September. It wouldn't surprise me if they said once you're at £6k it matures to avoid the year on year interest payments.