Leeds BS Regular Saver (Issue 5)

mhoc

Interest point - just trying to figure it out. By November I will be just under £5800 so I've put it on the calendar to adjust the SO and do a £600 withdrawal.

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?

mhoc

Are interest payments counted in with the £6000 limit though - I've got £16.85 in interest on top of the normal monthly deposits

AirlieBird

Deleted_User wrote: »

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".

Bizarre. How can a statement about being confused be interpreted as complaining. If this thread is about Issue 4 you should change the title so people not interested in issue 4 don't waste their time opening the thread looking for information on issue 5.

aj23_2

mhoc wrote: »

Are interest payments counted in with the £6000 limit though - I've got £16.85 in interest on top of the normal monthly deposits

Interest payments do not count towards the £6,000 limit (for Issue 4). It's your deposits which can't exceed £6,000

Rollinghome

mhoc wrote: »

Interest point - just trying to figure it out. By November I will be just under £5800 so I've put it on the calendar to adjust the SO and do a £600 withdrawal.

Only possible downside of doing that is you'll have used up your one allowed annual withdrawal (1 Sept to 31 Aug). Or if you've say £4750 now (excluding interest), you could put in another 3 x £250 which would allow you headroom for 9 x £50 pm before you needed to worry about withdrawals.

mhoc wrote: »

Are interest payments counted in with the £6000 limit though - I've got £16.85 in interest on top of the normal monthly deposits

From their 'Summary Box Key Product Information':
"Conditions for bonus payment
1.80% bonus payable annually on 31 August (commencing 31 August 2017) provided:
* you make only one single payment of between £50 and £250 each month;
* your account balance does not exceed £6,000 (excluding accrued interest); and
* you only make one withdrawal per bonus period. The bonus period runs from 1 September to 31 August each year."