Withdrawing from Leeds Building Society

peter_c

Leeds building society have a number of 2018 awards for best savings.
I'm not really sure why since they have very punitive withdrawal terms on their bonds.-
Withdrawals: No withdrawals are permitted until the day after maturity. Closure of the account is not permitted until the day after maturity

ColdIron

That's the nature of fixed term accounts, you get a better fixed rate for committing your money for a fixed period. You are of course welcome to open an easy access account with a lower variable rate

eskbanker

peter_c wrote: »

Leeds building society have a number of 2018 awards for best savings.
I'm not really sure why since they have very punitive withdrawal terms on their bonds.-
Withdrawals: No withdrawals are permitted until the day after maturity. Closure of the account is not permitted until the day after maturity
If you are hoping to invest with the Leeds then I urge you to email moneyfacts (see their contacts page) and which magazine (support@which.co.uk) to make sure they don't get an award in 2019 for best building society savings provider.
Thank-you.

Are you trying to suggest that other building societies operate their fixed-term products differently then?

It's fair game to criticise any institution that's actually out of step with the market but if it's just a case of you having been caught out by not reading enough about what you were signing up to, then your complaint isn't justified and so neither is your attempt to stir up some sort of response from others....

Uxb1

errrr.....
I think you (the OP) will find all fixed term savings products from all building societies and banks etc work in the same way.
They are for a fixed deposited sum which is left untouched until the day after the maturity date
In return for locking your money up for the duration of the fixed term you are given a higher interest rate.
Usually prior to maturity you are given options such as withdrawal to an external account, re-saving in a new fixed term product or re-saving in a variable rate easy access account etc and ask to confirm your wishes.

About the only difference you may find in these fixed term products is that some require the entire sum to be deposited all in one go and no further incremental deposits are allowed. Other have a 'grace period' at the start giving you perhaps 7 or 14 days after the account has been opened to make the deposits in 'dribs and drabs' after which no further additional deposits are allowed.

peter_c

The nationwide bonds allow closure and so do most other B.S.

From the nationwide web site.-
Can I withdraw money?
Yes, but this account doesn’t allow part withdrawals. You can close the account and withdraw the whole of the balance during the fixed term, subject to payment of an early access charge.

ColdIron

Some do, some don't. The Leeds T&Cs are clear that they do not

peter_c

The nationwide bonds allow closure and so do most other B.S.

(Unfortunately I have to use the Leeds B.S.)

From the nationwide web site.-
Can I withdraw money?
Yes, but this account doesn’t allow part withdrawals. You can close the account and withdraw the whole of the balance during the fixed term, subject to payment of an early access charge.

KeepOnKnitting

So next time use nationwide. Leeds don't hide the terms and conditions, no withdrawals is noted on the front page of the bonds section of the website.

Is it half term still?

peter_c

My point is that they shouldn't get a savings award with such punitive terms compared to other Building Societies.

ColdIron

It would appear that you assumed all T&Cs are the same and opened this account without reading them. You would also have confirmed with a signature, or ticking a box, that you had read and understood those T&Cs. Belatedly you have discovered that this account does not allow early closure at a penalty and are trying to shift the blame away from where it lies onto Leeds. Leeds are operating within the terms and conditions that you both agreed to and they bind you both

Next time read the T&Cs before agreeing to them

peter_c

Unfortunately I have an investment with another B.S. that HAS to go into a dormant account at the Leeds and then this upgraded to a bond. Currently I cant do this while the poor terms on closure remain.
In the meantime I'm stuck in another low interest account.