Withdrawing from Leeds Building Society

KeepOnKnitting

Peter, I am really sorry that you have ended up in the wrong bond product through a series of events apparently beyond your control. I am certain that there are others out there who chose this product for the exact reason it is unsuitable for you at this time. Your story sounds pretty unusual and not representative of the customer base in general. For this reason, I feel that it would be very unfair for the good service provided to thousands of other customers that will be recognised by the award to go unacknowledged.

peter_c

I don't currently have a bond though I'm trying to invest in a Leeds fixed bond.
Leeds building society would be better to introduce an early exit penalty like most other B.S. to encourage people to invest into what is essentially a very small savings business.
Basically they are shooting themselves in the foot. Maybe its there Brexit policy !

lisyloo

They can do what they want.

Why are you in a situation where you HAVE to use Leeds? Isn’t this a risk you considered when you enetered i to whatever strange arrangement you have?

Most of us have choices and can walk away if the business doesn’t suit us, But you can’t demand a business changes to suit you,

How did you get into this situation?

eskbanker

peter_c wrote: »

Most Other building Societies allow closure.
The nationwide bonds allow closure and so do most other B.S.

Seems to be a different type of BS at play here - while it's true that Nationwide do allow penalised early closure, the only other leading building society that does so appears to be Coventry (for some but not all of its products).

The fixed-term (non-ISA) products available from the rest of the top ten all prohibit early access to funds:
Yorkshire
Skipton
Leeds
Principality
West Brom
Nottingham
Newcastle

so I'd continue to say that Leeds are with the majority here....

peter_c

Thanks for that info.
Perhaps policy has changed recently to accommodate any financial meltdown then.
Maybe all the Building societies get which and moneyfacts awards for savings in 2018.
That was my main issue as per the original post.

eskbanker

peter_c wrote: »

Thanks for that info.
Perhaps policy has changed recently to accommodate any financial meltdown then.
Maybe all the Building societies get which and moneyfacts awards for savings in 2018.
That was my main issue as per the original post.

You obviously have a very negative perception of Leeds BS, apparently based entirely on being surprised by their Ts & Cs after not reading them properly.

While that's understandable to a certain extent, you must understand that one person's self-inflicted problem is somewhat unlikely to be representative of the experiences of their entire customer base, so it's not a particularly tenable view that your personal objection to a piece of fairly standard small print should somehow disqualify them from winning awards!

I'd stop digging now if I were you....

schiff

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.

I think John McEnroe has the perfect response to this

peter_c

Thank-you all for your informative responses.
Its clear that you if you need a B.S fixed savings bond then your safer going to the Nationwide or Coventry if you might need your money in a hurry.
I'll have to wait for a bit longer to invest (until policy changes at Leeds) for the reasons I mentioned above.
Cheers for now.