Leeds Building Society Regular Saver (Issue 4)
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FIRST and ONLY POST
In branch (Birmingham) when I said that I will be reducing my balance next month by giving notice to withdraw £400 cash I was told the following:-
Head Office had told the branch that a withdrawal did not reduce the total amount that had already been invested into the account. You are only allowed to invest a maximum of £6000, so it would be pointless withdrawing £400! (I did not understand). I will try and explain with an example, here goes:-
At the moment, I!!!8217;ve invested £5750 into my account. If I withdraw £400 cash my balance becomes £5350. BUT, I am not allowed to invest a further £650 over the next 12 months, since I have already invested £5750 previously. I!!!8217;m only allowed to invest another £250.
With this withdrawal, I know my account balance would be £5350 but this is what I was told!! So it seems as though my account would have an investment balance of £5750 with an account balance of £5350!
Sounds like a good Leeds ploy on par with the debacle of their closure of Regular Saver issue 3!
kb49
The Issue 4 was launched in September 2016. I don't see how your deposits total £5,750? I deposited this month and my balance is £5,500.
If you withdraw £400 once you reach £6,000, considering you must deposit a minimum of £50 a month. 400 divided by 12 is £33.33. You'd have to withdraw £600, which is £50 a month deposit for 12 months, should you wish to maintain the account.
So I don't really see the point of anything that you've said as it's factually wrong.0 -
Does anyone have a copy of the terms for issue 4 ?0
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Not sure that you have read my post correctly. Nothing wrong with my calculations My Para 3 should read as an EXAMPLE
At the moment, I!!!8217;ve invested £5750 into my account. If I withdraw £400 cash my balance becomes £5350. BUT, I am not allowed to invest a further £650 over the next 12 months, since I have already invested £5750 previously. I!!!8217;m only allowed to invest another £250.
Now read par 5
This is what I was told in branch You heard it here FIRST0 -
Not sure that you have read my post correctly. Nothing wrong with my calculations My Para 3 should read as an EXAMPLE
At the moment, I!!!8217;ve invested £5750 into my account. If I withdraw £400 cash my balance becomes £5350. BUT, I am not allowed to invest a further £650 over the next 12 months, since I have already invested £5750 previously. I!!!8217;m only allowed to invest another £250.
Now read par 5
This is what I was told in branch You heard it here FIRST
This was written months ago by someone else. There's nothing new here.
Like I said, minimum deposit for the account is £50 a month. You'd have to take the balance (i.e. your deposits, not the balance including interest) down to £5,400, so you can put £50 a month back in over 12 months.0 -
FIRST and ONLY POST
In branch (Birmingham) when I said that I will be reducing my balance next month by giving notice to withdraw £400 cash I was told the following:-
Head Office had told the branch that a withdrawal did not reduce the total amount that had already been invested into the account. You are only allowed to invest a maximum of £6000, so it would be pointless withdrawing £400! (I did not understand). I will try and explain with an example, here goes:-
At the moment, I!!!8217;ve invested £5750 into my account. If I withdraw £400 cash my balance becomes £5350. BUT, I am not allowed to invest a further £650 over the next 12 months, since I have already invested £5750 previously. I!!!8217;m only allowed to invest another £250.
With this withdrawal, I know my account balance would be £5350 but this is what I was told!! So it seems as though my account would have an investment balance of £5750 with an account balance of £5350!
Sounds like a good Leeds ploy on par with the debacle of their closure of Regular Saver issue 3!
kb49
The terms and conditions talk about a "maximum investment balance" which, if it is exceeded, results in a rate of 0.5% being applied to the whole balance, and they do not say that you are only allowed to invest a maximum of £6000. Nor do the terms say that you can't exceed a £6,000 deposit.Does anyone have a copy of the terms for issue 4 ?
Yes, and I quoted them verbatim earlier in the thread in post 72.
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I understand what's been said on this post since January. But I've only stated what was said to me in Branch last week.
If you withdraw money from the account to prolong the life of the account in order to keep receiving the high interest rate, Leeds will be saying that the maximum investment into the account is £6000. If you withdraw from your account this implies an Investment balance and an Account balance.
I intended to withdraw money but I've now reduced my monthly investment to £50 to extend my account for an extra an 8 months beyond September 2018.
Do not shoot this messenger ask The Leeds for their say. Then report back here.0 -
I received a copy of the T&Cs for Issue4 last month. The relevant section says:
Nowhere in the document can I find any reference to a limit on the total invested.4.2 To qualify for the bonus:
- you must only make one single payment to the account of between £50 and £250 each month;
- your account balance must not £6,000 exceed (excluding accrued interest); and
- you must only make one withdrawal per bonus period.
Of course, LeedsBS can, if they feel that Issue4 is no longer commercially viable for them, simply give us notice and close the accounts - they've done it for previous issues.0 -
@kb49 - appreciate what you're saying but the member of staff is wrong. It won't be the first time a staff member of a bank/building society gives duff information and it certainly won't be the last.
There's no point having all this discussion which has basically been covered in the first 2 pages of this thread.
Either withdraw up to £600 by end of Aug and top up by £50 on a monthly basis (potentially for 12 months) or decrease your payments now for the next 5 months to £50 (if you're a gambler). Let's face it - they will close the issue by the end of 2018 and allow you to keep the account open for a few extra months but no further deposits can be made (based on previous issues).
:grouphug: Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
Did anyone come up with a definitive answer from LBS as the best course of action to continue this account without exceeding £6K and falling foul of any terms as some as the above seems to conflict?
I opened the account on the 08/09 and I will hit £6k (excl interest already earnt) on my next deposit on 01/08 so from the above am assuming I then need to withdrawal the £600 prior to the next payment on 03/09 which would mean only 1 withdrawal in the 17/18 year leaving the new bonus period to commence on 08/09/18.0 -
Wheres_My_Cashback wrote: »Did anyone come up with a definitive answer from LBS as the best course of action to continue this account without exceeding £6K and falling foul of any terms as some as the above seems to conflict?
I opened the account on the 08/09 and I will hit £6k (excl interest already earnt) on my next deposit on 01/08 so from the above am assuming I then need to withdrawal the £600 prior to the next payment on 03/09 which would mean only 1 withdrawal in the 17/18 year leaving the new bonus period to commence on 08/09/18.
The bonus year doesn't run from when you opened your account.
The bonus year is 1st September - 31st August for everyone. If you wish to make a £600 withdrawal, then I'd do it before 31st August so that you still have one from 1st September 2018-31st August 2019 available. Interest is paid on 31st August, the last day of the bonus period.
There were some answers proposed above.0
This discussion has been closed.
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