Leeds Building Society Regular Saver (Issue 4)
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aj23_2
Posts: 1,155 Forumite
Does anyone have, or have had, this account? I'd like to know what happens when you reach £6,000, as I am close to doing. It was 2.3% (incl. bonus) and November was increased to 2.55% as a result of the base rate increase.
Their terms say you can't exceed a £6,000 deposit (excluding interest accrued). There isn't a fixed term on the account, as you can deposit between £50 and £250 a month, so £50 a month would take 10 years to reach £6,000, and £250 a month 2 years.
Their terms say nothing about a maturity account upon reaching £6,000, unlike Issue 5 through 11, which had fixed terms of 24 months and then 12 months (£6,000 and then £3,000) and then into a maturity (0.5%) account at the end of the term.
I interpret my issue 4 terms as me continuing to get 2.55% even after I cannot deposit beyond £6,000, due to there being nothing mentioned about maturity. I ask because it would make the different of me moving it elsewhere upon reaching it, as 0.5% is £30 a year for the maturity account, whereas I could beat that elsewhere. If it stays at 2.55%, I'd leave it there.
Am I right or wrong? They released issue 4 in Sept 2016 so no one would have reached £6,000 yet, but I'm not sure if this also applied to issue 1, 2 or 3 (if anyone had those, or still has them despite reaching the maximum operating balance).
Their terms say you can't exceed a £6,000 deposit (excluding interest accrued). There isn't a fixed term on the account, as you can deposit between £50 and £250 a month, so £50 a month would take 10 years to reach £6,000, and £250 a month 2 years.
Their terms say nothing about a maturity account upon reaching £6,000, unlike Issue 5 through 11, which had fixed terms of 24 months and then 12 months (£6,000 and then £3,000) and then into a maturity (0.5%) account at the end of the term.
I interpret my issue 4 terms as me continuing to get 2.55% even after I cannot deposit beyond £6,000, due to there being nothing mentioned about maturity. I ask because it would make the different of me moving it elsewhere upon reaching it, as 0.5% is £30 a year for the maturity account, whereas I could beat that elsewhere. If it stays at 2.55%, I'd leave it there.
Am I right or wrong? They released issue 4 in Sept 2016 so no one would have reached £6,000 yet, but I'm not sure if this also applied to issue 1, 2 or 3 (if anyone had those, or still has them despite reaching the maximum operating balance).
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Comments
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interested in this too. Same situation as you. There was a thread some time ago. I have made a note to withdraw £50 at the end of the term... and then... (I've forgotten !)0
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interested in this too. Same situation as you. There was a thread some time ago. I have made a note to withdraw £50 at the end of the term... and then... (I've forgotten !)
But then you'd have to deposit £50 the month after and you'd be back at £6,000, or £5,950, so it becomes a circle, and you can only make one penalty free withdrawal per year.
Apparently they write to you as you approach £6,000.0 -
You're supposed to withdraw £600 (one penalty free withdrawal) & then add the £50 per month back in.
At least I'm pretty sure that was the advice given xSmile and be happy, things can usually get worse!0 -
So I deposit £250 in August, that will take me to £6,000, and then straight away withdraw £600?
Or deposit £250 in July, that will take me to £5,750, and then straight away with £600?
I'd make the August deposit, then withdraw the day before the September deposit.Smile and be happy, things can usually get worse!0 -
Actually more than one day - possibly three or four as it took a few days for closure of issue two (or issue 3 - whichever it was that ended last October) to hit my bank account.Smile and be happy, things can usually get worse!0
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Did we establish (on the old thread that has since got spammed and deleted :mad:) whether or not the bonus interest paid in Aug 17 and Aug 18 will count as part of the £6k balance?:grouphug: Official MSE canny forumite and HUKD VIP badge member :grouphug:0
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