Leeds Building Society Regular Saver (Issue 4)

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  • IanManc
    IanManc Posts: 2,085 Forumite
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    I don't know how I've managed to do this, but I missed paying into my Issue 4 account in June, so I've lost this year's bonus, as you have to pay in every month.

    I'm usually really organised and pay in via a branch at the start of each month. I was sure I'd paid in at the start of June but I didn't.

    I've got £3k in the account - because I'd had to make a withdrawal a while ago - and so I've lost about £27 in bonus, give or take.

    Seeing this isn't one of those accounts where you can miss a month, and it isn't like the current Leeds Regular Saver where you can pay in up to the maximum balance, which increases every month, there's nothing I can do.

    I'm just posting this as a warning to anyone else who thinks they're organised too. ;)
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    IanManc wrote: »
    I don't know how I've managed to do this, but I missed paying into my Issue 4 account in June, so I've lost this year's bonus, as you have to pay in every month.

    I'm usually really organised and pay in via a branch at the start of each month. I was sure I'd paid in at the start of June but I didn't.

    I've got £3k in the account - because I'd had to make a withdrawal a while ago - and so I've lost about £27 in bonus, give or take.

    Seeing this isn't one of those accounts where you can miss a month, and it isn't like the current Leeds Regular Saver where you can pay in up to the maximum balance, which increases every month, there's nothing I can do.

    I'm just posting this as a warning to anyone else who thinks they're organised too. ;)

    Sympathies with you, but the best advice for others (and yourself) is to set up a monthly standing order for each and every Regular Saver which you have. I have (roughly) 22 regular savers and all are set to receive their monthly payment on the 1st of the month (except one or two which, for various reasons, are other days of the month). The only thing I need to remember is to move sufficient funds from my easy access "holding" account (currently, Charter Savings Bank Easy Access Issue 8, paying an acceptable 1.32%) into my principal current account (currently Santander 123 Lite) on the last day of the month to meet the SO's due out on the 1st. (The SO's due on later dates in the month are looked after by the minimum balance which I always keep in the Santander current account). Funds from maturing Regular Savers (including interest) are swept into the holding account to await reinvestment.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    Deleted_User wrote: »
    Sympathies with you, but the best advice for others (and yourself) is to set up a monthly standing order for each and every Regular Saver which you have. I have (roughly) 22 regular savers and all are set to receive their monthly payment on the 1st of the month (except one or two which, for various reasons, are other days of the month). The only thing I need to remember is to move sufficient funds from my easy access "holding" account (currently, Charter Savings Bank Easy Access Issue 8, paying an acceptable 1.32%) into my principal current account (currently Santander 123 Lite) on the last day of the month to meet the SO's due out on the 1st. (The SO's due on later dates in the month are looked after by the minimum balance which I always keep in the Santander current account). Funds from maturing Regular Savers (including interest) are swept into the holding account to await reinvestment.

    But if you go in branch to deposit like he said, why set up a standing order?
  • [Deleted User]
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    aj23 wrote: »
    But if you go in branch to deposit like he said, why set up a standing order?

    Because you won't forget to go into the branch if you don't need to cos you've got a standing order..
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    Deleted_User wrote: »
    Because you won't forget to go into the branch if you don't need to cos you've got a standing order..

    Yeah but if he/she doesn't want to do standing order then that's he or she has always gone in branch. Not everyone wants standing orders because then you have to cancel it and re-do if you want to change the amount from month to month.
  • [Deleted User]
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    aj23 wrote: »
    Yeah but if he/she doesn't want to do standing order then that's he or she has always gone in branch. Not everyone wants standing orders because then you have to cancel it and re-do if you want to change the amount from month to month.

    Not with Santander. You can change the amount of the SO online, takes seconds. You don't need to cancel and re-set up.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    Deleted_User wrote: »
    Not with Santander. You can change the amount of the SO online, takes seconds. You don't need to cancel and re-set up.

    And if you're not with Santander... lol
  • [Deleted User]
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    aj23 wrote: »
    And if you're not with Santander... lol

    Get with Santander, or another current account which is the same. If you're going to do this RS thing seriously, you need to get organised, or not bother. The returns are minimal unless done on a reasonable scale and in an organised fashion. Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it. Even RS's which must be opened in branch allow SO deposits.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    edited 12 July 2018 at 11:24PM
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    Deleted_User wrote: »
    Get with Santander, or another current account which is the same. If you're going to do this RS thing seriously, you need to get organised, or not bother. The returns are minimal unless done on a reasonable scale and in an organised fashion. Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it. Even RS's which must be opened in branch allow SO deposits.

    Why? It would cost me more to be with Santander what with the fee. It's not me who forgot to deposit, I know how to use RS's. I have regular savers and I don't use standing orders and I've never had any issues.

    "Going to a branch to lodge funds in an RS is a waste of time-yours and the member of staff dealing with it." - Erm, that is their job! Ha. And it's not a waste of my time if I'm walking past anyway. :rotfl: [Removed]
  • karlie88
    karlie88 Posts: 9,114 Forumite
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    Another aj23-ism to add to the growing list...
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
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