Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • aj23
    • By aj23 26th Jan 18, 9:20 AM
    • 1,112Posts
    • 351Thanks
    aj23
    Leeds Building Society Regular Saver (Issue 4)
    • #1
    • 26th Jan 18, 9:20 AM
    Leeds Building Society Regular Saver (Issue 4) 26th Jan 18 at 9:20 AM
    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).
    Last edited by aj23; 26-01-2018 at 1:40 PM. Reason: typo
Page 1
    • castle96
    • By castle96 26th Jan 18, 9:54 AM
    • 1,833 Posts
    • 321 Thanks
    castle96
    • #2
    • 26th Jan 18, 9:54 AM
    • #2
    • 26th Jan 18, 9:54 AM
    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 !)
    • aj23
    • By aj23 26th Jan 18, 9:56 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    • #3
    • 26th Jan 18, 9:56 AM
    • #3
    • 26th Jan 18, 9:56 AM
    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 !)
    Originally posted by castle96
    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.
    • andi2
    • By andi2 26th Jan 18, 10:43 AM
    • 691 Posts
    • 815 Thanks
    andi2
    • #4
    • 26th Jan 18, 10:43 AM
    • #4
    • 26th Jan 18, 10:43 AM
    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 x
    Smile and be happy, things can usually get worse!
    • aj23
    • By aj23 26th Jan 18, 10:45 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    • #5
    • 26th Jan 18, 10:45 AM
    • #5
    • 26th Jan 18, 10:45 AM
    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 x
    Originally posted by andi2
    When? I will reach 6,000 in September
    • andi2
    • By andi2 26th Jan 18, 10:47 AM
    • 691 Posts
    • 815 Thanks
    andi2
    • #6
    • 26th Jan 18, 10:47 AM
    • #6
    • 26th Jan 18, 10:47 AM
    When? I will reach 6,000 in September
    Originally posted by aj23
    Before you make any payments that would take you over 6000.
    Smile and be happy, things can usually get worse!
    • aj23
    • By aj23 26th Jan 18, 10:49 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    • #7
    • 26th Jan 18, 10:49 AM
    • #7
    • 26th Jan 18, 10:49 AM
    Before you make any payments that would take you over 6000.
    Originally posted by andi2
    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?
    • andi2
    • By andi2 26th Jan 18, 10:51 AM
    • 691 Posts
    • 815 Thanks
    andi2
    • #8
    • 26th Jan 18, 10:51 AM
    • #8
    • 26th Jan 18, 10:51 AM
    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?
    Originally posted by aj23
    I'd make the August deposit, then withdraw the day before the September deposit.
    Smile and be happy, things can usually get worse!
    • andi2
    • By andi2 26th Jan 18, 10:53 AM
    • 691 Posts
    • 815 Thanks
    andi2
    • #9
    • 26th Jan 18, 10:53 AM
    • #9
    • 26th Jan 18, 10:53 AM
    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!
    • aj23
    • By aj23 26th Jan 18, 10:54 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    I'd make the August deposit, then withdraw the day before the September deposit.
    Originally posted by andi2
    But September would take me to 6,250, so I would have exceeded the max. operating balance.

    My August deposit will make my balance 6,000, and interest is paid on 31 August.
    • karlie88
    • By karlie88 26th Jan 18, 10:56 AM
    • 8,794 Posts
    • 108,132 Thanks
    karlie88
    Did we establish (on the old thread that has since got spammed and deleted ) whether or not the bonus interest paid in Aug 17 and Aug 18 will count as part of the 6k balance?
    Official MSE canny forumite and HUKD VIP badge member
    • aj23
    • By aj23 26th Jan 18, 10:57 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    Did we establish (on the old thread that has since got spammed and deleted ) whether or not the bonus interest paid in Aug 17 and Aug 18 will count as part of the 6k balance?
    Originally posted by karlie88
    Interest accrued does not count toward the maximum operating balance. You personally cannot have put more than 6,000 in the account (or 3,000 if you have one of the more recent issues).
    • castle96
    • By castle96 26th Jan 18, 11:01 AM
    • 1,833 Posts
    • 321 Thanks
    castle96
    I assume only 23 x 250 then, ie July (FOR ME) is number 23 = 5750 (+ interest). Withdraw 600 before 2 yr anniversary. Set up new S/O for 50 just after 2 yr anniversary. For 12 mths
    Edit - NO I will be OK for Aug/Number 24 = 6000
    Last edited by castle96; 26-01-2018 at 11:05 AM.
    • karlie88
    • By karlie88 26th Jan 18, 11:04 AM
    • 8,794 Posts
    • 108,132 Thanks
    karlie88
    Interest accrued does not count toward the maximum operating balance.
    Originally posted by aj23
    Is that in the T&Cs? I usually save PDFs for reg saver t&cs but can't find this one.
    Official MSE canny forumite and HUKD VIP badge member
    • andi2
    • By andi2 26th Jan 18, 11:05 AM
    • 691 Posts
    • 815 Thanks
    andi2
    But September would take me to 6,250, so I would have exceeded the max. operating balance.

    My August deposit will make my balance 6,000, and interest is paid on 31 August.
    Originally posted by aj23
    That's why you withdraw a few days before the September payment goes in, to avoid exceeding the 6k.

    It specifically states in the T&Cs that interest is excluded from the max.
    Smile and be happy, things can usually get worse!
    • aj23
    • By aj23 26th Jan 18, 11:05 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    I assume only 23 x 250 then, ie July is number 23 = 5750 (+ interest). Withdraw 600 before 2 yr anniversary. Set up new S/O for 50 just after 2 yr anniversary. For 12 mths
    Yes, what about the interest. No problem before 2 yr end but at 3 yr end ?
    Originally posted by castle96
    I opened it in in mid-September 2016, and have deposited 250 every month since. I've had one interest payment, in August 2017.

    Okay, so I'd deposit 250 in August to make 6,000, and in September withdraw 600 and deposit 50 later in the month?

    Interest is exuded from your maximum operating balance.
    • aj23
    • By aj23 26th Jan 18, 11:07 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    Is that in the T&Cs? I usually save PDFs for reg saver t&cs but can't find this one.
    Originally posted by karlie88
    Yes it is.
    • karlie88
    • By karlie88 26th Jan 18, 11:11 AM
    • 8,794 Posts
    • 108,132 Thanks
    karlie88
    It specifically states in the T&Cs that interest is excluded from the max.
    Originally posted by andi2
    Thanks.

    My plan is go in branch as close as possible to 31st August. The balance will be 6k(ish) the day that I go in branch. I will withdraw 600. Therefore balance will be around 5.4k on 1st Sept. I'll then start making 50 monthly deposits from 1st Sept.
    Last edited by karlie88; 26-01-2018 at 11:14 AM.
    Official MSE canny forumite and HUKD VIP badge member
    • aj23
    • By aj23 26th Jan 18, 11:12 AM
    • 1,112 Posts
    • 351 Thanks
    aj23
    Thanks.

    My plan is go in branch as close as possible to 31st August. The balance will be 6k(ish) the day that I go in branch. I will withdraw 500. Therefore balance will be around 5.5k on 1st Sept. I'll then start making 50 monthly deposits from 1st Sept.
    Originally posted by karlie88
    You'd be two months short if you withdraw 500 and deposit 50 a month. You'd want to do 600 as 600 divided by 12 is 50, which will cover you for 12 monthly payment and repeat the same process.
    • karlie88
    • By karlie88 26th Jan 18, 11:14 AM
    • 8,794 Posts
    • 108,132 Thanks
    karlie88
    You'd be two months short if you withdraw 500 and deposit 50 a month. You'd want to do 600 as 600 divided by 12 is 50, which will cover you for 12 monthly payment and repeat the same process.
    Originally posted by aj23
    Yes apologies. Have edited my post.
    Official MSE canny forumite and HUKD VIP badge member
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,057Posts Today

5,564Users online

Martin's Twitter
  • Mini MSE is on half term next week, so I'm excited to be taking the week off to be daddy. As normal I'm signing of? https://t.co/G3366shWh1

  • I once blurted out on @gmb "Theresa May hasn't been given a poisoned chalice - she's been given a poisoned chalice? https://t.co/onfRbY3XVg

  • It'd be fascinating to know how history will judge Theresa May's premiership. Currently, it is hard to see it as a? https://t.co/eH77G0O9LA

  • Follow Martin