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  • FIRST POST
    • aj23
    • By aj23 26th Jan 18, 10:20 AM
    • 715Posts
    • 243Thanks
    aj23
    Leeds Building Society Regular Saver (Issue 4)
    • #1
    • 26th Jan 18, 10:20 AM
    Leeds Building Society Regular Saver (Issue 4) 26th Jan 18 at 10:20 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 2:40 PM. Reason: typo
Page 3
    • GreenBitterfly
    • By GreenBitterfly 5th Feb 18, 4:07 PM
    • 356 Posts
    • 726 Thanks
    GreenBitterfly
    Do you know if you need ID to make a branch withdrawal?
    Originally posted by aj23
    Yes, I'd take some, When I did my annual withdrawal last year, I was asked for ID, I'd brought some with me, as I'd been surprised before at Leeds Building Society when trying to close the Issue 2 Regular Saver, and I didn't bring any with me.
    • aj23
    • By aj23 5th Feb 18, 4:08 PM
    • 715 Posts
    • 243 Thanks
    aj23
    Yes, I'd take some, When I did my annual withdrawal last year, I was asked for ID, I'd brought some with me, as I'd been surprised before at Leeds Building Society when trying to close the Issue 2 Regular Saver, and I didn't bring any with me.
    Originally posted by GreenBitterfly
    I thought they would just check your signature in the passbook against the UV light.
    • GreenBitterfly
    • By GreenBitterfly 5th Feb 18, 4:13 PM
    • 356 Posts
    • 726 Thanks
    GreenBitterfly
    I thought they would just check your signature in the passbook against the UV light.
    Originally posted by aj23
    They probably do that too, but they insisted about the ID for the first time, and so didn't chance it the second time and brought some with me.
    • Speculator
    • By Speculator 5th Feb 18, 4:59 PM
    • 1,793 Posts
    • 1,417 Thanks
    Speculator
    They probably do that too, but they insisted about the ID for the first time, and so didn't chance it the second time and brought some with me.
    Originally posted by GreenBitterfly
    So much easier in HK. I just show them my Permanent Resident HK ID card. I use it to open accounts and also withraw money.

    Don't know why they don't do a national ID card in the UK. Not everyone drives and not everyone has a passport.
    • aj23
    • By aj23 5th Feb 18, 5:09 PM
    • 715 Posts
    • 243 Thanks
    aj23
    So much easier in HK. I just show them my Permanent Resident HK ID card. I use it to open accounts and also withraw money.

    Don't know why they don't do a national ID card in the UK. Not everyone drives and not everyone has a passport.
    Originally posted by Speculator
    Because we don't need them, and it was voted against.

    Even if you don't have a passport or driving licence (vast majority has at least one of those) there are other methods they accept.
    • badger09
    • By badger09 5th Feb 18, 5:09 PM
    • 6,205 Posts
    • 5,566 Thanks
    badger09
    So much easier in HK. I just show them my Permanent Resident HK ID card. I use it to open accounts and also withraw money.

    Don't know why they don't do a national ID card in the UK. Not everyone drives and not everyone has a passport.
    Originally posted by Speculator
    It might be easier Speculator, but saving in HK seems to be far less rewarding than in UK.
    • veryintrigued
    • By veryintrigued 5th Feb 18, 6:28 PM
    • 2,484 Posts
    • 1,962 Thanks
    veryintrigued
    August will reach ,6000.
    Originally posted by aj23
    Ah right same as me.

    Not a criticism as I didn't class that as 'close' and ive plenty of products on my spreadsheet that mature before this.

    I just wondered if I'd missed a trick on opening this.

    Cheers for the reply.
    • aj23
    • By aj23 5th Feb 18, 6:53 PM
    • 715 Posts
    • 243 Thanks
    aj23
    Ah right same as me.

    Not a criticism as I didn't class that as 'close' and ive plenty of products on my spreadsheet that mature before this.

    I just wondered if I'd missed a trick on opening this.

    Cheers for the reply.
    Originally posted by veryintrigued
    Well if you go to branch 31 August and have the book updated with interest paid that day, and then withdraw money, you've gone it on the last day of the bonus period. So technically you could withdraw more on 1 September on the first day of the new bonus period.
    • Westie983
    • By Westie983 6th Feb 18, 9:08 PM
    • 4,559 Posts
    • 15,079 Thanks
    Westie983
    Think I get to 6k in my july payment, so cant make the August one without making a withdrawal.

    Is that where everyone else is at> Im expecting them to close the issue, after all they closed issue 3 for payments eventually.

    Westie983
    Save 12k in 2018 #10 Total (25000)+14800/12000 = 123.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 1200/1000 = 120.00%
    2 Savers Club 2018 #16 Total (1500)+-470/2000 = 51.50%

    Total 18132.59/15865 = 114.29%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • GreenBitterfly
    • By GreenBitterfly 6th Feb 18, 9:42 PM
    • 356 Posts
    • 726 Thanks
    GreenBitterfly
    I've not hit the maximum as I was only using it to save small amounts, but I am expecting them to close the issue as they did for Issue 3 last year.
    • aj23
    • By aj23 7th Feb 18, 9:28 AM
    • 715 Posts
    • 243 Thanks
    aj23
    Think I get to 6k in my july payment, so cant make the August one without making a withdrawal.

    Is that where everyone else is at> Im expecting them to close the issue, after all they closed issue 3 for payments eventually.

    Westie983
    Originally posted by Westie983
    The issue was released in September 2016, so you couldn't reach the max by July? It would be August.
    • Westie983
    • By Westie983 7th Feb 18, 11:07 PM
    • 4,559 Posts
    • 15,079 Thanks
    Westie983
    The issue was released in September 2016, so you couldn't reach the max by July? It would be August.
    Originally posted by aj23
    You are quite right, my last payment in August will be slightly less then 250 due to the interest added in August last year.

    So what are others doing making the withdrawal in July before the total 6k in reach in August and before interest is added in August 2018?

    Westie983
    Save 12k in 2018 #10 Total (25000)+14800/12000 = 123.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 1200/1000 = 120.00%
    2 Savers Club 2018 #16 Total (1500)+-470/2000 = 51.50%

    Total 18132.59/15865 = 114.29%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • rexel
    • By rexel 8th Feb 18, 8:46 AM
    • 533 Posts
    • 75 Thanks
    rexel
    withdraw 600 from account in august and then reduce payments to 50 if account is not withdrawn will be still getting high rate
    • Biggerz
    • By Biggerz 18th Mar 18, 8:54 PM
    • 1 Posts
    • 0 Thanks
    Biggerz
    Does anyone actually have a copy of the T&Cs that they could post here. I remember only being able to find the Issue 3 T&Cs when I opened the issue 4 account.
    • aj23
    • By aj23 18th Mar 18, 9:20 PM
    • 715 Posts
    • 243 Thanks
    aj23
    http://www.leedsbuildingsociety.co.uk/press/press-releases/2016/09/bonus-for-regular-savers-with-leeds/

    I have the paperwork from when I opened it too.
    • Westie983
    • By Westie983 11th Apr 18, 12:23 AM
    • 4,559 Posts
    • 15,079 Thanks
    Westie983
    Issue 4 is showing on the closed accounts PDF, not sure how long its been there, and I notice they have changed the wording on new regular savers, saying you cant open one if you have any regular savers opened with the exception of issue 4, which means they dont have to reel off all the issue numbers.

    I await a letter to say that the account will become a closed issue like issue 3 did, just before the maturity date in August....

    http://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/closed-account-pdfs/closed-rates.pdf

    Westie983
    Save 12k in 2018 #10 Total (25000)+14800/12000 = 123.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 1200/1000 = 120.00%
    2 Savers Club 2018 #16 Total (1500)+-470/2000 = 51.50%

    Total 18132.59/15865 = 114.29%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • AirlieBird
    • By AirlieBird 11th Apr 18, 4:40 AM
    • 1,039 Posts
    • 849 Thanks
    AirlieBird
    Closed issue means its not available to open, so it's been on the closed issue list since it was withdrawn from sale last year. It doesn't mean the accounts are being closed.
    • aj23
    • By aj23 11th Apr 18, 9:31 AM
    • 715 Posts
    • 243 Thanks
    aj23
    Issue 4 is showing on the closed accounts PDF, not sure how long its been there, and I notice they have changed the wording on new regular savers, saying you cant open one if you have any regular savers opened with the exception of issue 4, which means they dont have to reel off all the issue numbers.

    I await a letter to say that the account will become a closed issue like issue 3 did, just before the maturity date in August....

    http://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/closed-account-pdfs/closed-rates.pdf

    Westie983
    Originally posted by Westie983
    Yeah because they've released nine issues since then. They seem to only offer an issue for a few months, and then re-release it at the same rate. Don't see why but that's what they do.
    • IanManc
    • By IanManc 11th Apr 18, 12:13 PM
    • 654 Posts
    • 1,158 Thanks
    IanManc
    Issue 4 is showing on the closed accounts PDF, not sure how long its been there, and I notice they have changed the wording on new regular savers, saying you cant open one if you have any regular savers opened with the exception of issue 4, which means they dont have to reel off all the issue numbers.

    I await a letter to say that the account will become a closed issue like issue 3 did, just before the maturity date in August....

    http://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/closed-account-pdfs/closed-rates.pdf

    Westie983
    Originally posted by Westie983
    Issue 4 went on the "closed issue" list as soon as they brought out Issue 5, because then you couldn't open an Issue 4 account any more. Accounts go on the closed issue list as soon as you're no longer able to open one.
    Last edited by IanManc; 11-04-2018 at 12:17 PM.
    • aj23
    • By aj23 4th May 18, 9:42 AM
    • 715 Posts
    • 243 Thanks
    aj23
    Just four more deposits left for reaching the maximum limit. Expecting to get a letter through soon. I kinda wish they would do it soon rather than later so i can plan where to put the money.
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