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  • FIRST POST
    • aj23
    • By aj23 26th Jan 18, 10:20 AM
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    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 8
    • aj23
    • By aj23 3rd Aug 18, 2:40 PM
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    aj23
    No, I don't. I have issue 4 opened in branch and I have a passbook.

    My point is simply that there's no need to post a passbook at maturity and I'll add that there's no need to log on to complete the maturity form.

    Simple efficient process. You can make it more complicated if you wish.
    Originally posted by Vortigern
    I have no issue with posting the passbook and form. Or going to a local branch. I don't have online access with them. It's not a complication, it's options for people.
    • aj23
    • By aj23 3rd Aug 18, 2:48 PM
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    aj23
    I have a large amount to withdraw from Leeds (6 figures)

    I never set up an on-line account and I was quite glad of that as one of my password was stolen recently.
    I am suprised that Leeds are happy to send cheques through the standard post for 6 figures. What happens if the post is stolen or gets lost? It's not that hard for someone to set up an account and pay the cheques in elsewhere.


    I will be going to the branch to pick up and Im happy with that, but I'm not happy about that amount going through standard post (I wouldn't want to lose a smaller amount mind).


    I agree with the comment that one should make sure the terms and conditions suit before applying, but I'm still suprised at their procedures.
    They won't even sent it by recorded delivery (which I'd probably be happy with).
    Originally posted by lisyloo
    It's very rare that they go missing or are stolen. And the computer printed cheque with your name on it would mean no one would be able to alter it by hand at least and it's not in their name. I've often posted them my passbook with a cheque. Never had an issue. Or with receiving cheques.

    If you wanted, you could write on the withdrawal form (below) the bank, sort and account numbers in the payable line so that it can only be deposited by you into your account in such a circumstance of you not receiving it, like Halifax - Mr A Smith or Mr A Smith 00-00-00 12345678, for extra security. I write the name of the bank before the persons name, if I know it. Chequebook inner page actually advises this method for protection.

    Leeds Building Society, for example, advise that cheques you write to them to deposit be written as Leeds Building Society re: Mr A Smith or Leeds Building Society re: 00-00-00 12345678.

    You're actually more likely now to be defrauded from card fraud than cheque fraud thanks to Contactless.

    Here is the withdrawal form, should you want to do it.
    https://www.leedsbuildingsociety.co.uk/_resources/pdfs/savings-pdfs/postal-withdrawals-and-closuers.pdf
    • Wheres My Cashback
    • By Wheres My Cashback 3rd Aug 18, 7:44 PM
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    Wheres My Cashback
    Just a warning about sending a secure message to request a withdrawal: some of us can't to do it because there's a fault in the Leeds system, which for some users, suppresses the screen option to send a secure message! My partner's account can send secure messages, mine can't. See my posting #871 on page 44 of the Regular Savers thread here: https://forums.moneysavingexpert.com/showthread.php?t=5776240&page=44
    Originally posted by pafpcg
    Have you asked them to set up a new online ID for you ?
    • pafpcg
    • By pafpcg 4th Aug 18, 12:57 PM
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    pafpcg
    Missing Secure-Message facility for some users
    Have you asked them to set up a new online ID for you ?
    Originally posted by Wheres My Cashback
    Wow! That's a "solution" that sounds just like I'd have suggested back in the days when I had responsibility for IT systems: avoid the problem and hope a fix for the fault can be found sometime later!

    Actually, it's not going to be a problem for me until next year when the Issue4 finally "matures" on 31-January; if the secure messages feature isn't available by then, I'll post a withdrawal/closure form beforehand and if LeedsBS action it a few days early, that'll not be a problem for me. It'll be the anniversary of the new Issue17 when it becomes critical. [LeedsBS gave me a way of submitting a withdrawal/closure request electronically, but it wasn't a solution I'd recommend.]
    • lisyloo
    • By lisyloo 6th Aug 18, 9:50 AM
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    lisyloo
    It's very rare that they go missing or are stolen. And the computer printed cheque with your name on it would mean no one would be able to alter it by hand at least and it's not in their name.
    But anyone with the ability to set up an account in the same name can pay it in right?
    Rare - I agree.
    Would I be covered though if it did happen to me?


    If you wanted, you could write on the withdrawal form (below) the bank, sort and account numbers in the payable line so that it can only be deposited by you into your account in such a circumstance of you not receiving it, like Halifax - Mr A Smith or Mr A Smith 00-00-00 12345678, for extra security. I write the name of the bank before the persons name, if I know it. Chequebook inner page actually advises this method for protection.
    Ah I didn't know that.
    Thanks !!!


    As it happens its very easy for me to get to banks and it doesn't cost me that much either (because there is a daily cap on public transport), so I think I might just do it that way to save time and just get it done (it's paying off our mortgage so there is a certain satisfaction).


    You're actually more likely now to be defrauded from card fraud than cheque fraud thanks to Contactless.
    For the ISAs in question we have no cards, cheque or online IDs which I was quite glad about when a password was stolen (it was not used for any account only for asking for money) and yes I have changed them all now and made them identifiable.
    Last edited by lisyloo; 06-08-2018 at 9:53 AM.
    • aj23
    • By aj23 6th Aug 18, 9:51 AM
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    aj23
    But anyone with the ability to set up an account in the same name can pay it in right?
    Rare - I agree.
    Would I be covered though if it did happen to me?





    Ah I didn't know that.
    Thanks !!!


    As it happens its very easy for me to get to banks and it doesn't cost me that much either (because there is a daily cap on public transport).
    Originally posted by lisyloo
    They'd have to prove it was them who had that name though, either through online ID check or in person. I doubt that would even happen. That's why if you wrote on the withdrawal form, that you want the cheque payable to your name followed by the sort code and account number of where you will deposit, only you have that account number.
    Last edited by aj23; 06-08-2018 at 9:54 AM.
    • lisyloo
    • By lisyloo 6th Aug 18, 10:00 AM
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    lisyloo
    They'd have to prove it was them who had that name though

    There are probably hundreds maybe thousands of people across the country who geuninely have the right to use the same name as me.
    Might be different if I was called Anastasia Humperdinck but I'm not :-)


    Agree about the account number (thanks for the tip).


    Still don't want to wait for 2 lots of second class post to pay off the mortgage !!! :-))
    • aj23
    • By aj23 6th Aug 18, 10:02 AM
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    aj23
    There are probably hundreds maybe thousands of people across the country who geuninely have the right to use the same name as me.
    Might be different if I was called Anastasia Humperdinck but I'm not :-)


    Agree about the account number (thanks for the tip).


    Still don't want to wait for 2 lots of second class post to pay off the mortgage !!! :-))
    Originally posted by lisyloo
    Yeah but they wouldn't necessarily have your other info as the same, like DOB, address, NI number etc. I really don't think you'll have a problem. If not, just go to branch and withdraw.
    • lisyloo
    • By lisyloo 6th Aug 18, 10:22 AM
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    lisyloo
    Yeah but they wouldn't necessarily have your other info as the same, like DOB, address, NI number etc.
    Why do they need that?
    If postman Joe Bloggs steals a cheque in the name of Fred Smith (say), then all he has to do is ask his mate Fred Smith to cash the cheque for a cut. Why does he need the other info? You only need an account in a matching name to cash a cheque and anecdotally they aren't they fastidious at checking names, dates etc.


    This has been done before. I'm not saying it's likely at all in fact it's rare, I just dont think it's completely safe for your life savings if it JUST depends on name (I'm now aware of the account number tip).


    What if it gets stuck behing a radiator and is genuinely lost in the post?
    How long would I have to wait to be re-imbursed?
    It would be a problem if that extended past my mortgage term.
    I agree it's rare but it does happy that things get lost in the post and this is one of those time I need it not to happen.
    Last edited by lisyloo; 06-08-2018 at 10:26 AM.
    • aj23
    • By aj23 6th Aug 18, 10:55 AM
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    aj23
    Why do they need that?
    If postman Joe Bloggs steals a cheque in the name of Fred Smith (say), then all he has to do is ask his mate Fred Smith to cash the cheque for a cut. Why does he need the other info? You only need an account in a matching name to cash a cheque and anecdotally they aren't they fastidious at checking names, dates etc.


    This has been done before. I'm not saying it's likely at all in fact it's rare, I just dont think it's completely safe for your life savings if it JUST depends on name (I'm now aware of the account number tip).


    What if it gets stuck behing a radiator and is genuinely lost in the post?
    How long would I have to wait to be re-imbursed?
    It would be a problem if that extended past my mortgage term.
    I agree it's rare but it does happy that things get lost in the post and this is one of those time I need it not to happen.
    Originally posted by lisyloo
    Yeah but these hypotheticals are very extreme! Do it however works best for you.
    • Wheres My Cashback
    • By Wheres My Cashback 6th Aug 18, 11:09 AM
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    Wheres My Cashback
    Wow! That's a "solution" that sounds just like I'd have suggested back in the days when I had responsibility for IT systems: avoid the problem and hope a fix for the fault can be found sometime later!
    Originally posted by pafpcg
    Nothing wrong with a short term work around whilst dealing with the fundamental issue, however in your case I suspect nothing would be suitable !
    • lisyloo
    • By lisyloo 6th Aug 18, 11:14 AM
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    lisyloo
    Yeah but these hypotheticals are very extreme! Do it however works best for you.
    Originally posted by aj23

    Ok extreme yes, but for my education and curiosity if it was stolen then would it be completely my loss if it couldn't be recovered?


    If it was lost can it be stopped and re-issued? I have a vague recollection that building society cheques were different (more like banker draughts than current account cheques) but I could be way out of date there.
    • aj23
    • By aj23 6th Aug 18, 11:15 AM
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    aj23
    Ok extreme yes, but for my education and curiosity if it was stolen then would it be completely my loss if it couldn't be recovered?


    If it was lost can it be stopped and re-issued? I have a vague recollection that building society cheques were different (more like banker draughts than current account cheques) but I could be way out of date there.
    Originally posted by lisyloo
    You could inform them and they could cancel the cheque. Yeah the money is immediately classed as having left your account, as it comes from their central pot.
    • lisyloo
    • By lisyloo 6th Aug 18, 11:53 AM
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    lisyloo
    You could inform them and they could cancel the cheque. Yeah the money is immediately classed as having left your account, as it comes from their central pot.
    Originally posted by aj23

    Thanks for the info.
    I agree it's rare for post to get lost, but it does happen occassionally, for example post vehicles are involved in an accident.

    I can imagine it would be very stressful if your life savings were withdrawn and you didn't know where they were.
    Last edited by lisyloo; 06-08-2018 at 11:56 AM.
    • aj23
    • By aj23 6th Aug 18, 11:54 AM
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    • 276 Thanks
    aj23
    Thanks for the info.
    I agree it's rare for post to get lost, but it does happen occassionally, for example post vehicles are involved in an accident.

    I can imagine it would be very stressful if your life savings were withdrawn and you didn't know where they were.
    Originally posted by lisyloo
    Yeah I can imagine. But if you're near a branch at any point, just go in there.
    • lisyloo
    • By lisyloo 6th Aug 18, 3:22 PM
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    lisyloo
    Yeah I can imagine. But if you're near a branch at any point, just go in there.
    Originally posted by aj23

    It's 2 stops on the tube (about 4 mins) and I won't even have to pay full price as together with my normal commute I'll hit the daily cap on public trannsport.
    I'll let you know how I get on. Unsure if I can just turn up or whether I need an appointment, but I will call and check first (expecting a money laundering interview - seriously if I were a drug dealer would I be using high st banks??)
    • aj23
    • By aj23 6th Aug 18, 3:38 PM
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    aj23
    It's 2 stops on the tube (about 4 mins) and I won't even have to pay full price as together with my normal commute I'll hit the daily cap on public trannsport.
    I'll let you know how I get on. Unsure if I can just turn up or whether I need an appointment, but I will call and check first (expecting a money laundering interview - seriously if I were a drug dealer would I be using high st banks??)
    Originally posted by lisyloo
    It is an easy access account, so you can just walk in without notice and withdraw/close straight away (I presume you haven't made a withdrawal since 1 September 2017?)
    • lisyloo
    • By lisyloo 6th Aug 18, 3:44 PM
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    lisyloo
    It is an easy access account, so you can just walk in without notice and withdraw/close straight away (I presume you haven't made a withdrawal since 1 September 2017?)
    Originally posted by aj23

    Sorry, mine is a 2-year ISA (I think I originally only saw part of the thread title on my device).
    I don't need to give notice after it matures.


    Hopefully they can just close, print a cheque there and then.
    I will also be doing it for my husband with a 3rd party form and ID and passbook.
    It's a lot of money does that make any difference/trigger any additional checks?
    ID is not an issue but he can't make it to the branch (it can take a lot of time to get across London).
    • aj23
    • By aj23 6th Aug 18, 3:59 PM
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    aj23
    Sorry, mine is a 2-year ISA (I think I originally only saw part of the thread title on my device).
    I don't need to give notice after it matures.


    Hopefully they can just close, print a cheque there and then.
    I will also be doing it for my husband with a 3rd party form and ID and passbook.
    It's a lot of money does that make any difference/trigger any additional checks?
    ID is not an issue but he can't make it to the branch (it can take a lot of time to get across London).
    Originally posted by lisyloo

    Oh right, I thought you were talking about the Regular Saver!!

    Well yeah once the ISA matures and interest has been, you can withdraw anytime. Max. you can withdraw by cheque is usually in the tens of thousands. Banks are in the hundreds of thousands for sure. It just cash and transfers that have some restrictions.
    • Vortigern
    • By Vortigern 6th Aug 18, 6:53 PM
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    Vortigern
    Sorry, mine is a 2-year ISA...
    Originally posted by lisyloo
    If you collect a cheque from the branch, your cash is no longer in the ISA wrapper. To preserve its tax-free status you should fill in an ISA transfer form at a new ISA provider, unless you just want to spend the cash.

    I expect (but I don't know for sure) that a maturing 2-year ISA with Leeds BS would automatically transfer to a new Leeds ISA with the same account number. They should tell you your options in a maturity letter.
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