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  • FIRST POST
    • aj23
    • By aj23 26th Jan 18, 10:20 AM
    • 1,026Posts
    • 325Thanks
    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 9
    • lisyloo
    • By lisyloo 6th Aug 18, 7:09 PM
    • 23,269 Posts
    • 11,801 Thanks
    lisyloo
    I am aware of this (but thanks anyway).
    The money is going to pay off a mortgage that ends in a few months, so is no longer available as savings.

    They send you a letter and if you dont do anything they will transfer it to an easy access ISA.
    My mortgage rate is now 1.24% so as soon as it matures I want to pay off the mortgage as the ISA rate will reduce from 1.4% to something very small, so I plan to go in as soon as it matures and pay the cheques off my mortgage the same day.
    Fortunately for me I work in a banking district so I have access to main branches.
    Last edited by lisyloo; 06-08-2018 at 7:12 PM.
    • Westie983
    • By Westie983 7th Aug 18, 2:04 PM
    • 4,690 Posts
    • 15,247 Thanks
    Westie983
    I am aware of this (but thanks anyway).
    The money is going to pay off a mortgage that ends in a few months, so is no longer available as savings.

    They send you a letter and if you dont do anything they will transfer it to an easy access ISA.
    My mortgage rate is now 1.24% so as soon as it matures I want to pay off the mortgage as the ISA rate will reduce from 1.4% to something very small, so I plan to go in as soon as it matures and pay the cheques off my mortgage the same day.
    Fortunately for me I work in a banking district so I have access to main branches.
    Originally posted by lisyloo
    Do you have third party access set up at Leeds? do they offer this service for the ISA account.

    You may find you will struggle to withdraw a large amount from a maturing account that is not yours, I would be very wary of this transaction, unless there was POA registered which is equivalent to the owner of the account being the one doing the withdrawal.

    Third party withdrawals normally have a limit to how much can be withdrawn, have you check this with Leeds.

    Westie983
    Save 12k in 2019 #42 Total (£16000)+£250/£12000 = 2.08%
    Sealed Pot Challenge ~ 12 #97 Total (£450)+£1/£500 = 0.20% ( x 11)
    Xmas 2019 £1 a Day #20 Total (£165)+£0/£365 = 0.00%
    Virtual Sealed Pot #1 Total (£1300)+£50/£1000 = 5.00%
    £2 Savers Club 2018 #16 Total (£1030)+£0/£2000 = 0.0%

    Total £301.00/£15865 = 1.89%
    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
    • lisyloo
    • By lisyloo 7th Aug 18, 2:12 PM
    • 23,269 Posts
    • 11,801 Thanks
    lisyloo
    Do you have third party access set up at Leeds? do they offer this service for the ISA account.
    I spoke to leeds on the phone.
    They said I can do it with a 3rd party release form, passbook and ID for both (him and me).
    They are sending me the form.


    Third party withdrawals normally have a limit to how much can be withdrawn, have you check this with Leeds.
    She didnt mention a limit (and she knew the amounts we were talking about).

    I intended to call the branch direct to check if I needed an appointment or whether I can just show up.



    But basically she said I could do it with the relevant authorisation, passbooks and ID.
    • veryintrigued
    • By veryintrigued 7th Aug 18, 4:26 PM
    • 2,680 Posts
    • 2,254 Thanks
    veryintrigued
    I spoke to leeds on the phone.
    They said I can do it with a 3rd party release form, passbook and ID for both (him and me).
    They are sending me the form.



    She didnt mention a limit (and she knew the amounts we were talking about).

    I intended to call the branch direct to check if I needed an appointment or whether I can just show up.



    But basically she said I could do it with the relevant authorisation, passbooks and ID.
    Originally posted by lisyloo
    Wouldn't it be better to put all this informative in a thread that's of your specific product,?
    • lisyloo
    • By lisyloo 7th Aug 18, 4:40 PM
    • 23,269 Posts
    • 11,801 Thanks
    lisyloo
    Wouldn't it be better to put all this informative in a thread that's of your specific product,?
    Originally posted by veryintrigued

    Yes it would have been.
    Feel free to move/report or whatever.
    It's because there is a lot of the title before you get to the product name which doesn't show up on some size screens.
    Sorry for the inconvenience.
    • Southcoast01
    • By Southcoast01 25th Aug 18, 9:35 AM
    • 16 Posts
    • 17 Thanks
    Southcoast01
    Logged in to account this morning and now shows interest/bonus due 31 August.
    • garfield33
    • By garfield33 6th Jan 19, 11:23 AM
    • 208 Posts
    • 371 Thanks
    garfield33
    Hi everyone, I'm struggling to find the T&Cs for this account on the Leeds website, and annoyingly I hadn't saved them when I opened the account. Am I right in thinking that this account will close in February 2019? A payment went out on 2nd January - I guess that will be the last one, I can't squeeze in another on 1st February.
    • Frank121
    • By Frank121 6th Jan 19, 12:11 PM
    • 104 Posts
    • 57 Thanks
    Frank121
    Hi everyone, I'm struggling to find the T&Cs for this account on the Leeds website, and annoyingly I hadn't saved them when I opened the account. Am I right in thinking that this account will close in February 2019? A payment went out on 2nd January - I guess that will be the last one, I can't squeeze in another on 1st February.
    Originally posted by garfield33

    Hello!

    According to the letter I received; Issue 4 will close on the 31st January and will change to an easy access account thereafter. So yes the 1st Feb would be too late.

    If you have a standing order it will continue unless you cancel it. (I believe the account number will remain the same after the transfer)

    Cheers.
    Frank
    • Biggerz
    • By Biggerz 7th Jan 19, 10:00 AM
    • 2 Posts
    • 1 Thanks
    Biggerz
    Of course you will need to amend your standing order to take account of the new sort code and account numbers introduced this month, if payments are still to be made this month (see recent email from Leeds BS)
    • garfield33
    • By garfield33 7th Jan 19, 10:11 AM
    • 208 Posts
    • 371 Thanks
    garfield33
    Hello!

    According to the letter I received; Issue 4 will close on the 31st January and will change to an easy access account thereafter. So yes the 1st Feb would be too late.

    If you have a standing order it will continue unless you cancel it. (I believe the account number will remain the same after the transfer)

    Cheers.
    Frank
    Originally posted by Frank121
    Thank you! I haven't had my letter yet - it's probably waiting for me at home now standing order has been duly cancelled.
    • veryintrigued
    • By veryintrigued 7th Jan 19, 11:46 AM
    • 2,680 Posts
    • 2,254 Thanks
    veryintrigued
    Thank you! I haven't had my letter yet - it's probably waiting for me at home now standing order has been duly cancelled.
    Originally posted by garfield33
    The letter was sent months and months ago
    • acc
    • By acc 7th Jan 19, 6:23 PM
    • 415 Posts
    • 1,130 Thanks
    acc
    Thank you! I haven't had my letter yet - it's probably waiting for me at home now standing order has been duly cancelled.
    Originally posted by garfield33
    The letter was sent months and months ago
    Originally posted by veryintrigued
    Another maturity letter is coming along in the next week, probably with the offer of a maturity account at a better rate than the default 0.50% mentioned in the July 2018 letter.
    • veryintrigued
    • By veryintrigued 7th Jan 19, 8:01 PM
    • 2,680 Posts
    • 2,254 Thanks
    veryintrigued
    Another maturity letter is coming along in the next week, probably with the offer of a maturity account at a better rate than the default 0.50% mentioned in the July 2018 letter.
    Originally posted by acc
    That's good news.

    Thank you.
    • molerat
    • By molerat 7th Jan 19, 8:19 PM
    • 20,225 Posts
    • 14,511 Thanks
    molerat
    Of course you will need to amend your standing order to take account of the new sort code and account numbers introduced this month, if payments are still to be made this month (see recent email from Leeds BS)
    Originally posted by Biggerz
    Not had any e-mails, your post is the first I have heard of it. Logged in and saw details of what needs to be done and it mentions that an e-mail will be sent when a payment to the old account details is made.
    When a payment is made into your account, you’ll receive an email or letter from us explaining what needs to be done next. The email will come from info@leedsbuildingsociety.co.uk and will include part of your postcode. You can also read more about the changes we’re making below...
    http://www.leedsbuildingsociety.co.uk/changes-to-paying-in/
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • bristolleedsfan
    • By bristolleedsfan 7th Jan 19, 10:35 PM
    • 7,560 Posts
    • 9,660 Thanks
    bristolleedsfan
    Another maturity letter is coming along in the next week, probably with the offer of a maturity account at a better rate than the default 0.50% mentioned in the July 2018 letter.
    Originally posted by acc

    If I was to hazard a guess between 1.25% and 1.5%
    • Vortigern
    • By Vortigern 7th Jan 19, 10:48 PM
    • 2,681 Posts
    • 1,842 Thanks
    Vortigern
    Of course you will need to amend your standing order to take account of the new sort code and account numbers introduced this month, if payments are still to be made this month (see recent email from Leeds BS)
    Originally posted by Biggerz
    No need to amend your SO. There will be parallel running of the old and new sort codes for a while.

    Issue 4 matures 31 Jan. If you have any other LBS accounts, you will need to change your paying in method when LBS asks you to do so.

    I was given the new sort-code and account when I opened issue 21 in branch. I was not asked to make changes for any other accounts.
    • acc
    • By acc 7th Jan 19, 11:35 PM
    • 415 Posts
    • 1,130 Thanks
    acc
    Another maturity letter is coming along in the next week, probably with the offer of a maturity account at a better rate than the default 0.50% mentioned in the July 2018 letter.
    Originally posted by acc
    If I was to hazard a guess between 1.25% and 1.5%
    Originally posted by bristolleedsfan
    Possibly 1.75%?
    • GreenBitterfly
    • By GreenBitterfly 8th Jan 19, 3:19 PM
    • 370 Posts
    • 740 Thanks
    GreenBitterfly
    Possibly 1.75%?
    Originally posted by acc
    Really?, definitely going to keep the account open in those circumstances then!
    • aj23
    • By aj23 8th Jan 19, 3:22 PM
    • 1,026 Posts
    • 325 Thanks
    aj23
    I'd be very surprised if this is the case.
    • aj23
    • By aj23 8th Jan 19, 3:25 PM
    • 1,026 Posts
    • 325 Thanks
    aj23
    Sent my last payment off today. Will be end of an era. Ha.
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