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  • FIRST POST
    • aj23
    • By aj23 26th Jan 18, 10:20 AM
    • 778Posts
    • 254Thanks
    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
    • 22,563 Posts
    • 11,184 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
    • 4,571 Posts
    • 15,091 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 2018 #10 Total (25000)+15300/12000 = 127.50%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 115.00/365 = 31.50%
    Virtual Sealed Pot #1 Total 1200/1000 = 120.00%
    2 Savers Club 2018 #16 Total (1500)+-470/2000 = 51.50%

    Total 17,685.00/15865 = 111.47%

    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
    • 22,563 Posts
    • 11,184 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
    • 2,535 Posts
    • 2,072 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
    • 22,563 Posts
    • 11,184 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
    • 14 Posts
    • 16 Thanks
    Southcoast01
    Logged in to account this morning and now shows interest/bonus due 31 August.
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