Fixed Rate/Fixed Term - Terms and Conditions
Conditions of Issue - Fixed Rate/Fixed Term Savings Bonds
The initial investment must be a minimum of £1,000 and the maximum is £250,000
The interest rate is fixed for the specified term.
Interest is calculated on a daily basis and credited on maturity of the 1-year Bond and on the anniversary date and maturity of the 2-year Bond. If monthly interest is selected, interest is credited on the first day of each month. Please note that where deposits are made by cheque (other than Society cheque) interest will not begin to be earned until 2 calendar days after the date of receipt.
Interest may be added to the account, transferred to another Leek United Building Society account or paid direct to your bank account.
Once a particular option has been selected Bond holders cannot change between annual and monthly interest.
You may close or make withdrawals from the Bonds subject to 120 days loss of interest on the amount withdrawn and standard branch and agency withdrawal limits. This penalty will not be applied in the event of the death of an account holder.
A minimum balance of at least £1,000 must remain in the account following any withdrawal.
If the Bond has been open for less than 120 days, the amount of penalty interest will be based upon the actual number of days the account has been open.
Additional deposits are not allowed.
The Bond is a limited issue account. The Society reserves the right to close the account without notice.
Shortly before the end of the fixed term, Bond holders will be contacted to ascertain their requirements. The capital and interest must be withdrawn and you will be asked to choose whether you wish to:
The interest rate is fixed for the specified term.
Interest is calculated on a daily basis and credited on maturity of the 1-year Bond and on the anniversary date and maturity of the 2-year Bond. If monthly interest is selected, interest is credited on the first day of each month. Please note that where deposits are made by cheque (other than Society cheque) interest will not begin to be earned until 2 calendar days after the date of receipt.
Interest may be added to the account, transferred to another Leek United Building Society account or paid direct to your bank account.
Once a particular option has been selected Bond holders cannot change between annual and monthly interest.
You may close or make withdrawals from the Bonds subject to 120 days loss of interest on the amount withdrawn and standard branch and agency withdrawal limits. This penalty will not be applied in the event of the death of an account holder.
A minimum balance of at least £1,000 must remain in the account following any withdrawal.
If the Bond has been open for less than 120 days, the amount of penalty interest will be based upon the actual number of days the account has been open.
Additional deposits are not allowed.
The Bond is a limited issue account. The Society reserves the right to close the account without notice.
Shortly before the end of the fixed term, Bond holders will be contacted to ascertain their requirements. The capital and interest must be withdrawn and you will be asked to choose whether you wish to:
- transfer the balance to an existing Leek United account
- open a new Leek United account
- transfer to another bank/building society account
(Please note that transfers take 3 banking days to reach your account)
If no instructions are received, the capital and interest will be transferred to the Society's NIH (No Instruction Holding) account. Further details regarding the NIH account will be issued prior to maturity.
Conditions of Issue may vary from time to time at the discretion of the Society's Directors.
For further Terms and Conditions which will apply, including information regarding cheque deposits and processing see the Statement of Practice - Investors PDF.
These conditions are subject to the Rules of the Society, a free copy of which is available on request. Click to contact us.
Proof of identity is required for all applicants before we can open an account. Please see our 'Proving your identity' leaflet for full details.
New members are required to participate in our Charitable Assignment Scheme.
Tax assumptions are those currently applicable and are subject to statutory change.
If you wish to make a complaint against the Society please read our 'Getting it Right?' PDF.
Leek United is a participant in the Financial Services Compensation Scheme. Details of the scheme are available from www.fscs.org.uk (this is an external site).
Dated: 18 May 2009
Conditions of Issue may vary from time to time at the discretion of the Society's Directors.
For further Terms and Conditions which will apply, including information regarding cheque deposits and processing see the Statement of Practice - Investors PDF.
These conditions are subject to the Rules of the Society, a free copy of which is available on request. Click to contact us.
Proof of identity is required for all applicants before we can open an account. Please see our 'Proving your identity' leaflet for full details.
New members are required to participate in our Charitable Assignment Scheme.
Tax assumptions are those currently applicable and are subject to statutory change.
If you wish to make a complaint against the Society please read our 'Getting it Right?' PDF.
Leek United is a participant in the Financial Services Compensation Scheme. Details of the scheme are available from www.fscs.org.uk (this is an external site).
Dated: 18 May 2009