Performance Bond terms and conditions
Terms and Conditions relating specifically to Performance Bonds
These terms and conditions must be read in conjunction with our 'Statement of Practice Investors' leaflet (click here to view) which details general terms and conditions relating to all our savings accounts.
Your initial investment must be at least £2,000, up to a maximum of £250,000.
Once your have opened a Performance Bond, you can not add to it.
Withdrawal arrangements:
One Year Bond: No withdrawals allowed until maturity
Two Year Bond: No withdrawals allowed during first year. Withdrawals permitted during second year, subject to 90 days loss of interest and standard branch and agency withdrawal limits.
Three Year Bond: No withdrawals allowed during first and second years. Withdrawals permitted during third year subject to 90 days loss of interest and standard branch and agency withdrawal limits.
Interest rates can vary.
Interest is calculated on a daily basis and is payable either annually on 1st January and on maturity, or monthly on 1st of each month. Payment is by BACS or by transfer to an existing account within the Society or capitalised to your account and withdrawn on an instant access basis if required.
Once you have selected a particular option, you cannot change between annual and monthly interest.
Where required by legislation, interest will be paid or credited after deduction of income tax at the appropriate rate.
You will be contacted shortly before maturity of the Bond to ascertain your 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 The capital and interest must be withdrawn and you will be asked to choose whether you wish to: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 the balance to another bank/building society 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.
Customers have a 14 day period in which to cancel their investment. Day 1 - the first day after initial receipt. Day 14 - last day of cooling off period. No charge will be made for cancellation. The Society will assist in changing the account or refund the capital plus accrued interest.
Tax assumptions are those currently applicable and are subject to statutory change.
Dated: November 2009
Your initial investment must be at least £2,000, up to a maximum of £250,000.
Once your have opened a Performance Bond, you can not add to it.
Withdrawal arrangements:
One Year Bond: No withdrawals allowed until maturity
Two Year Bond: No withdrawals allowed during first year. Withdrawals permitted during second year, subject to 90 days loss of interest and standard branch and agency withdrawal limits.
Three Year Bond: No withdrawals allowed during first and second years. Withdrawals permitted during third year subject to 90 days loss of interest and standard branch and agency withdrawal limits.
Interest rates can vary.
Interest is calculated on a daily basis and is payable either annually on 1st January and on maturity, or monthly on 1st of each month. Payment is by BACS or by transfer to an existing account within the Society or capitalised to your account and withdrawn on an instant access basis if required.
Once you have selected a particular option, you cannot change between annual and monthly interest.
Where required by legislation, interest will be paid or credited after deduction of income tax at the appropriate rate.
You will be contacted shortly before maturity of the Bond to ascertain your 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 the balance to another bank/building society 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.
Customers have a 14 day period in which to cancel their investment. Day 1 - the first day after initial receipt. Day 14 - last day of cooling off period. No charge will be made for cancellation. The Society will assist in changing the account or refund the capital plus accrued interest.
Tax assumptions are those currently applicable and are subject to statutory change.
Dated: November 2009