Fixed Rate / Fixed Term - Terms and conditions

Terms and Conditions relating specifically to Fixed Rate/Fixed Term Savings Bonds

These terms and conditions below MUST BE READ in conjunction with our Statement of Practice Investors leaflet, which details generic terms and conditions relating to all of our savings accounts.

The initial investment must be a minimum of £1,000 and the maximum is £250,000.  Please make cheques payable to yourself not Leek United.

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 and 3-year Bonds.  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 selected the frequency of interest payments cannot be changed.

A minimum balance of at least £1,000 must remain in the account following any withdrawal.

Additional deposits are not allowed.

The Bonds are limited issue accounts.  The Society reserves the right to close a Bond without notice.

You may close or make withdrawals from the Bonds subject to 120 days loss of interest on the amount withdrawn and standard branch and agency withdrawal limits.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.

If any 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.

You will be contacted shortly before maturity of the Bonds 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 The capital and interest must be withdrawn and you will be asked to choose whether you wish to: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 to another bank or building society account
(Please note that transfers will reach your account the following working day)

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.

Tax assumptions are those currently applicable and are subject to statutory change.

Dated:  24 May 2010

Details of the Financial Services Compensation Scheme can be found in the 'Other Information' section on the left of this page.