Business Deposit Account

terms and conditions

Terms and Conditions relating specifically to the Business Deposit account

These terms and conditions 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.

Your initial investment must be at least £10,000. You can add to this up to a maximum of £1,000,000.

7 days notice is required for withdrawals (or 7 days loss of interest).

Interest rates can vary.

Deposits by cheque or electronically only. Cash deposits are not allowed.

Withdrawals by cheque, BACS or CHAPS. 

Our standard charge will apply to CHAPS transfers.

No more than 15 withdrawals are allowed in each year. The year starts from the day the account is opened and on the anniversary date thereafter.

Interest is calcluated daily and payable annually on 1st January.  Payment is by BACS or by transfer to an existing account within the Society or capitalised to your account.

Where required by legislation, interest will be paid or credited after deduction of income tax at the appropriate rate.

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: September 2011

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

If you wish to make an electronic payment

You can make an electronic payment into your Leek United savings account by following these simple instructions - it's quick and easy to do.

Simply quote the three sets of digits, shown below, to your bank and they will be able to make the payments direct to your Leek United account.

Sort Code:  40-28-01

Account Number:   11012258

Roll/reference number:  your own 11 digit Leek United account number (found on the first page of your passbook) 

Please ensure that all three sets of digits are quoted otherwise your payment will not be credited directly to your account.