Pyramid 90 terms and conditions

Terms and Conditions relating specifically to the Pyramid 90 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 £1,000. You can add to this up to a maximum of £250,000.

If your balance falls below £1,000, you will receive interest at our 'Instant Access Pyramid Share' rate and if you receive interest monthly this may revert to being paid annually.

You'll have instant access to your money without any loss of interest, providing at least £10,000 remains in your account after any withdrawal.

If your balance falls below £10,000, you can withdraw or transfer all or part of your investment without loss of interest as long as we receive 90 days written notice.

If your balance falls below £10,000 and you give us at least 30 days notice before withdrawing all or part of your investment, you will only lose 30 days interest on the amount withdrawn (or as many days as the account has been open if this is less than 30 days).

If your balance is below £10,000 and you need instant access to all or part of your investment, you will lose 90 days interest on the amount withdrawn (or as many days as the account has been open if this is less than 90 days).

Penalty interest is only applicable to that element of a withdrawal, transfer or closure which takes the account balance below £10,000.

Interest rates can vary.

Interest is payable either annually on 1st January, 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  Payment is by BACS or by transfer to an existing account within the Society or capitalised to your account and withdrawn on an instant access basis if required.

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

If there are insufficient funds to pay direct debits, a charge will be levied.

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

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 a regular payment

If you wish to make a regular payment into your Leek United savings account, once it has been opened, why not do this by setting up a standing order - 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 from a date specified by yourself.

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.