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1 Year Existing Customer Only Fixed Rate, Fixed Term Bond

1 Year Existing Customer Only Fixed Rate, Fixed Term Bond

To be eligible to open one of our Existing Customer Only Bonds, you must already be an existing customer who has continuously held a Leek United product for a minimum of 12 months.

Summary Box - Key Product Information

Account Name

1 Year Existing Customer Only Fixed Rate, Fixed Term Bond

What is the interest rate?

Annual interest

 

0.45% Gross*/AER**

Interest is calculated daily and paid annually on maturity.

Monthly interest

 

0.45% Gross*/AER**

Interest is calculated daily and paid monthly on the first of the month.

Can Leek United Building Society change the interest rates?

The interest rate on this Bond is fixed until the Bond maturity date.

Leek United Building Society will not change the interest rate on this account.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on a deposit of £1,000 the estimated balance after 12 months is £1,004.50. This projection assumes that the amount of £1,000 is deposited in the Bond at the time it is opened and that no further deposits or withdrawals are made for the full interest period and is based on interest paid annually.

This projection is provided for illustration purposes only.

How do a I open and manage my account?

The account can be opened in person at one of our branches.

The account must be opened with a minimum deposit of at least £1,000. A maximum of £250,000 can be held in the account.

Available to UK residents only.

Can I withdraw money?

Withdrawal of funds will only be permitted in exceptional circumstances and at the discretion of the Society.

Additional information

The account is a fixed term savings bond for a period of one year from the date the bond is opened.

To be eligible for the 1 Year Existing Customer Fixed Rate, Fixed Term Bond you must already be an existing customer who has continuously held a Leek United product for a minimum of 12 months.

Additional deposits are not allowed during the term of the bond.

Once selected the frequency of interest payments cannot be changed between annual and monthly.

You will be contacted shortly before maturity of the 1 Year Existing Customer Fixed Rate, Fixed Term 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 The capital and interest must be withdrawn and you will be asked to choose whether you wish to: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 and transfer the balance into the new account.
• Transfer to another bank/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 easy access No Instructions Holding Account Issue 2 or equivalent.

Further details regarding the No Instruction Holding Account Issue 2 or equivalent will be issued prior to the maturity of the 1 Year Existing Customer Fixed Rate, Fixed Term Bond.

The above rates are applicable from 1 October 2020.

*Gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

In some circumstances, customers will be required to pay tax on interest earned. Please contact HM Revenue & Customs for further information or view their website.

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

  1. 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.
     
  2. To be eligible for the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond, you must already be an existing customer who has continuously held a Leek United product for a minimum of 12 months.
     
  3. The initial investment must be a minimum of £1,000 up to a maximum of £250,000 (please make cheques payable to yourself not to Leek United).
     
  4. Additional deposits are not allowed during the term of the Bond.
     
  5. Withdrawal of funds will only be permitted in exceptional circumstances and at the discretion of the Society.
     
  6. The interest rate is fixed for 1 year.
     
  7. Interest is calculated on a daily basis and credited on maturity of the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond or, if monthly interest is selected, on the first day of each month. Please note that where deposits are made by cheque (other than Leek United cheques) interest will not begin to be earned until two calendar days after the date of receipt.
     
  8. Interest may be added to the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond, transferred to another Leek United Building Society account or paid direct to your bank account.
     
  9. Once selected the frequency of interest payments cannot be changed between annual and monthly.
     
  10. The 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond is a limited issue account. The Society reserves the right to close the issue without notice. Please note that the Society is not obliged to offer the 1 Year Existing Customer Fixed Rate, Fixed Term Bond to new customers after the product is withdrawn.
     
  11. You will be contacted shortly before maturity of the 1 Year Existing Customer Only Fixed Rate, Fixed Term 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 and transfer the balance to the new account.
    • Transfer to another bank/building society account. (Please note that transfers will reach your account the following working day).
     
  12. If no instructions are received, the capital and interest will be transferred to the Society’s easy access No Instruction Holding Account Issue 2 or equivalent. Further details regarding the No Instruction Holding Account Issue 2 or equivalent will be issued prior to maturity of the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond.
     
  13. Tax assumptions are those currently applicable and are subject to statutory change.

For details relating to the Financial Services Compensation Scheme please click here.

Apply now

You can apply for this account by booking an appointment at your local branch.

Due to Coronavirus and the health & safety of our members and colleagues being our top priority, we have temporarily suspended our face to face, in-branch appointments. However, you can still speak to us and book a face to face video call or telephone appointment to apply for this account.

We may ask you to provide ID to confirm your name and address. To assist you, we try to verify this electronically. If we are unable to, we would require your paper documentation instead. For a full list of what documents are acceptable, please read our Proving your identity leaflet by clicking here.

You will also need to bring a cheque or cash for at least the minimum investment to open the account.

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