A Fixed Rate, Fixed Term Bond usually offers a higher rate of interest as your money is ‘locked-in’ for a specific amount of time.
|Summary Box - Key Product Information|
|Account Name||1 Year Fixed Rate, Fixed Term Bond|
|What is the interest rate?||
0.25% Gross* / AER**
Interest is calculated daily and paid annually on maturity.
0.25% 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 £1,002.50. 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 I open and manage my account?||
The account can be opened in person at one of our branches or agencies.
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.
The account is a fixed term savings bond for a period of one year from the date the bond is opened.
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 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 The capital and interest must be withdrawn and you will be asked to choose whether you wish to:
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 Fixed Rate, Fixed Term Savings Bond.
The above rates are applicable from 24 July 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 annually.
To view the full terms and conditions relating to our 1 Year Fixed Rate, Fixed Term Bond, please click here.
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.How to apply