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Easy Access Cash ISA (Issue 7)

Easy Access Cash ISA (Issue 7)

A Leek United Cash ISA provides you with an excellent way to save up to £20,000 in the 2021/2022 tax year, and as your interest is not taxed, all of the interest you earn you keep.

From the start of the tax year which begins on 6 April, you are able to utilise your tax allowance for that year. Further details of the Cash ISA tax allowance applicable at the current time can be found at www.gov.uk/individual-savings-accounts.

Tax treatment depends on your individual circumstances and may change.

Summary Box - Key Product Information
Account Name Easy Access Cash ISA (Issue 7) Savings Account
What is the interest rate?

Annual interest
£10+

 

0.25% Gross*/AER**

Interest is calculated daily and paid annually on 1 January.

Can Leek United Building Society change the interest rates?

The interest rate on this account is variable.

Leek United Building Society has the right to change interest rates in certain circumstances. Please see the Society's Statement of Practice Investors leaflet which provides further information on these circumstances.

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 account at the time it is opened and that no further deposits or withdrawals are made for the full interest period.

This projection is provided for illustration purposes only.

How do I open and manage my account?

To be eligible for this account, you must be either:

  • an existing customer who has continuously held a Leek United Building Society product for a minimum of 12 months; or
  • a new customer resident in the following postcode areas:
    • CW – Cheshire
    • SK – Cheshire
    • DE – Derbyshire
    • TF – Shropshire
    • ST – Staffordshire
    • WS15 – Staffordshire

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

The account must be opened with a minimum deposit of at least £10.

Available to UK residents only.

Can I withdraw money?

Withdrawals can be made subject to standard branch withdrawal limits.

Once you have reached the maximum investment permitted during the year withdrawals of capital cannot be replaced.

Withdrawals will not be allowed without the passbook.

Additional information

Open to all UK residents over the age of 16 years.

Transfers from other providers are accepted.

The above rates are applicable from 19 June 2021.

* 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.

  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. You must be over the age of 16 and resident in the UK to open an ISA account.
     
  3. You cannot open an ISA as a joint account.
     
  4. You cannot open more ISAs than that described in the current legislation and you cannot hold an ISA on behalf of any other person.
     
  5. Your initial investment must be a minimum of £10. Please make cheques payable to yourself and not Leek United Building Society.
     
  6. The maximum amount you can invest in an ISA can change on an annual basis as prescribed by HM Revenue & Customs. Details of the Cash ISA tax allowance applicable at the current time can be found at https://www.gov.uk/individual-savings-accounts.
     
  7. Once you have reached the maximum investment during any one tax year no further deposits will be permitted.
     
  8. The interest rate is variable and is calculated on a daily basis and paid on 1 January each year.
     
  9. Interest may be added to the account, transferred to another Leek United Building Society account or paid direct to your bank account.
     
  10. The ISA investment will be, and must remain, the beneficial ownership of the investor and must not be used as security for a loan.
     
  11. If the investment fails to satisfy the provisions of the ISA Regulations, the ISA will become void and we will notify you.
     
  12. Once you have opened an account, you have 14 calendar days after the account has been open to notify us that you wish to change your mind. If you notify us within this time, we will help you transfer to another of your accounts or (assuming we have received cleared funds) give you back your money together with any charges which would usually apply.
     
  13. Notice of cancellation can be made in person or by written notification.
     
  14. The ISA Manager will satisfy themselves that any person to whom they delegate any of their functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.
     
  15. On the instructions of the investor and within the time stipulated by the investor, an ISA with all rights and obligations shall be transferred to another ISA manager.
     
  16. If you wish to transfer your ISA to another provider then part transfers are allowed. You should always check with your current provider whether any charges apply for transferring your ISA to another provider. Leek United ISAs are easy access accounts allowing customers to benefit from penalty free withdrawals (excluding Fixed Rate Cash ISAs).
     
  17. This Cash ISA product does not meet minimum stakeholder requirements, as the Society may not increase the interest rate within one month of the Bank of England base rate changing.
     
  18. Tax assumptions are those currently applicable and are subject to statutory change.

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

Transferring your ISA

Transferring your existing Cash ISA or Stocks & Shares ISA to a Leek United Cash ISA is easy.

Remember, don’t withdraw from an ISA in order to transfer to another provider as you will lose the tax-free benefits. Instead, Leek United offer a transfer service to do this for you. It is always a good idea to check with your current provider whether any charges apply for transferring your ISA to another provider.

Click on the links below to find out how you can book an appointment with your local branch or apply by post today.

Apply now

Apply in Branch

In Branch

Find out more

To apply for this account in branch, get in touch and book an appointment with us.
 

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.
 

As you've chosen to open an ISA account, we will also require your National Insurance Number.

 

Find My Local Branch

To open this account by post, please follow these simple steps:
 

For your own benefit and protection, please read all the account terms and conditions carefully, then download and print the application form below:

>Cash ISA application form
 

If you're transferring your Cash ISA or Stock & Shares ISA to us, you'll also need to complete and post the relevant transfer form:

>Cash ISA Transfer Form
>Stocks & Shares ISA Transfer Form

 

 

 

Please read the important information below before you open your account:

>FSCS Sheet
>Statement of Practice Investors
>Savings Fees and Charges

 

 

 

Complete your savings application form and post it, along with your cheque deposit (made payable to the account holder) to:

Savings Department, 50 St. Edward Street, Leek Staffordshire, ST13 5DL