With our Flexible Saver Account you can enjoy saving for the future at a pace that suits you, there’s no commitment to save the same amount every month. This account has no withdrawal access until the anniversary of the account.
|Summary Box - Key Product Information
||Flexible Saver Account
|What is the interest rate?
Interest is calculated daily and paid on the anniversary of the account.
|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 monthly deposit of £83.33?
Based on a regular monthly deposit of £83.33, the estimated balance after 12 months is £1,005.94. This projection is provided for illustration purposes only and assumes that each deposit is made on the first day of each calendar month, no further deposits are made in that month and there is no change to the interest rate.
|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 deposit of at least £25 and a maximum of £1,000. Save up to a maximum of £1,000 per calendar month.
Available to UK residents only.
|Can I withdraw money?
Withdrawals are not allowed during the 12 month period of the account. Upon the anniversary of the account, the total balance must be withdrawn or transferred to another account. Closure is permitted at any time without penalty.
Withdrawals can be made on the anniversary of the account only, via electronic transfer, internal transfer, cash or cheque.
Withdrawals and closures will not be allowed without the passbook.
After the initial deposit, you don’t have to make a deposit each month. The maximum you can increase your balance by each calendar month is £1,000.
Only one account can be opened per customer.
Before the anniversary of your Flexible Saver Account we will write to you to confirm your instructions regarding your account.
If no instructions are received, the balance of your account will be transferred into a new Leek United Pyramid Share account in your name and your Flexible Saver Account will remain open for further investments.
Tax assumptions are those currently applicable and are subject to statutory change.
The above rates are applicable from 02 December 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.
- 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 our savings accounts.
- This account may be opened in person at any of our branches or via post.
- The account must be opened with a deposit of at least £25 and a maximum of £1,000. Save up to a maximum of £1,000 per calendar month.
- If you do not utilise the full £1,000 available contribution per calendar month then this cannot be made up in subsequent months.
- After the initial deposit, you don’t have to make a deposit each month. The maximum you can increase your balance by each calendar month is £1,000.
- Joint accounts are allowed.
- One account per customer.
- Interest is paid gross.
- The interest rate is variable.
- Interest is calculated on a daily basis and paid to the account on anniversary. Please note that where deposits are made by cheque (other than a Leek United Building Society cheque) interest will not begin to be earned until 2 calendar days after the date of receipt.
- 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.
- Withdrawals are not allowed during the 12 month period of the account. Upon the anniversary of the account, the total balance must be withdrawn or transferred to another account. Closure is permitted at any time without penalty.
- Withdrawals can be made on the anniversary of the account only, via electronic transfer, internal transfer, cash or cheque.
- This is a limited issue account. The Society reserves the right to close the issue without notice.
For details relating to the Financial Services Compensation Scheme please click here.