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Flexible Saver Account Enjoy saving at a pace that suits you

Flexible Saver Account

It’s flexible, so you can save a smaller amount or something larger*. There’s no commitment to save the same amount every month. Just enjoy saving for the future at a pace that suits you, even if your circumstances change.

Whether it’s for holidays, Christmas, your first car, gap year or your children’s university fees, just make payments and watch your savings grow.

Opening an account is easy

  • Simply pop into your local branch or agency or download an application form from our website and post to the Customer Service Centre, Leek United Building Society, 50 St. Edward Street, Leek ST13 5DL.
  • Depending on whether you’re a new or existing customer, we may ask you to provide identification 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 we can accept as proof of identity, please read our Proving your identity leaflet.

Ways to save

  • You can pay in cash, cheque, standing order or internal transfer from another Leek United Building Society account.

That’s it

  • Once your account is open and you’ve received your new passbook, you’re one step closer to saving towards your goal.
  • Withdrawals can be made on the anniversary of account only.

* T&Cs apply.

Please note that this account can be opened in branch, agency or via post.


Summary Box - Key Product Information
Account Name Flexible Saver Account
What is the interest rate?

Annual interest

1.35% Gross* / AER**
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 for 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 £1,007.30. 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 a I open and manage my account?

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

Additional information

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 16 April 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.

For full terms and conditions for this product please click here.


What next?

View our interest rates

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Savings Fees and Charges

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Proving your Identity

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Savings application forms

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