Our Pyramid Max account for 9 -19 year olds is the perfect place to save. Only £1 is needed to open an account and you’ll not only earn a competitive rate of interest, you will also enjoy easy access to your money.
When you reach 20, you can simply transfer your money to another Leek United savings account.
|Summary Box - Key Product Information|
|Account Name||Pyramid Max Savings Account|
|What is the interest rate?||
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 for Investors 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 £1,012.50. 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?||
The account can be opened in person at one of our branches or agencies or by post.
The account must be opened with a minimum deposit of at least £1. A maximum of £250,000 can be held in the account.
Available to UK residents only.
|Can I withdraw money?||
Withdrawals can be made subject to standard branch and agency withdrawal limits.
Withdrawals will not be allowed without the passbook.
Any accounts opened after 25 May 2018 can only be operated in the sole name of a child aged 13 years or above.
Available for children from the age of 9 years old to 19 years old.
When you become 20 years old, the Society will contact you and explain the options available and how you can transfer your account to a different account.
If no instructions are received the Society will automatically transfer the funds to a new Easy Access Pyramid Share account. The passbook for the new account will be available once acceptable identification has been provided.
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 by clicking here.
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 relating to our Pyramid Max savings account, click hereHow to apply?