If your savings account is instant access, you will be able to withdraw money whenever you like.

If your savings account has a fixed term, you won't be able to withdraw funds until the account has matured, for example, our Fixed Rate Bonds, Fixed Rate ISAs, Junior Cash ISA and Flexible Saver. We sometimes allow the discretion for early withdrawals in exceptional circumstances, but it is best to check the individual savings account terms and conditions if you are unsure.

To understand a savings account you need to think of it as a place to store your money over a long period of time. As you save money into the account, we also add to it by paying interest on the amount held in the account. The more money you save, the more interest you earn.

The amount of interest you receive is determined by the rate offered on your savings account, which can be found on your account terms and conditions.

No, not by direct debit. However, it is possible to make regular payments into some of our savings accounts by standing order.

You can use your internet banking facility to make payments direct to your account. Please make these to the account of Leek United Building Society at HSBC Bank plc by quoting the following:

Please note that your Leek United account number must be quoted as the reference in order for the payment to reach your account and the reference must not include any other numbers or characters.

If you don't have internet banking, you can print and complete a Standing Order Mandate, then send it to your bank.

As a general rule, you can hold more one savings account with Leek United.

However, in some circumstances there may be certain restrictions. For example, you can have multiple ISAs, but you can open only one cash ISA in each tax year. Another example is if a specific type of savings account is restricted to one per customer. You’ll need to check the terms and conditions of the account. 

In respect of deposits, a depositor who is eligible is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The limit relates to the combined amount in all the eligible depositor's accounts with the building society, including their share of any joint account, and not to each separate account.

Large companies and small local authorities are also covered by FSCS for compensation up to the limit of £85,000.

Please see our; Financial Services Compensation Scheme Information Sheet and Exclusions List which summarises details of the Scheme.

This depends on the account you have opened:

• Cash ISA - You can deposit up to £20,000 per year.
• Junior Cash ISA - You can deposit £9,000 per year.

Check the terms of your specific account to find out the full details of any limits on what you can save.

A savings account will typically pay variable rates of interest and are more flexible in terms of access to your funds. 

Whereas compared to a bond, which normally has a fixed rate of interest, your money will be tied in or 'locked away' for a fixed amount of time.

A passbook account is an account where all transactions, withdrawals and deposits, are recorded in a pocket-sized passbook. You keep the passbook at home and provided it is up to date, will be able to easily check your balance.

ISA stands for Individual Savings Account. The main difference between an ISA and any other type of savings account is that it offers tax free interest on your savings.

ISAs do come with one restriction; you are limited to how much you can pay into an ISA each tax year - known as the 'ISA allowance' - which is currently £20,000 for adults and £9,000 for Junior Cash ISAs.

Further details on how Cash ISAs work can be found by visiting the following websites:

• www.gov.uk/individual-savings-accounts
• www.gov.uk/junior-individual-savings-accounts

A fixed term account is sometimes also known as a 'fixed rate bond' or a 'fixed rate' savings account. As the name implies, these accounts offer a fixed rate of interest and locks your savings away for a fixed length of time (i.e. the term).

Once the term has ended, the account is known to have reached a 'maturity date'. This means you'll get access to your funds, plus any final interest payments. You can then decide what you would like to do with your matured funds.

Some fixed term accounts also have a variable rate of interest which can change over term of the account.

There is no requirement to make a monthly payment with our Flexible Saver account.

With no commitment to put away the same amount of money every month, you can enjoy saving for the future at a pace that suits you.

We will not directly deduct any tax from your Leek United savings account. However, depending on the amount of interest earned, you may still face a tax liability. The best course of action is to check with HM Revenue & Customs.

What happens elsewhere does not affect a fixed rate account. Whether the rates rise or fall elsewhere, a fixed rate account will continue to pay the same rate of interest until the end of its term.

A variable interest rate can be reduced or increased due to market conditions such as a change to the Bank of England Base Rate.