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Frequently Asked Savings Account Questions

Savings FAQs

Find answers to the most commonly asked savings account questions. 

General Savings FAQs

You can withdraw money from the majority of our savings accounts. However, this is not possible on all accounts. Fixed Rate Bonds, Fixed Rate ISAs and our Junior Cash ISA all restrict you from withdrawing funds until an agreed date.

You can withdraw money from most of our savings accounts whenever you like. However, you cannot withdraw funds from our bonds; this will only be permitted in exceptional circumstances and at the discretion of the Society or our Junior Cash ISA, until the account has matured. Check individual product 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 term. As you put money into the account, we also top it up by paying interest on the amount held in the account. The more money you save, the more interest you earn.

If the account is a joint account, the money passes entirely to the surviving account holder. If the account was held only by the person who has died, the money held in the account will form part of their estate and be distributed by their executors in accordance with their will. Bereavement page.

No but you can by standing order.

Yes, there is nothing to stop you holding more than one savings account with Leek United.

Under the Financial Services Compensation Scheme, each Leek United customer has £85,000 of their savings protected.

This depends on the account you have opened. You can deposit up to £20,000 per year in an ISA. For the Junior Cash ISA, you can deposit £9,000 per year. And Flexible Saver account holders can deposit up to £12,000 per year. Check the terms of your specific account to find out the full details of any limits on what you can save.

FAQs about Opening a Savings Account

Opening a Leek United savings account is simple. Just visit any of our 12 branches or two agencies. Not sure where your nearest branch is? Check this full list of all Leek United branches.

If you want to save money – whether it be for a car, a house deposit, a dream holiday or just a rainy day – you’re welcome to open a Leek United savings account.

FAQs about Different Types of Savings Account

We offer a range of accounts designed for children. It’s wise to look at each option and decide which one best suits your particular circumstances. Take a look at our Junior Cash ISA, Humphrey Club or Pyramid Max accounts. We also offer some great prize draws for children who are a supporter of Stoke City Football Club through our Stoke City Football Club Junior Save and Support account. 

We do not offer any savings accounts designed specifically for students. However, all students are welcome to open any of our standard savings accounts.

Once you have opened a bond, you can't add any more funds to it. However, you can continue to add more money to a savings account until you have reached any annual limit detailed in the terms of your account.

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.

Any interest earned on your savings in an ISA is tax free. You may have a tax liability for any interest generated by savings in accounts that are not ISAs.

A fixed-term account simply pays a defined rate of interest for a defined term. You will know the details of the interest rate and term before you open your account.

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

FAQs about Interest Rates

Yes. Check the terms of your chosen account to see how much and how often you will be paid interest.

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.

A fixed-rate account continues to pay the same rate of interest, regardless of what happens elsewhere. If rates rise elsewhere, a fixed-rate account stays at the same rate. Likewise, if rates fall elsewhere, a fixed-rate account continues to pay the same interest rate. What happens elsewhere does not affect a fixed-rate account.

This depends on the account you have opened. Our Easy Access Pyramid Share account, for example, pays interest either on 1 January (if you have chosen to receive annual interest) or the first day of each month (if you have chosen to receive monthly interest).

All of our Easy Access ISAs pays interest annually on 1 January, as do our Stoke City Football Club Affinity and Pyramid Max accounts.

Flexible Saver accounts pay on the anniversary of the account and Humphrey Club accounts have interest paid in July.

You can choose from monthly or annual interest with our Totally Locally Leek Savings account, County Air Ambulance Trust Affinity account, and our East Cheshire Hospice Savings account.