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Cash ISA

Terms and Conditions relating specifically to our 1 Year Fixed Rate, Fixed Term Cash ISA

These terms and conditions below must be read in conjunction with our Statement of Practice Investors leaflet, which details generic terms and conditions relating to all of our savings accounts.

The initial investment must be a minimum of £1,000.

You must be over the age of 16 and resident in the UK to be eligible for the 1-year Fixed Rate, Fixed Term Cash ISA.

You cannot open an ISA as a joint account or on behalf of any other person.

You cannot open more ISA's than that described in the current legislation.

The maximum amount you can invest in an ISA can change on an annual basis as prescribed by HM Revenue and Customs.  Details of the Cash ISA tax allowance applicable at the current time can be found at https://www.gov.uk/individual-savings-accounts/overview.

No additional deposits are allowed.  Transfers in from another ISA provider are permitted at the time the account is opened.

No withdrawals are allowed during the fixed term but full transfer out and early closure are allowed subject to 120 days loss of interest.  If the ISA has been open for less than 120 days, the amount of penalty interest will be based on the actual number of days the ISA has been open.  This penalty will not be applied in the event of the dealth of an account holder.

The interest rate is fixed for the specified fixed term.

Interest is calculated on a daily basis and paid on maturity.

Interest may be added to the account, transferred to another Leek United Building Society account or paid direct to your bank account.

The 1 Year Fixed Rate, Fixed Term Cash ISA investment will be, and must remain, the beneficial ownership of the investor and must not be used as security for a loan.

The 1 Year Fixed Rate, Fixed Term Cash ISA is a limited issue account. The Society reserves the right to close the issue without notice.

If the investment fails to satisfy the provisions of the ISA Regulations, the ISA will become void and we will notify you.

The ISA manager will satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.

On the instructions of the investor and within the time stipulated by the investor, an ISA with all rights and obligations shall be transferred to another ISA manager.

Tax assumptions are those currently applicable and are subject to statutory change.

Before your account matures we will write to you with your reinvestment options.  If no instructions are received, the interest rate will revert to that of the Society's Variable Rate Easy Access Cash ISA, applicable at that time.

For details relating to the Financial Services Compensation Scheme please click here.

To open a 1 Year Fixed Rate, Fixed Term Cash ISA savings account, please complete and return a savings application form to:

Savings Department
Leek United Building Society
50 St Edward Street
Leek
Staffordshire
ST13 5DL

together with proof of identity – for details of what is required, please see our ‘Proving Your Identity’ web page.

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