Terms and Conditions 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond
- 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.
- To be eligible for the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond, you must already be an existing customer who has continuously held a Society product for a minimum of 12 months.
- The initial investment must be a minimum of £1,000 up to a maximum of £250,000 (please make cheques payable to yourself not to Leek United).
- Additional deposits are not allowed during the term of the Bond.
- Withdrawal of funds will only be permitted in exceptional circumstances and at the discretion of the Society.
- The interest rate is fixed for 1 year.
- Interest is calculated on a daily basis and credited on maturity of the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond or, if monthly interest is selected, on the first day of each month. Please note that where deposits are made by cheque (other than Leek United cheques) interest will not begin to be earned until two calendar days after the date of receipt.
- Interest may be added to the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond, transferred to another Leek United Building Society account or paid direct to your bank account.
- Once selected the frequency of interest payments cannot be changed between annual and monthly.
- The 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond is a limited issue account. The Society reserves the right to close the issue without notice. Please note that the Society is not obliged to offer the 1 Year Existing Customer Fixed Rate, Fixed Term Bond to new customers after the product is withdrawn.
- You will be contacted shortly before maturity of the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond to ascertain your requirements. The capital and interest must be withdrawn and you will be asked to choose whether you wish to:
- Transfer the balance to an existing Leek United account.
- Open a new Leek United account and transfer the balance to the new account.
- Transfer to another bank/building society account. (Please note that transfers will reach your account the following working day).
- If no instructions are received, the capital and interest will be transferred to the Society’s easy access No Instruction Holding Account Issue 2 or equivalent. Further details regarding the No Instruction Holding Account Issue 2 or equivalent will be issued prior to maturity of the 1 Year Existing Customer Only Fixed Rate, Fixed Term Bond.
- Tax assumptions are those currently applicable and are subject to statutory change.
For details relating to the Financial Services Compensation Scheme please click here.