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.
Your initial investment must be at least £1,000. You can add to this up to a maximum of £250,000.
If your balance falls below £1,000, you will receive interest at our 'Easy Access Pyramid Share Account' rate and if you receive interest monthly this may revert to interest being paid annually.
If your balance falls below £10,000, and you:
- require access to your funds, withdrawals are allowed subject to 90 days loss of interest on the amount being withdrawn.
- give 30 days notice, withdrawals are allowed subject to 30 days loss of interest on the amount being withdrawn.
- give 90 days notice, withdrawals are allowed without loss of interest.
Please note, if your account has been open less than 30 or 90 days, loss of interest will only apply on how many days the account has been open.
If your balance does not fall below £10,000, there are no restrictions on withdrawals, subject to branch and agency withdrawal limits.
Penalty interest is only applicable to that element of a withdrawal, transfer or closure which takes the account balance below £10,000.
Interest rates can vary.
Interest is payable either annually on 1st January, or monthly on 1st of each month. Payment by direct credit or by transfer to an existing account within the Society or capitalised to your account and withdrawn on an instant access basis if required.
If there are insufficient funds to pay direct debits, a charge will be levied.
Once you have opened your Leek United Pyramid 90 Account, a letter will be sent to you enclosing your passbook. Two working days after the date of that letter, you will have 14 days to notify us that you wish to change your mind and the account will be closed with no loss of interest to you.
Tax assumptions are those currently applicable and are subject to statutory change.
For details relating to the Financial Services Compensation Scheme please click here.
If you wish to make a regular payment into your Leek United savings account, once it has been opened, why not do this by setting up a standing order - it's quick and easy to do.
To open a Pyramid 90 Notice savings account, please complete and return a savings application form to:
Leek United Building Society
50 St Edward Street
together with proof of identity – for details of what is required, please see our ‘Proving Your Identity’ web page.Back to savings