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Terms and Conditions relating to Regular Savings Account

These terms and conditions 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.

This account may only be opened in person at any of our branches or agencies.

Your initial deposit must be at least £25, up to a maximum of £500 per calendar month.

Instalments must be received in separate calendar months, eg if your account is opened on 2 April, the next instalment should not be made until May.

Once the initial deposit has been made, subsequent payments to the account must be of the same value as the initial deposit. Variations in monthly deposit amounts cannot be accepted.

Joint accounts are allowed.

One account per customer.

The interest rate is variable.

Interest is calculated on a daily basis, and paid to the account on anniversary. Please note that where deposits are made by cheque (other than a Leek United Building Society cheque) interest will not begin to be earned until 2 calendar days after the date of receipt.

Withdrawals and closures are permitted (after withdrawal £25 must be left in the account for it to remain open). The bonus will be forfeited if you make more than one withdrawal per anniversary year or the account is closed on a non-anniversary date.

Withdrawals can be made via cheque or cash.

Once you have opened your Regular Savings account, you will have 14 days to notify us that you wish to change your mind. A letter will be sent to you, which will include the passbook for your account and the account terms and conditions. The 14 day cancellation period will begin two working days after the date of that letter.

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

If subscriptions cease, or amounts are varied, we reserve the right to convert your account to the Society's Easy Access Pyramid Share account at the interest rate applicable at the time.

This is a limited issue account. The Society reserves the right to close the issue without notice.

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.

A Regular Savings account can only be opened in person at any branch or agency - to make an appointment please contact your nearest branch/agency office. 

It would be helpful if you could complete a savings application form and take this to your appointment, together with proof of identity - for details of what is required, please see our 'Proving your Identity' web page.