Gibraltar/Offshore DinosaverRates correct as at 23 NOV 2017
Introducing the DinoSaver account for first time savers aged 0-11.
Leeds Building Society believes learning the benefits of saving from an early age is important. DinoSaver is an instant access savings account designed to give young people a head start in managing their money.
|Account Name||Gibraltar/Offshore Dinosaver|
|What is the interest rate?||Annual interest
If the balance falls below £10, the rate of interest which shall apply is 0.05% Gross‡ p.a./AER† (variable).
Interest is calculated daily and paid annually on 1 January.
Interest can be credited to the account or transferred to another building society/bank account or to another account held with the Society.
|Can Leeds Building Society change the interest rate?||Yes. Please see condition 13 and 14 of the General Investment Conditions (Gibraltar/Offshore) which provides details as to when and how we can change the interest rate.|
|What would the estimated balance be after 12 months based on a £1000 deposit?||Assuming that £1,000 is deposited into the account on 2nd January and no further deposits or withdrawals are made, then based on an interest rate of 1.75% you will receive a £17.50 interest payment after 12 months, giving an overall account balance of £1,017.50.
This projection is provided for illustrative purposes only and will depend on the individual circumstances of each customer.
|How do I open and manage my account?||The account is available to individuals aged 11 or under who:
hold a UK or Gibraltar passport and are resident in Gibraltar; or
hold a UK passport and are resident in Spain.
The account can be opened through the Society’s Gibraltar branch or by post. At least one authorised signatory will need to assist in opening and with the operation of the account.
Minimum operating balance: £10.
Maximum balance: £1,000,000 plus accrued interest credited to the account.
Instructions regarding the operation of the account can be provided in the Gibraltar branch or by post through the Gibraltar branch
|Can I withdraw money?||Unlimited withdrawals of £10 and over subject to the minimum operating balance of £10 being maintained.
All withdrawals must be signed for by the authorised signatory.
|Additional Information||Interest is paid gross, without the deduction of income tax. Payment of gross interest does not mean that interest you receive is exempt from tax. The tax treatment depends on the individual circumstances of each customer and may be subject to change in the future. It is your responsibility to seek independent tax advice.
Cash transactions are not permitted.
The account may be closed to further deposits upon a minimum of 30 days’ written notice.
The above provides a summary of the account only. Please make sure you read the full Product Terms and Conditions so you fully understand how the account operates before you apply.