Gibraltar/Offshore VaultRates correct as at 21 OCT 2015
The Vault is an instant access savings account designed for serious savers aged 12-17 years.
Looking to save for the future? Want to save short term so you can afford that new MP3 player or elusive pair of shoes? Maybe you’ve just started your first part-time job and want to save your earnings! Whatever your lifestyle, The Vault is the best way to keep your money safe.
|Account Name||Gibraltar/Offshore Vault|
|What is the interest rate?||Annual Interest
1.50% Gross‡p.a./AER† (variable)
If the balance falls below £10, the basic investment rate of interest which is currently 0.05% Gross‡p.a./AER† (variable) shall apply.
Interest is calculated daily and paid annually on 1 Jan.
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 2 Jan and no further deposits or withdrawals are made, then based on an interest rate of 1.50% you will receive a £15.00 interest payment after 12 months, giving an overall account balance of £1,015.
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 between 12 - 17 years old inclusive 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 investment and operating balance: £10.
Maximum investment: £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?||One withdrawal a week of between £10 and £250 may be made and must be signed for by the account holder, subject to the minimum operating balance of £10 being maintained.
Withdrawals over £250 and additional withdrawals in a week must be signed for by both the account holder and 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. Please make sure you read the full product terms and conditions so you fully understand.