Limited Issue Online SaverRates correct as at 6 DEC 2016
You can open the account with balances of between £5,000 to £350,000 and can make unlimited withdrawals to your Nominated Accounts (as defined in the Online Conditions).
For balances between £5,000 and £350,000:
1.00% Gross‡ p.a./AER† (variable)
The maximum amount you can invest is £350,000 (£350,000 for joint accounts) including accrued interest. If the balance exceeds £350,000 the interest rate that shall apply to the whole balance will be 0.75% Gross‡p.a/AER† (variable).
|Account Name||Limited Issue Online Saver|
|What is the interest rate?||Annual Interest
For balances between £5,000 and £350,000 (including accrued interest):
1.00% Gross‡ p.a./AER† (variable)
The maximum amount you can invest is £350,000 (joint accounts also) including accrued interest. If the balance exceeds £350,000 the interest rate that shall apply to the whole balance will be 0.75% Gross‡p.a./AER† (variable).
If the balance falls below £5,000 the basic investment rate of interest which is currently 0.05% Gross‡ p.a./AER† (variable) shall apply.
Interest is calculated daily and paid on maturity (2 January 2018). 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 10 of the Online Investment Conditions which provide details as to when and how we can change the interest rate.|
|What would the estimated balance be after 12 months based on a £5,000, £350,000 and a £350,000.01 deposit?||If £5,000 is deposited into the account at the time it is opened and no further deposits or withdrawals are made then based on a rate of 1.00% you will receive an interest payment of £50 after 12 months, giving an overall balance of £5,050.00.
If £350,000 is deposited into the account at the time it is opened and no further deposits or withdrawals are made then based on a rate of 1.00% you will receive an interest payment of £3,500, after 12 months, giving an overall balance of £353,500.
If £350,000.01 is deposited into the account at the time it is opened and no further deposits or withdrawals are made then based on a rate of 0.75% you will receive an interest payment of £2,625 after 12 months, giving an overall balance of £352,625.
These projections are 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 18 or over who are resident in the UK.
Cash/cheque deposits are not permitted (except for your initial deposit, which must be made by cheque).
The account can be opened online via our website.
Minimum investment and operating balance: £5,000.
Maximum investment: £350,000 (£350,000, for joint accounts) including accrued interest credited to the account.
The account can only be operated online through our website.
|Can I withdraw money?||Unlimited withdrawals can be made to your Nominated Accounts (as defined in the Online Investment Conditions) without notice or loss of interest, subject to the minimum balance of £5,000 being maintained.
Cash/cheque withdrawals are not permitted.
When money is paid into your account, provided the payment is received by us between 7am and 7pm, you will be able to withdraw the funds that day. Withdrawals to your Nominated Accounts made before 8pm on a working day will be made available to the payee the next working day.
The Limited Issue Online Saver will mature at midnight on 2 January 2018. On the day after maturity (3 January 2018), the Society will transfer your investment (including interest) to an instant access maturity account. Full details including terms and conditions will be provided before maturity.
|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.
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.
Please note that the Leeds Building Society online savings service will be unavailable each day for 1 hour between 12 midnight and 1am, while our systems update.