The Solicitor Deposit Account is simple and easy to operate which means you can get on with looking after your clients! It pays a competitive rate of interest, it’s easy to manage and provides easy access to funds by cheque or CHAPS and the great news is that payments to your Firm’s Designated Bank Account can be made by CHAPS from your Solicitor Deposit Account free of charge.
Key Product Information for our Savings Account(s)
|Account Name||Solicitor Deposit Account|
|Interest rates (AERs)||Please see the interest rates table below.|
|Tax Status||The gross rate(s) of interest shown will be payable net of the appropriate rate of income tax (which may be reclaimed by non-tax-payers) or, subject to the required certification, gross. The tax treatment depends on the individual circumstances of each Firm and may be subject to change in the future.|
|Conditions for bonus payment||There is no bonus available on this account.|
|Withdrawal arrangements||Withdrawals can be made by building society cheque made payable to your Firm or by CHAPS to your Firm’s Designated Bank Account at any time without notice or loss of interest.|
|Access||Account can be opened and operated through any of our branches or by post.|
Interest rates effective from 20 August 2012
% Gross§ p.a./AER† (Variable)
The minimum investment and operating balance is £100 and must be maintained at all times. The maximum investment is £6,000,000 plus accrued interest credited to the account. In the event that the balance falls below the minimum operating balance, the basic investment rate of interest which is currently 0.05% Gross p.a.*/AER# (variable) shall apply.
Interest is paid annually on 30 September.
Interest can be credited to your Account or transferred to your Designated Bank Account.
Funds can be added to the account at any time by Faster Payment or CHAPS from your Firm's Designated Bank Account or by using a cheque drawn on your Firm's Designated Bank Account.
§ Gross means the rate of interest payable before the deduction of income tax at the rate specified by law. † AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Leeds Building Society is a member of the Building Societies’ Association. The Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000, compensation may be available if the Society cannot meet its liabilities in respect of this product, please see the General Investment Terms and Conditions for full details.
The Society is covered by the Financial Ombudsman Service. We may monitor and/or record your telephone conversation with the Society to ensure consistent service levels (including staff training). The Society's main business is the provision of savings products, mortgages and general insurance. The Society offers some investment products that may be operated through branches and by post and certain products which can be operated by post only.
Leeds Building Society is authorised and regulated by the Financial Services Authority and our registration number is 164992. You can check this on the FSA register by visiting the FSA website at www.fsa.gov.uk or by contacting the FSA on 0845 606 1234.
Other taxes or costs may exist that are not paid by Leeds Building Society.
The Society is authorised and regulated by the Financial Services Authority and our FSA registration number is 164992.