Shared Ownership Saver

Our Shared Ownership Saver could help you save to own more of your Shared Ownership home. It’s flexible enough to let you build your savings at your own pace. You can withdraw the money at any time to buy a bigger share of your Shared Ownership property – known as ‘staircasing’.

Interest rate:


Gross p.a./AER variable.

The maximum balance is £20,000 (£20,000 for joint accounts) including accrued interest.

This might be right for you if...

  • You want access to your money at any time
  • You'd like to top up your savings as you go
  • You’re looking to save to buy more shares in your Shared Ownership home
  • You have a Leeds Building Society Shared Ownership mortgage

Some things to bear in mind...

  • Interest rates can go down as well as up
  • You can deposit up to £20,000
  • Minimum account balance of £100
  • You must have a Leeds Building Society Shared Ownership mortgage. If not, your account will be closed and transferred to a similar access account.

Ready to apply?

Before you apply, please read the Summary Box below.

For more information, take a look at our Product Terms & Conditions (PDF), General Terms & Conditions (PDF) and the FSCS Information Sheet (PDF).

Summary Box

Account Name: Shared Ownership Saver

What is the interest rate?

Annual Interest

6.25% Gross p.a./AER variable.

• If the balance falls below £100, the rate of interest will be 0.05% Gross p.a./AER variable.

• Interest is calculated daily and paid annually on 30 June.

• Interest can be credited to the account or transferred to another building society/bank account or to another account that you have with us

Gross means the rate of interest payable before the income tax has been taken off.

AER stands for Annual Equivalent Rate and this is what the interest rate would be if interest was paid and added each year.

Can Leeds Building Society change the interest rate?

The interest rate on this account is variable. This means that we can change the interest rate. For further information on how we can change the interest rate and how much notice we need to provide you with, please see our General Conditions, condition 14 ‘Our right to change interest rates’ and condition 15 ‘Letting you know about changes to interest rates’.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If you deposit £1,000 in your account at the time it is opened and it earns an interest rate of 6.25%, after 12 months you will receive an interest payment of £62.50. The total estimated balance in your account will be £1,062.50. This assumes that:

• You don’t make any further deposits,

• You don’t make any withdrawals and,

• The interest is paid annually and added to the account.

This projection is only an illustration and will depend on your individual circumstances.

How do I open and manage my account?


• The account is available to any customer who has a Shared Ownership Mortgage with us, aged 18 or over who are resident in the UK.

• The account cannot be opened by corporate bodies, trustees, executors, nominees or charities.

• You are only allowed one account per customer.

• The account can either be opened as a sole account or as a joint account.

How to open the account:

• The account can be opened through any of our branches, via our website or by post.

• If you currently have an existing Leeds Building Society account it may be possible to transfer your funds, as long as your existing product terms and conditions and the product terms and conditions of this account allow. Please check with us to see whether this is possible.

Operating the account:

• Minimum operating balance: £100. The minimum operating balance is required to open the account.

• Maximum balance: £20,000 for a sole or joint account, plus any interest earned and credited to the account. If the balance exceeds £20,000 plus any interest earned, the rate of interest that will apply to the whole balance will reduce. This will match the variable interest rate of our Access Saver or a similar access account at the time.

• The account can be operated in branch or by post. You will also be able to carry out some operations by telephone and online, where you have registered for online services.

• Where the account is operated by post, the Society will aim to deal with all transactions within two working days of receiving a request. We can’t be held responsible for delays due to unforeseen circumstances and postal delays.

Can I withdraw money?

• Unlimited withdrawals can be made without notice or loss of interest, as long as the minimum balance of £100 is maintained.

• If the balance falls below £100, the rate of interest will be 0.05% Gross p.a./AER variable.

• You can make withdrawals from your account by:

o cash, (up to a maximum of £300 in cash in branch each day), you will need to provide 48 hours’ notice if you require more than this amount, (up to a maximum of £1,000);

o cheque;

o internal transfer to another Society account; or

o electronic payment (as defined in the Definitions section in our General Conditions).

Additional Information

Account closure:

You can close your account at any time without notice or loss of interest. Interest will be paid immediately up to the date of account closure.

By opening this account you confirm that you are eligible for this product. If you open this account when you are not eligible, your account will be closed and transferred to an Access Saver or a similar access account.

If you no longer hold a Shared Ownership Mortgage with us, your account will be closed and transferred to an Access Saver or similar access account.


The account may be closed for further deposits at any time. We will give you a minimum of 30 days’ notice in writing, and after this you will not be able to deposit further funds.

Tax treatment:

Interest is paid gross, which means before income tax has been taken off. Payment of gross interest does not mean that interest you receive will be exempt from tax. How the tax is treated depends on the individual circumstances of each customer and may change in the future. It is your responsibility to seek independent tax advice.

Keeping you and your information safe

  • We share the information you provide with fraud prevention agencies
  • They use this information to guard against fraud, money laundering and identity theft
  • If any of these are detected, it may prevent you from applying for selected accounts
  • You can find out more about your data protection rights in our Guide to use of your personal data (PDF)

Continuing with your application lets us know we're okay to use your information this way.

Apply online now

Before you apply, please read the summary box above, our Product Terms & Conditions (PDF), General Terms & Conditions (PDF) and the FSCS Information Sheet (PDF).

Other ways to apply

By post

Looking for something else?

Compare our savings range now.

Protecting your money

Under the Financial Services Compensation Scheme (FSCS), the first £85,000 of your savings is protected.
Find out more