We'll be doing some work on our website on Wednesday 22 July which means you won't be able to log in, register, or apply online for a savings product between 5.30am and 6.30am.
We know maturity can be a confusing topic, but we’re here to make it simple. Read on to learn more about maturity and find out when your savings account will mature.
So, what exactly is maturity?
Maturity simply refers to the end date of your savings account. Your account won’t mature on the exact date you opened it, so you’ll need to check its specific end date.
Will you get in touch with me before my maturity date?
We’ll send you a letter or email about two weeks before your maturity date to tell you your options and how to tell us your maturity choice. We'll carry out your instructions on your maturity day.
When will my savings account mature?
Already got a savings account with us? If it's maturing in the next 12 months, you can find out the exact maturity date by selecting your account name and issue number from the dropdown list.
These details can be found on your online account, or on a letter or email we sent you about opening your account. You'll also be able to find this information in your passbook if you got one when opening your account.
Savings account
This list only includes accounts maturing in the next 12 months.
Your options when your account matures
Keep saving your money with us
Take out your money
Save some of your money with us and take out the rest
If you do nothing
If your maturity date passes and you haven't told us what to do with your money, it'll automatically go into an instant access account (even if there are accounts with better rates available).
How to log your instructions
Online
Follow the link in your email or letter to submit your instructions online.
Send us a signed letter with your instructions and passbook. Post your letter to: Freepost, Leeds Building Society
Phone
Call us to submit your instructions over the phone.
Maturity - Common questions
After your account has matured, you can put your money in any of our savings accounts. For some products, you’ll need to open the new account first. This includes if you’re moving from a fixed rate bond to an ISA, or vice versa. If you tell us you’re moving to an online account using the online maturity form, you don’t need to open a new account. But, if you tell us you’re moving to an online account over the phone or in branch, you’ll need to open the new account yourself first.
We’ll send you a letter or email to confirm what you’ve asked us to do with your money. We’ll process this on your maturity date.
If you’ve asked us to take out your money, it’ll be processed on your maturity date and any money going to an account with another provider will be available by 5pm the next working day. Cheques take about five working days to arrive.
Most of the time, you won’t need to open a new account yourself, you’ll just need to tell us what savings account you’d like using the online maturity form. However, if you want to change the type of account you have, such as changing from a cash ISA to a fixed rate bond, you’ll need to open a new account first to move the money into.
Also, if you want to move your money to an online savings account but you haven’t opened one before, you need to open one first then ask for your money to be added to it using the online maturity form.
It depends on the terms and conditions of your account.
Generally, if your account is instant access, there are no restrictions on when you can add money. If it’s a regular savings account, you can’t pay in more than the maximum payment amount each month. If it’s a fixed rate account, you can’t add money to your account until the maturity date.
With cash ISAs, there's an ISA allowance of £20,000 for each tax year. So, you can save up to that amount each tax year and pay no tax on the interest you earn.
If you move your money from one of our cash ISAs to a bond, it'll lose its tax free status. If you decide to put the money back into an ISA one day, it'd be classed as new ISA funds and you'll be limited by ISA rules (such as your annual ISA allowance).
To move your money from a cash ISA to a bond at maturity, you first need to apply for the bond and then tell us you’d like to move your money into it using the online maturity form.
