Home Deposit Saver

The Home Deposit Saver lets you earn a competitive rate of interest whilst building up the deposit needed for your first or next home. Plus, it offers a £500 bonus to boost your savings if you receive a residential purchase mortgage offer from Leeds Building Society.

Interest rate:

5.15%

Gross^‡ p.a./AER^† variable.

The maximum balance is £30,000 plus accrued interest.

This might be right for you if...

You don't need to dip into your savings often
You'd like to top up your savings as you go
You are saving for a house deposit

Some things to bear in mind...

Interest rates can go down as well as up
You can only pay in up to £500 in a single month
Withdrawals are limited to 1 each year
You can deposit up to £30,000 in total
Bonus eligibility criteria apply

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).

Start my application

Summary Box

Account Name: Home Deposit Saver

What is the interest rate?

Annual Interest

5.15% 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 28 March.

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

^‡Gross means the rate of interest payable before 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 £500 deposit?

If you deposit £500 in your account at the time it is opened and on the last day of each following month for 12 months and it earns an interest rate of 5.15% , after 12 months you will receive an interest payment of £141.63. The total estimated balance in your account will be £6,141.63. 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?

Eligibility:

• The account is available to First Time Buyers and Home Movers 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.

How to open the account:

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

• The account must be opened in the sole name of the customer and cannot be opened as a joint account.

• If you currently have an existing Leeds Building Society account it may be possible to transfer your funds, subject to your existing product terms and conditions and the product terms and conditions of this account. 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.

• The maximum monthly deposit is £500 per calendar month up to a maximum balance of £30,000, plus any interest earned and credited to the account. If the balance exceeds £30,000 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 your request. We can’t be held responsible for delays due to unforeseen circumstances and postal delays.

Can I withdraw money?

• Access is limited to 1 withdrawal per calendar year (this does not include closure) 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.

• If you exceed the maximum number of withdrawals allowed your account will be closed and transferred to an Access Saver or a similar access account.

• You can make withdrawals from your account by:

o Cash up to a maximum of £300 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 of our General Conditions).

Additional Information

Account closure:

You can close your account at any time and without loss of interest as long as you haven’t exceeded the maximum number of withdrawals. Interest will be paid immediately up to the date of account closure.

Deposits:

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 your individual circumstances and may change in the future. It is up to you to take independent tax advice.

How to qualify for the bonus:

You will be eligible for a £500 bonus if:

i. You have received an offer for a residential purchase mortgage with Leeds Building Society (Re-mortgages are excluded) and

ii. You have a minimum of £2,500 in your account and

iii. Your account has been open for a minimum of 6 months.

The bonus of £500 will only be payable within the first 5 years of opening the account.

Only one bonus of £500 will be paid for each Leeds Building Society residential purchase mortgage.

If you have a Home Deposit Saver account and another party to the residential purchase mortgage has a Home Deposit Saver account, only one bonus of £500 will be paid. This will be paid to the first eligible person named on the residential purchase mortgage.

Opening a Home Deposit Saver account does not mean that you will be eligible for a mortgage offer as lending criteria will still apply.

If you meet all of the eligibility criteria the bonus of £500 will be paid into the account within 14 calendar days of receipt of the residential purchase mortgage offer. The account will then be transferred to an Access Saver or a similar access account.

If your mortgage does not complete we have the right to reclaim the bonus of £500.

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.