If you are aged 50 or above, our Online Freedom 50 allows you to manage your money over the Internet, which means you can check your balance and transfer money to other accounts at anytime¹, all you need is access to the Internet and an email address.
Summary Box
Key Product Information for our Savings Account(s) |
| Account Name |
Online Freedom 50 |
| Interest Rates (AERs) |
From account opening, you will receive interest equivalent to the Bank of England Base Rate plus an additional bonus of 0.35%, currently 4.85% Gross§ p.a./AER†% (variable). |
| 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-taxpayers) or, subject to the required certification, gross. |
| Conditions for bonus payment |
Bonus of 0.35% Gross§ p.a./AER† available until further notice. There are no conditions attached to this Bonus. |
| Withdrawal arrangements |
Withdrawals can be made at any time without notice or loss of interest, subject to the minimum balance of £100 being maintained. If the account falls below £100 at any time, the account will be closed. The account can be closed at any time without notice or loss of interest. Withdrawals can only be made by bank transfer and the funds may take up to 5 working days to arrive at the destination account. |
| Access |
Account can only be opened and operated online only. |
Other Product Features:
Minimum and maximum investment and operating balance
The minimum investment is £100 (you must include a cheque for £100 with your application form) and the maximum investment is £100,000 (£200,000 for joint accounts).
When is interest paid?
Interest is paid on
31 October (commencing 31 October 2008), and on maturity (31 October 2010).
How is interest paid?
Interest can either be credited to the account or transferred either to another building society/bank account or to another account held with the Society.
What happens to my investment at maturity?
Online Freedom 50 will mature at close of business on 31 October 2010. On the day after maturity (1 November 2010), the Society will transfer your investment (including interest) to a maturity account. Full details including terms and conditions will be provided before maturity.
Eligibility
You must be 50 years old and above to open an account.
What about income tax?
The gross rate(s) of interest shown will be payable net of the
appropriate rate of income tax (which may be reclaimed by non-taxpayers)
or, subject to the required certification, gross.
What if I change my mind?
From the date of account opening, you have 14 days to notify
us (in writing) if you are not happy with your choice of account.
Please write to
Investment Services,
Leeds Building Society,
105 Albion Street,
Leeds
LS1 5AS.
Within that period we will, if instructed by you, refund your
investment with interest from account opening, or subject to
eligibility, transfer the investment to another account of your
choice without any penalty for early withdrawal.
What if I have a complaint?
We aim to provide a high quality service to customers at all times.
Unfortunately mistakes do occur, but when this happens we shall
do our best to resolve problems or misunderstandings which arise.
Should you need to refer a matter of complaint to us, details of
the procedure are available from your local branch or our Customer
Helpline. Ultimately your complaint may be referred to the Financial
Ombudsman Service.
Important notes
¹ The Leeds Building Society Online Savings service will be unavailable each day for 1 hour between 12 midnight and 1am, while our systems update.
§ Gross means the interest rate payable before the deduction of income tax.
† 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. Payments under the Scheme are limited to a maximum of £50,000 of an investor's total shares and/or deposits in a society. Most investors are covered, including individuals and small firms. A small number of categories of shares and deposits are not covered, for example deferred shares - permanent interest bearing shares. Although most shares and deposits are denominated in sterling, all other currencies are covered. Further details are available on request from the Society.
The Society is covered by the Financial Ombudsman Service. The Society subscribes to and undertakes to comply with the Banking Code, which establishes minimum standards of good banking practice. A copy of the Code and further details of our investment products are available on request from your local branch or our Customer Helpline on 0113 225 7777. We may monitor and/or record your telephone conversation with the Society to ensure consistent service levels (including staff training).
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.
Other taxes or costs may exist that are not paid by Leeds Building Society.
Large text, Braille and audio tape versions of our brochures are available on request.
