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Savings & Investments
Mortgage Saver
When something's worth saving for.
The high cost of mortgage deposits doesn't need to be a barrier any more. With our Mortgage Saver help is at hand for First Time Buyers to save regularly towards a deposit with the flexibility of 2 withdrawals per calendar year without notice or loss of interest subject to the minimum operating balance of £20 being maintained.
The account offers a great incentive to make your deposit work harder for you if you take out your first mortgage with Leeds Building Society. On completion of your mortgage you will receive a Cashback amount equivalent to the interest earned on your savings up to a maximum of £1,000.
| Summary Box Key Product Information for our Savings Account(s) |
|
|---|---|
| Account Name | Mortgage Saver |
| Interest Rates (AERs) | 1.50% 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 | There is no bonus available on this account. |
| Withdrawal arrangements | Up to 2 withdrawals can be made per calendar year without notice or loss of interest subject to the minimum balance of £20 being maintained. If you need to make a third withdrawal, or the account balance falls below £20, the account will be closed. |
| Access | Account can be opened and operated through any of our branches or by post. |
Rates correct as at 1 February 2011.
Other Product Features:
Minimum and maximum investment and operating balance:
The minimum investment and operating balance is £20 and the maximum investment and operating balance is £50,000
When is interest paid?
Interest is paid annually on 31 January (commencing 31 January 2012).
How is interest paid?
Interest can either be credited to the account ot transferred either to another building society/bank account or to another account held with the Society.
Extra benefits for First Time Buyers - up to £1,000 Cashback on your first mortgage
If you use the Mortgage Saver to save for your deposit and subsequently take out your first mortgage with the Society, you will be eligible to receive a Cashback amount on completion of your mortgage equivalent to the same gross amount of interest you have earned on your Mortgage Saver. The Cashback will be limited up to £1,000, which could be used towards your moving fees or anything else you need in your new home - whatever you decide the choice is yours.
