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Home > Savings > Previous Page > Postal Accounts Terms & Conditions

Postal Accounts
Terms and Conditions

This section sets out the individual account Terms & Conditions.

You must also read the General Investment Conditions, as these apply to your account.

If there is a conflict between the General Conditions and the Product Conditions then the Product Conditions will take precedence.

Although this is an online document, and therefore you can easily return to this page for future reference, you may wish to print this section of this page, along with the relevant terms and conditions section and product page.


Albion Investment
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The minimum operating balance in an Albion Investment account is £2,5000 and must be maintained at all times. The maximum is £250,000. If, for any reason, the balance does fall below £2,500 then the account will be closed.
   
2.

Where the account is held in joint names the liability to the Society is joint and several and in the event of death of either customer the account vests in the survivor(s).

 
3. Interest is calculated on a daily basis from the third bank working day after receipt of the cheque and up to but not including the day of withdrawal (Saturdays, Sundays and Bank Holidays are not bank working days).
 
4. Cheques and correspondence will only be sent to your home address (including third party cheques). The minimum withdrawal is £100.
   
5. Withdrawal requests cannot be processed unless they are accompanied by the passbook.
 
6. The Albion Investment account will be operated on the basis of first class post. The Society aims to deal with all transactions within 24 hours. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
7. The account cannot be operated through any of the Society’s branches or agents.
   
8. The Albion Investment account is not available to minors, executors, trustees, nominees, non UK residents or corporate bodies.
 
9. Interest on transactions after preparation of the interest payment will be reflected in the next payment of interest. It may be necessary to adjust your capital balance to offset any overpayment of interest.
 
10. We reserve the right to withdraw the account at any time without prior notice and to refuse any investment at any time.
 
Tracker Gold account - effective from 1 February 2008
 
The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
   
1. Tracker Gold is a variable rate account. The rate of interest is variable and will be the equivalent of the Bank of England Base Rate less a variable percentage. The Society may vary this percentage and will give advance notice of any change.
   
2. Tracker Gold is not available to corporate bodies, trustees, minors, executors, nominees or non-UK residents.
   
3. The minimum investment and operating balance is £100. The maximum investment and operating balance is £1,000,000. Additional sums may only be invested whilst the account remains open for additional investments.
   
4. If the account balance falls below £100 at any time, the account may be closed.
   
5. Interest is paid annually on 1 December.
   
6. Interest can either be credited to the account or to another account held with the Society or transferred to another building society/bank account by direct bank transfer.
   
7. Changes to the Bank of England Base Rate will be passed on from the first of the following month.
   
8. Withdrawals can be made at any time without notice or loss of interest.
   
9. Tracker Gold is a maturity account only and is not available to new customers.
   
10. Investments in the Tracker Gold account represent shares in the Society and are subject to the Rules of the Society.
   

Postal Max
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The minimum operating balance in a Postal Max account is £2,500 and the maximum is £250,000. If the balance falls below this level, or you need to make a third withdrawal, the account will be closed.
   
2.

Where the account is held in joint names the liability to the Society is joint and several and in the event of death of either customer the account vests in the survivor(s).

 
3. Interest is calculated on a daily basis from the third bank working day after receipt of the cheque and up to but not including the day of withdrawal (Saturdays, Sundays and Bank Holidays are not bank working days).
 
4. Cheques and correspondence will only be sent to your home address (including third party cheques). The minimum withdrawal is £100.
   
5. Withdrawal requests cannot be processed unless they are accompanied by the passbook.
 
6. The Postal Max account will be operated on the basis of first class post. The Society aims to deal with all transactions within 24 hours. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
7. The account cannot be operated through any of the Society’s branches or agents.
   
8. The Postal Max account is not available to minors, executors, trustees, nominees, non UK residents or corporate bodies.
 
9. Interest on transactions after preparation of the interest payment will be reflected in the next payment of interest. It may be necessary to adjust your capital balance to offset any overpayment of interest.
 
10. We reserve the right to withdraw the account at any time without prior notice and to refuse any investment at any time.
 

Fixed Rate Postal Bond
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Fixed Rate Postal Bond is a fixed rate, fixed term account.
   
2.

The Fixed Rate Postal Bond is not available to non-UK residents, executors, trustees, minors or corporate bodies.
 
3. The Fixed Rate Postal Bond is limited to one account per customer.
 
4. The minimum investment and operating balance is £1,000. The maximum investment and operating balance is £100,000 (£200,000 for joint accounts).
   
5. Additional funds, up to the maximum investment and operating balance of £100,000 (£200,000 for joint accounts), may be invested, whilst the issue remains open for further investment.
 
6. The Fixed Rate Postal Bond will mature at close of business on 1 March 2009. On the day after maturity (2 March 2009), the Society will transfer your investment (including interest) to a Maturity Tracker Bond (Issue 14). Full terms and conditions for the Maturity Tracker Bond (Issue 14) are provided below.
 
7. Interest is calculated daily and paid on maturity (1March 2009).
   
8. 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.
 
9. Withdrawals can be made at anytime, without notice or loss of interest, subject to the minimum balance of £1,000 being maintained. If the account falls below £1,000 at any time, the account will be closed.
 
10. The Fixed Rate Postal Bond is a limited issue and may be withdrawn without notice.
 
11. The fixed interest rate is related to long term market rates at the time of issue. Future fixed rate products may be offered at higher or lower rates depending upon changes in market conditions.
 
12. The Fixed Rate Postal Bond will be operated on the basis of first class post. The Society aims to deal with all transactions within two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
13. Cheques and correspondence will only be sent to your home address (including third party cheques).
 
14. The Fixed Rate Postal Bond cannot be operated through any of the Society’s branches or agents.
 

Maturity Tracker Bond Issue 14
Effective from 2 March 2009
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Maturity Tracker Bond (Issue 14) is a variable rate, fixed term account. The rate of interest is variable and will be equivalent of the Bank of England Base Rate until maturity (30 June 2010).
   
2.

The Maturity Tracker Bond (Issue 14) is not available to non-UK residents, executors, trustees, minors or corporate bodies.
 
3. The Maturity Tracker Bond (Issue 14) is limited to one account per customer.
 
4. The minimum investment and operating balance is £1,000. The maximum investment and operating balance is £100,000 (£200,000 for joint accounts).
   
5. Additional funds, up to the maximum investment and operating balance of £100,000 (£200,000 for joint accounts), may be invested, whilst the issue remains open for further investment.
 
6. The Maturity Tracker Bond (Issue 14) will mature at close of business on 30 June 2010. On the day after maturity (1 July 2010), the Society will transfer your investment (including interest) to another maturity account. Full details, including terms and conditions, will be provided before maturity.
 
7. Interest is calculated daily and paid annually on 30 June 2009 and on maturity (30 June 2010). The interest rate payable is guaranteed to track the Bank of England Base Rate until maturity (30 June 2010). In accordance with this guarantee, changes to the Bank of England Base Rate will be passed on from the first day of the following month.
   
8. 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.
 
9. Withdrawals can be made at anytime, without notice or loss of interest, subject to the minimum balance of £1,000 being maintained. If the account falls below £1,000 at any time, the account will be closed.
 
10. The Maturity Tracker Bond (Issue 14) is a maturity account only and is not available to new customers.

 
Leeds Fixed Rate Bond
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Leeds Fixed Rate Bond is a fixed rate, fixed term account.
   
2.

The Leeds Fixed Rate Bond is not available to non-UK residents, corporate bodies, nominees or minors.
 
3. The Leeds Fixed Rate Bond is limited to one account per customer.
 
4. The minimum investment and operating balance is £5,000. The maximum investment and operating balance is £1,000,000 (£2,000,000 for joint accounts).
   
5. Additional funds, up to the maximum investment and operating balance of £1,000,000 (£2,000,000 for joint accounts), may be invested whilst the issue remains open for further investment.
 
6. The Leeds Fixed Rate Bond will mature at close of business on 31 August 2009. On the day after maturity (1 September 2009), the Society will transfer your investment (including interest) to a maturity account. Full details including terms and conditions will be provided before maturity.
 
7. Interest is calculated daily and paid on maturity (31 August 2009), or monthly on the last working day of the month.
   
8. Annual 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. Monthly interest must be transferred either to another building society/bank account or to another account held with the Society.
 
9. One withdrawal of up to 25% of your initial capital investment without notice or loss of interest prior to maturity (31 August 2009). Closure of the account or further withdrawals are not permitted until the day after maturity (1 September 2009).
 
10. The Leeds Fixed Rate Bond is a limited issue and may be withdrawn without notice.
 
11. The fixed interest rate is related to long term market rates at the time of issue. Future fixed rate products may be offered at higher or lower rates depending upon changes in market conditions.
 
12. The Leeds Fixed Rate Bond will be operated on the basis of first class post. The Society aims to deal with all transactions with two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
13. Cheques and correspondence will only be sent to your home address (including third party cheques).
 
14. The Leeds Fixed Rate Bond cannot be operated online or through any of the Society’s branches or agents.
   

Postal Escalator Bond
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Postal Escalator Bond is a fixed rate, fixed term account.
   
2.

The Postal Escalator Bond is not available to non-UK residents, executors, trustees, minors or corporate bodies.
 
3. The Postal Escalator Bond is limited to one account per customer.
 
4. The minimum investment and operating balance is £10,000. The maximum investment and operating balance is £1,000,000 (£2,000,000 for joint accounts).
   
5. Additional funds, up to the maximum investment and operating balance of £1,000,000 (£2,000,000 for joint accounts), may be invested whilst the issue remains open for further investment.
 
6. The Postal Escalator Bond will mature at close of business on 1 July 2010. On the day after maturity (2 July 2010), the Society will transfer your investment (including interest) to a maturity account. Full details will be provided before maturity.
 
7. Interest is calculated daily and paid annually on 1 July (commencing 1 July 2009) and on maturity (1 July 2010) or monthly on the last working day of the month.
   
8. Annual 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. Monthly interest must be transferred either to another building society/bank account or to another account held with the Society.
 
9. Access is limited to withdrawals of up to 25% of your initial capital investment without notice or loss of interest until 1 July 2009. From 2 July 2009, withdrawals can be made at anytime without notice or loss of interest, subject to the minimum balance of £10,000 being maintained. If the account falls below £10,000 at any time, the account will be closed.
 
10. The Postal Escalator Bond is a limited issue and may be withdrawn without notice.
 
11. The fixed interest rates are related to long term market rates at the time of issue. Future fixed rate products may be offered at higher or lower rates depending upon changes in market conditions.
 
12. The Postal Escalator Bond will be operated on the basis of first class post. The Society aims to deal with all transactions within two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
13. Cheques and correspondence will only be sent to your home address (including third party cheques).
 
14. The Postal Escalator Bond cannot be operated through any of the Society’s branches or agents.

 
Postal Tracker
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Postal Tracker Account is a variable rate, fixed term account.
   
2.

The Postal Tracker Account is not available to non-UK residents, executors, trustees, minors or corporate bodies.
 
3. The Postal Tracker Account is limited to one account per customer.
 
4. The minimum investment and operating balance is £1,000. The maximum investment and operating balance is £1,000,000 (£2,000,000 for joint accounts).
   
5. Additional funds, up to the maximum investment and operating balance of £1,000,000 (£2,000,000 for joint accounts), may be invested, whilst the issue remains open for further investment.
 
6. The Postal Tracker Account will mature at close of business on 1 December 2008. On the day after maturity (2 December 2008), the Society will transfer your investment (including interest) to the Postal Tracker Maturity Account. Full details including terms and conditions are provided below.
 
7. The interest rate payable is guaranteed to track the Bank of England Base Rate plus 1.50% until maturity (1 December 2008). In accordance with this guarantee, changes to the Bank of England Base Rate will be passed on from the first day of the following month.
   
8. Interest is calculated daily and paid on maturity (1 December 2008).
 
9. 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.
 
10. Access is limited to one withdrawal of up to 25% of capital investment is permitted, subject to 90 days loss of interest, prior to maturity (1 December 2008).
 
11. The Postal Tracker Account is a limited issue and may be withdrawn without notice.
 
12. The Postal Tracker Account will be operated on the basis of first class post. The Society aims to deal with all transactions within two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
13. Cheques and correspondence will only be sent to your home address (including third party cheques).
 
14. The Postal Tracker Account cannot be operated through any of the Society’s branches or agents.
 

Postal Tracker Maturity Account
Effective from 2 August 2008
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Postal Tracker Maturity Account is a variable rate, fixed term account. The rate of interest is variable and will be equivalent of the Bank of England Base Rate or greater until maturity (1 December 2009).
   
2.

The Postal Tracker Maturity Account is not available to non-UK residents, executors, trustees, minors or corporate bodies.
 
3. The Postal Tracker Maturity Account is limited to one account per customer.
 
4. The minimum investment and operating balance is £1,000. The maximum investment and operating balance is £1,000,000 (£2,000,000 for joint accounts).
   
5. Additional funds, up to the maximum investment and operating balance of £1,000,000 (£2,000,000 for joint accounts), may be invested, whilst the issue remains open for further investment.
 
6. The Postal Tracker Maturity Account will mature at close of business on 1 December 2009. On the day after maturity (2 December 2009), the Society will transfer your investment (including interest) to another maturity account. Full details including terms and conditions will be provided before maturity.
 
7. The interest rate payable is guaranteed to track the Bank of England Base Rate or greater until maturity (1 December 2009). In accordance with this guarantee, changes to the Bank of England Base Rate will be passed on from the first day of the following month.
   
8. Interest is calculated daily and paid annually on maturity (1 December 2009).
 
9. Interest can be credited to the account or transferred either to another building society/bank account or to another account held with the Society.
 
10. Withdrawals can be made at anytime, without notice or loss of interest, subject to the minimum balance of £1,000 being maintained. If the account falls below £1,000 at any time, the account will be closed.
 
11. The Postal Tracker Maturity Account is a maturity account only and is not available to new customers.
 
12. The Postal Tracker Maturity Account will be operated on the basis of first class post. The Society aims to deal with all transactions within two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
13. Cheques and correspondence will only be sent to your home address (including third party cheques).
 
14. The Postal Tracker Maturity Account cannot be operated through any of the Society’s branches or agents.


Albion 30
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Albion 30 account is a variable rate account.
   
2.

The Albion 30 account is not available to minors, executors, trustees, nominees, non UK residents or corporate bodies.

 
3. The minimum investment and operating balance is £5,000. The maximum investment and operating balance is £250,000. If the operating balance falls below £5,000, the account will be closed.
 
4. Interest can be credited to the account, paid to another account with the Society or by direct bank transfer to another bank / building society. Annual interest can be credited to the account.
   
5. Annual interest is paid annually on 1 June. Monthly interest is paid on the first working day of each month.
 
6. You can make unlimited withdrawals (minimum £100) without loss of interest, providing you give 30 days written notice. Immediate withdrawals can be made, subject to 30 days loss of interest. Withdrawals are by cheque only.
 
7. The Albion 30 account will be operated on the basis of first class post. The Society aims to deal with all transactions within two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
   
8. Cheques and correspondence will only be sent to your home address (including third party cheques).
 
9. The Albion 30 account cannot be operated through any of the Society's branches or agents.
 

Leeds Postal Saver
Individual Account Terms & Conditions
 

The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions.
 
1. The Leeds Postal Saver is a variable rate, fixed term account.
   
2.

The Leeds Postal Saver is not available to non-UK residents, executors, trustees, minors or corporate bodies.
 
3. The Leeds Postal Saver is limited to one account per customer.
 
4. The minimum investment and operating balance is £5,000.  The maximum investment and operating balance is £1,000,000 (£2,000,000 for joint accounts).
   
5. Additional funds, up to the maximum investment and operating balance of £1,000,000 (£2,000,000 for joint accounts), may be invested, whilst the issue remains open for further investment.
 
6. The Leeds Postal Saver will mature at close of business on 1 February 2010. On maturity, the Society will transfer your investment (including interest) to a maturity account. Full details including terms and conditions will be provided before maturity. 
 
7. The interest rate payable is guaranteed to track the Bank of England Base Rate until maturity (1 February 2010). In accordance with this guarantee, changes to the Bank of England Base Rate will be passed on from the first day of the following month.
   
8. Interest is calculated daily and paid annually on 1 September (commencing 1 September 2008) and on maturity (1 February 2010), or monthly on the last working day of the month.
 
9. Annual interest can be credited to the account or transferred either to another building society/bank account or to another account held with the Society.  Monthly interest must be transferred either to another building society/bank account or to another account held with the Society.
 
10. Unlimited withdrawals are permitted prior to maturity (1 February 2010) without notice or loss of interest, subject to the minimum balance of £5,000 being maintained. If the account falls below £5,000 at any time, the account will be closed.
 
11. The Leeds Postal Saver is a limited issue and may be withdrawn without notice.
 
12. The Leeds Postal Saver will be operated on the basis of first class post. The Society aims to deal with all transactions within two working days of receipt of a request. However, the Society cannot be held responsible for delays due to unforeseen circumstances and postal delays.
 
13. Cheques and correspondence will only be sent to your home address (including third party cheques).
 
14. The Leeds Postal Saver cannot be operated through any of the Society’s branches or agents.