Leeds Building Society - Online Savings

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.

Key features at a glance

Minimum investment: £100 (you must include a cheque for £100 with your application form).
Maximum investment: £100,000 (£200,000 for joint accounts).
Interest Rate: From account opening up to and including 30 April 2008 you will receive interest equivalent to the Bank of England Base Rate plus an additional bonus of 0.70%. From 1 May 2008 up to and including 31 October 2008 you will receive interest equivalent to the Bank of England Base Rate plus an additional bonus of 0.35%. From 1 November 2008 up to and including 31 October 2010 you will receive the equivalent of the Bank of England Base Rate.
When is interest paid? Annually on 31 October, commencing 31 October 2008, and on maturity (31 October 2010).
How is interest paid? Interest can be credited to the account or transferred either to another building society/bank account or to another account held with the Society.
Withdrawals: Withdrawals are by bank transfer only and can be made at any time without notice or loss of interest. The funds may take up to 5 working days to arrive at the destination account.
How is the Account Operated? The account can be operated online only.
Age Qualification: 50 years old and above to open an account.

How much interest will I earn?

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,
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 £35,000 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.