This section contains the Society’s Online Accounts Terms and Conditions.
PLEASE NOTE: These Online Acounts Terms and Conditions ONLY apply to our accounts that can be opened and operated online (e.g. Online Saver 1, Online Saver 2, Online Freedom 50 and Online ISA). The Society's General Investment Conditions apply for all other accounts, including those that can only be opened online (that is, you cannot operate the accounts - make withdrawals, carry out transfers etc - online). For a copy of the Society's General Investment Conditions, please click here.
You will find the specific Product Terms and Conditions and information about how your online account works in the Product Terms and Conditions for the online account you have chosen. You should read the Product Terms & Conditions and the Online Accounts Terms and Conditions. If there is a conflict between the Online Accounts Terms and Conditions and the Product Terms & Conditions then the Product Terms and Conditions will take precedence.
| 1 |
Rights of enforceability |
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No one apart from you or your personal representatives can enforce against us either these conditions or your rights in respect of the account. |
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| 2 |
Joint Accounts |
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If the account is held in joint names:
- all information regarding the account will be sent to the first named account holder's registered address (including e-mail address);
- liability to the Society is joint and several, meaning that each named account holder is responsible for all the obligations of the account;
- if one account holder dies the account vests in the name(s) of the survivor(s) and will be automatically transferred to the other(s) on production of the death certificate or a certified copy;
- unless you have given us written notice to the contrary any account holder named on the account will be able to withdraw money from the account and give other instructions as to the operation or closure of the account without the authority of the other(s);
- it is the responsibility of joint account holders who are partners and become subject to divorce or separation to give notice to the Society if they wish to change the operation of their account (e.g. if a signatory is to be removed).
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| 3 |
Membership |
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| 3.1 |
Unless the Product Terms and Conditions provide otherwise or you are not eligible for membership, your account is a share account which means that you will become a shareholding member of the Society through holding this account. |
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| 3.2 |
If your account is not a share account it will be a deposit account which does not give membership rights. |
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| 3.3 |
If you are a shareholding member you are bound by the Rules of the Society. Copies of the Rules are available from our Customer Helpline. |
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| 3.4 |
In accordance with the Society’s Rules, only the first named of joint account holders is entitled to exercise the rights of membership (such as voting and participation in any distribution of the Society’s assets). Joint account holders may select which of them is to be the representative (e.g. first named) account holder. |
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| 4 |
Security |
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| 4.1 |
When your account is opened, we will establish security procedures with you to help ensure the safe operation of your account ("Security Procedures"). We may, from time to time, request that new Security Procedures are agreed to ensure that your account continues to operate safely. It is your responsibility to comply with the Security Procedures at all times. You must not reveal to anyone your Security Procedures (except in the course of the normal operation of your account) or allow anyone else to use your Security Procedures to access your account. You must ensure that your Security Procedures are not stored in any form that allows access to your account. In particular you should:
- keep your PC secure;
- maintain up-to-date anti-virus software, up-to-date software and firewalls;
- treat emails you receive with caution and be wary of any emails which ask you for your Security Procedures.
The Society or the police will not contact you asking you to reveal your Security Procedures. |
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| 4.2 |
You must tell us immediately by telephoning us on 0113 225 7777 if:
- you believe that someone else knows your Security Procedures;
- you have forgotten your Security Procedures;
- you suspect that someone else (other than a joint account holder) has or is attempting to access your account;
- you think your Security Procedures have been kept in any form which may allow others access to your account in which case you should immediately arrange for the details to be deleted or the software disabled.
Until you tell us that one or more of the occurrences above has happened or if you have acted dishonestly or without reasonable care, you will be responsible for any instruction howsoever communicated which we receive and act on, even if it was not given by you.
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| 4.3 |
The Society may contact you to confirm your instructions if we feel this is appropriate and reasonable in the circumstances. |
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| 4.4 |
The Society will refuse to act on any instruction if: -
- we suspect that the instruction was not provided by you;
- the instruction was unclear or not capable of being performed;
- it might cause us to be in breach of any law, regulation, code of practice or these Online Accounts Terms and Conditions and/or Product Terms and Conditions; and/or
- we suspect your account is being used for an illegal purpose.
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| 4.5 |
If you access the internet site from outside of the UK, this will be entirely at your own risk. |
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| 4.6 |
If you use an account aggregation service you may be liable for any fraud or mistakes that happen on your account as a result. |
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| 5 |
Communications
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| 5.1 |
You can contact us by post, telephone, fax, internet, other electronic means and in other ways which we will tell you about from time to time. You should take appropriate steps to ensure that only account holders can access electronic (including e-mail) messages we send you. Please quote your account number (customer number) whenever you contact us. |
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| 5.2 |
You must notify us in writing if your name, address, telephone, e-mail or any other details change immediately. |
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| 5.3 |
If you send us an e-mail, you cannot assume that it has reached us until we send and you receive an e-mail acknowledgement. |
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| 5.4 |
When you telephone or contact us by writing we will verify your identity from the Security Procedures which you provided on account opening. |
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| 5.5 |
Branches are not able to effect transactions on online accounts. Therefore, please telephone our Customer Helpline on 0113 225 7777 if you require assistance with your online account. |
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| 6 |
Payments to your Online Account |
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| 6.1 |
The minimum and maximum amounts which you can invest and the minimum balance you must keep in the account (if any) are set out in the Product Terms & Conditions. |
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| 6.2 |
When you pay in money by cheque:
- interest is calculated from the second working day after the cheque is received at the Society's Head Office;
- the cheque should be made payable to the account holder(s) or to Leeds Building Society and where it is made payable to Leeds Building Society it should include on the payee line details of the account number and / or name of the account to which the cheque is being paid. For example "Leeds Building Society re Mr A B Smith" or "Leeds Building Society re a/c no. 1234567890";
- the cheque may be returned unpaid due to lack of funds, the cheque being stopped, irregularities in the way the cheque has been completed or other reasons as determined by the bank on which the cheque has been drawn. In such circumstances the Society will debit the value of the cheque and may apply a Cost;
- the cheque will normally be deemed as being out of date if it is paid in more than six months after its date. We will contact you if an out of date cheque is presented;
- cheques paid into your account should be crossed "account payee only";
- cheques sent through the post for the credit of your account should have your account number written on the back.
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| 6.3 |
When you pay money in by bank transfer or from another account with the Society (cleared funds) or an automated payment such as an internet payment or standing order, interest is paid from the day of receipt. |
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| 6.4 |
You may not pay in money in a currency which is not legal tender in the UK. Payments into your account cannot be accepted if made by way of:
- cash;
- foreign currency;
- foreign currency travellers cheques;
- cheques from foreign banks;
- cheques in foreign currency.
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| 7 |
Withdrawals
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| 7.1 |
You must nominate up to five investment accounts which are not held at the Society and/or up to three investment accounts held at the Society (the "Nominated Account(s)) where withdrawn/closure funds can be remitted. You can change any or all of the Nominated Account(s) at any time by notifying us in writing. |
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| 7.2 |
You can only make withdrawals from your account by authorised bank transfer to your Nominated Account(s). Funds may take up to 5 working days to arrive at the destination account. |
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| 7.3 |
Your account must remain in credit at all times. No cash withdrawals are permitted. Maximum withdrawal limits apply. |
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| 7.4 |
You may not withdraw funds against a cheque, or an automated payment such as an internet payment or standing order, until the money has reached your account (cleared) in accordance with the central clearing cycle operated by banks. A cheque deposited to your account will be available for withdrawal no later than the sixth working day after the cheque is received at the Society's Head Office, provided withdrawals are allowed on your account.
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| 7.5 |
We can (after giving you written notice) keep any money in any account which you have with us and set it off against any money you owe us whether under a mortgage, guarantee, or otherwise (including overdrawn balances and account charges) provided that the money is due. Interest or bonuses will not be payable on any money used in this way. |
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| 8 |
Interest Payments |
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| 8.1 |
Interest will normally be paid after deduction of income tax at the relevant rate. However, if you do not have to pay income tax, interest may be paid gross (i.e. without deduction of tax) if you provide us with the appropriate completed HM Revenue & Customs form. These forms are available via our Customer Helpline. Completed forms may be sent to our Investment Services Department at the Society’s Head Office. |
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| 8.2 |
If the account is held in joint names and one investor is entitled to gross interest then interest will be credited to the investors in equal proportions provided that a completed HM Revenue & Customs form is received. |
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| 8.3 |
Interest payments are ordinarily calculated several days in advance of the actual payment. If transactions occur after the preparation of the interest calculation, they will not be taken into account until the next interest payment date. It may be necessary to adjust your capital balance to compensate for any overpayment of interest if withdrawals have taken place in this period. |
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| 9 |
Online Account Closures
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| 9.1 |
From the date of account opening, or (if later) the date you receive the account terms and conditions on paper or electronically, you have 14 days to notify us (in writing) if you are not happy with your choice of account. Within that period we will, if instructed by you, refund your investment with interest from account opening or, subject to eligibility and availability, transfer the investment to another account of your choice without any loss of interest for early withdrawal. For ISA accounts, any subscriptions cancelled in this way will not count as a subscription to an ISA. |
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| 9.2 |
Unless the investment has been accepted for a fixed term which has not yet expired we can at our discretion repay to you all or part of your investment at any time. In normal circumstances, we will give you at least 30 days’ notice provided that if you are required to give more than 30 days notice to close your account we shall give you an equivalent period of notice before closing your account. |
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| 9.3 |
Where we reasonably consider that your behaviour has been threatening or abusive towards a member of our staff, regardless of whether your investment has been accepted for a fixed term which has not yet expired, we can at our discretion immediately repay to you all or part of your investment at any time and close your account. |
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| 9.4 |
If you want to transfer your investment to some other person you need to have our prior approval which is at our discretion. Only the named account holder(s) has any rights to the money or the right to operate the account held with the Society. |
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| 9.5 |
If you have an account with a balance of less than £100 which has not been used to deposit or withdraw money for three years or more we can close the account and retain the balance if we cannot trace you after reasonable enquiry. If you then contact us at a later date requesting that the account be reopened we shall not unreasonably refuse such a request. If we agree to reopen the account you will not have continuous membership. We may change the account to a different account type, and credit interest accordingly, or else repay the account balance to you with interest. |
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| 9.6 |
If you have money in a dormant account, this will always be your property, or if you die, it will become part of your estate no matter how many years have passed. |
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| 9.7 |
You may close an account with us by telling us in writing or by email, paying any money you owe us in respect of the account and withdrawing the account balance, which will be remitted to your Nominated Account(s). In relation to some accounts such as fixed term investments, the Product Terms & Conditions may impose further conditions upon closing the account which you must comply with. |
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| 9.8 |
If there is a reasonable suspicion that your account may be being used for illegal purposes or if we become aware (whether by notification from you or otherwise) that there is a dispute over ownership of the account (including a dispute between joint investors), then we may freeze the account until the position is resolved to the Society’s reasonable satisfaction. If an account is frozen it will not be possible to make deposits or withdrawals in respect of it. |
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| 10 |
Statement
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Statements will be available online. You should check your statement regularly and tell us as soon as possible of any disputed entry. After two years, statement information will be removed from your online records. |
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| 11 |
Fees and Costs
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| 11.1 |
(a) Where we charge a Fee because you ask us to provide a document or service in connection with the account, whether to you or anyone else, the amount of the Fee will be notified to you before your account is opened and may only be changed in accordance with conditions 11.4 and 11.5. Examples of activities we may charge a Fee for under this condition include (but are not limited to):
- unauthorised overdrafts;
- cheques credited to your account which are unpaid;
- transfer of funds to cover cash withdrawals, cheques, Direct Debits and standing orders where there are insufficient available funds;
- copy documents (including duplicate statements, cheques etc);
- telegraphic transfers (CHAPs payments).
(b) Where we incur a Cost because you fail to fulfil an obligation you have under these conditions or your Product Terms & Conditions you must pay us all reasonable Costs which we reasonably incur as a result of your failure. We have made a genuine pre-estimate of the expenses we are likely to incur and the amount of Costs we will charge will be set out from time to time in our Tariff of Investment Costs and will be limited to this amount and may only be charged in accordance with conditions 11.4 and 11.5. Examples of activities we may charge for under this condition include but are not limited to:
- unpaid cheques;
- unpaid Direct Debits;
- unpaid standing orders;
- a management charge for communications to you regarding the operation of your account outside the agreed conditions for your account.
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| 11.2 |
We will tell you the Fee for any other service or product before we provide that service or product and any time you ask. |
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| 11.3 |
Before we take any Fee or Cost from your account we will give you at least 14 days' notice of how much we will take. |
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| 11.4 |
We can at any time vary the Fees notified to you or vary or add to the Costs set out in the Tariff of Investment Costs if it is to your advantage (for example to reduce or abolish a Fee or Cost) or for any one or more of the following reasons (which may relate to circumstances existing at the time or those which we reasonably expect to apply in the near future):
- to respond, in a proportionate manner, to changes in the expenses which we reasonably incur in carrying out the relevant activities;
- to respond, in a proportionate manner, to changes in technology or general practice in the personal savings market;
- to respond, in a proportionate manner, to changes we may reasonably make in the activities we carry out or to carry out new activities;
- to respond, in a proportionate manner, to changes in the law or the interpretation of the law, decisions or recommendations of an Ombudsman, regulator or similar person, or any code of practice with which we intend to comply;
- to enable us to harmonise, in a reasonable manner, the Fees and Costs concerned following any acquisition or transfer of deposit or savings accounts or any takeover of, or merger with, another savings provider or deposit taker;
- to correct an error, if it is reasonable to do so;
- to enable us to maintain our financial strength in the interests of all our customers;
- to respond, in a proportionate manner, to increases in inflation;
- if we have not previously charged, or charged the full cost, for any activity or service, to reflect the costs which we reasonably incur in carrying out the activity or service;
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| 11.5 |
Whenever we increase an existing Fee or Cost or introduce a new Cost for any reason mentioned in condition 11.4 we will give you individual notice at least 30 days before the change is to take effect. However, we may make a change which is to your advantage immediately and tell you about it later. |
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| 12 |
Changes to Conditions |
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| 12.1 |
Unless the Product Terms & Conditions provide otherwise we can change the interest rate to be paid on your account at any time if we reasonably believe that the change is to your advantage or is needed for any one or more of the following reasons (which may relate to circumstances existing at the time or those which are expected to apply in the near future):
- to respond, in a proportionate manner, to changes in the Bank of England repo rate (base rate) or changes generally in the interest rates offered by our competitors in the personal savings market;
- to enable us to maintain the competitiveness of interest rates paid to our borrowers or the providers of funds to us, while having regard to the interests of our investors and our business as a whole;
- to manage margins between interest rates charged to our borrowers, and interest rates paid to our investors or the providers of funds to us, in the interests of our business as a whole;
- to respond, in an proportionate manner, to any increase or reduction in costs reasonably incurred by the Society in operating our personal savings business;
- to enable us to maintain our financial strength in the interests of all our customers;
- to enable us to harmonise, in a reasonable manner, the interest rates being paid to investors following any acquisition or transfer of deposit or savings accounts or any takeover of, or merger with another savings provider or deposit taker; and
- to respond, in a proportionate manner, to changes in the law or interpretation of the law, decisions or recommendations of an Ombudsman, regulator or similar person, or any code of practice with which we intend to comply.
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| 12.2 |
We will notify you of any change under condition 12.1 either by:
- notice to you individually within 30 days of the change taking effect; or
- a general notice displayed in our branches, Head Office and on our website, and by advertisement in two national newspapers (selected at our discretion from The Times, The Telegraph and The Daily Mail) within 3 working days of the change taking effect. For postal or internet and telephone accounts details of changes will be given to you by individual notice within 30 days of the change taking effect.
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| 12.3 |
Unless the Product Terms & Conditions provide otherwise we may also change the interest rate to be paid at any time for any valid reason (not being a valid reason mentioned in condition 12.1). If we do so:
- we will give you individual notice of the change before, or as soon as reasonably practicable after, such change is to take effect;
- we will tell you that the change is made under this condition 12.3 in the notice we serve on you; and
- you may close your account within 60 days of the date of such a notice without giving notice or paying any withdrawal charge which would otherwise be due.
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| 12.4 |
Any notice of an interest rate change under this condition will clearly state the previous and new interest rate.
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12.5 We may vary the conditions (other than in respect of changes to interest rates or charges) at any time for any of the following reasons:
- to respond, in a proportionate manner, to changes in the products or services we provide or the way we provide these;
- to respond, in a proportionate manner, to changes in technology or general practice in the personal savings market;
- to respond, in a proportionate manner, to changes in the law or interpretation of the law, decisions or recommendations of an Ombudsman, regulator or similar person, or any code of practice with which we intend to comply;
- to correct errors, if it is reasonable to do so;
- if we reasonably believe the change is necessary in the interests of our business as a whole;
- if the change is to your advantage.
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| 12.6 |
Unless we consider any variation of the conditions under Condition 12.5 (other than in respect of changes to interest rates or charges) is to your disadvantage we may make the change immediately and may notify you individually within 30 days of the change becoming effective.
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| 12.7 |
We will give you individual notice of any change under Condition 12.5 (other than in respect of changes to interest rates or charges) which we consider is to your disadvantage at least 30 days before the change becomes effective. You may close your account within 60 days of the date of such a notice without giving notice or paying any Fees or Costs for early withdrawal which would otherwise be due.
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| 12.8 |
We may also vary the conditions (other than in respect of changes to interest rates or charges) at any time for any valid reason (not being a valid reason mentioned in Condition 12.5) If we do so:
- we will give you individual notice at least 30 days before the change is to take effect;
- we will tell you the reason for the change in the notice we send you; and
- if the Product Terms & Conditions for your account require you to give notice before making a withdrawal or restrict the amount you may withdraw and/or number of withdrawals you may make in any period, then from the date you receive notice of the change you will have a minimum of 60 days or if greater, a period of time equal to your notice period, to close your account without notice and without loss of interest.
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| 12.9 |
If there is a major change or a number of minor changes in any one year, we will send you a revised copy of the conditions. |
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| 13 |
Confidentiality |
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| 13.1 |
We will only give details of your account or personal details to anyone else if:
- you have specifically requested or consented to the disclosure;
- the law requires us to do so;
- our interests make disclosure necessary; or
- we have a public duty to disclose.
Your application form may include a declaration requesting your consent to disclosure for particular purposes.
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| 13.2 |
In particular we may disclose details if:
- you owe us money on your account;
- we have asked you in writing to pay this money;
- you do not dispute that you owe us money; and
- you have not made satisfactory arrangements for repayment.
We may disclose information to credit reference agencies. We will give you 28 days' notice before we do so. Credit reference agencies make available your payment history information to other financial services organisations which may then affect your ability to obtain credit.
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| 13.3 |
If you agree (e.g. by signing the application form for your account if it includes the appropriate declaration), we may give credit reference agencies information about your account. |
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| 13.4 |
If you would like the right to refuse receiving information about additional services and products, please contact our Customer Helpline. |
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| 14 |
General |
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| 14.1 |
Where necessary, any word in these conditions which is in the singular shall also be read as in the plural and any word which is in the plural shall also be read as if it was in the singular. These conditions constitute a legal agreement between the Society and you and govern the account. |
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| 14.2 |
We will not be liable for any loss you may suffer of any kind whatsoever if we are unable to operate your account or fulfil our obligations to you because of any strike or industrial action or failure of power supplies, data transmission systems or equipment or any other cause or event whatsoever beyond our reasonable control or the reasonable control of our agents or sub-contractors. |
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| 14.3 |
Any failure by the Society to enforce any of its rights against you on one occasion, whether in whole or in part, should not be regarded as a waiver of the Society’s rights to enforce these obligations on any other occasion whether in whole or in part. |
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| 14.4 |
Each of the provisions of these conditions is severable and distinct from the others and if at any time one or more of such provisions becomes illegal invalid or unenforceable, this will not impair or affect the legality, validity or enforceability of the remaining provisions. |
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| 14.5 |
Only you and we may enforce the terms of these conditions and the Product Terms & Conditions and the provisions of the Contracts (Rights of Third Parties) Act 1999 are therefore excluded. |
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| 15 |
Applicable Law and Jurisdiction |
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| 15.1 |
The relationship between you and the Society is based upon the laws of England & Wales. |
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| 15.2 |
The conditions of your account are subject to the laws of England and Wales, and the courts of England and Wales shall have exclusive jurisdiction. |
| 15.3 |
The conditions of your account and all documentation relating to your account are supplied in English. All communications issued by the Society will be in English |
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| 16 |
Banking Code
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| 16.1 |
The Society subscribes to and undertakes to comply with the Banking Code, which establishes minimum standards of good banking practice. |
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Important notes
§ Tax-free means that interest payable is exempt from income tax.
† AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Please note: the tax treatment of ISAs may change. This is a cash ISA. You may only subscribe to (invest in) one cash ISA in each tax year (although in any such year you may also subscribe to a stocks and shares ISA, subject to the overall ISA subscription limits). By opening a cash ISA you will be limiting the amount you can subscribe to a stocks and shares ISA. For further information about ISAs (including subscription limits) please refer to the Society’s leaflet ‘Easy Step Guide to Tax-Free Savings’.
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 the Banking Code, which establishes minimum standards of good banking practice. Details of the Code are available at www.bankingcode.co.uk or in the leaflet 'The Banking code' published by the BBA/BSA.
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.
