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Savings & Investments
Family+ Account
Tailor made savings for a busy family life
It's a fact of life that most of us have regular bills to pay. So many in fact that it can give you a headache just keeping tabs on whether you have enough money to pay them when they arrive!
How many times have you wished that you'd set the money aside to pay for household bills, vehicle tax or car/home insurance?
Wouldn't it be nice to easily keep tabs on how much you have saved for a child or grandchild's birthday, annual family holiday or even a wedding that's just around the corner, the list is endless!
How does the Family+ work?
The account comprises of a Family+ Instant account linked to smaller Family+ Notice accounts.
The Family+ Instant account acts like any normal savings account which you would pay regular deposits into by standing order. All you have to do is open the account with a minimum of £100 and make a minimum monthly payment of £20 by standing order from a non-Leeds Building Society account into your Family+ Instant account.
From your Family+ Instant account you must make a minimum of one monthly payment of £20 by standing order to a Family+ Notice account of your choice.
You can only make one payment into each Family+ Notice account per month, but you can make as many payments as you like by cash, cheque, standing order or transfer into the Family+ Instant account subject to the maximum operating balance of £100,000. Standing order deposits must not exceed £2,000 per month.
You can name the Family+ Notice account whatever you like (i.e. water bill, holiday fund) and choose the notice period you would like for withdrawals. Remember the longer the notice period, the higher the interest rate you will receive.
| Summary Box Key Product Information for our Savings Account(s) |
||
|---|---|---|
| Account Name | The Family+ Instant Account | Family+ Notice Account |
| Interest Rates (AERs) | See the "How much interest will I earn?" table below. | See the "How much interest will I earn?" table below. |
| 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. | 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. | There is no bonus available on this account. |
| Withdrawal arrangements | The Family+ Instant Account provides instant access and unlimited withdrawals can be made as long as the £100 minimum operating balance is maintained. | Withdrawals from each Family+ Notice Account are determined by the notice period you have chosen, either 30, 60, 90 or 365 days or are subject to 30, 60, 90 or 365 days loss of interest on amount withdrawn. Withdrawals are subject to the minimum operating balance of £20 being maintained. |
| Access | Account can be opened and operated through any of our branches or by post. | Account can be opened and operated through any of our branches or by post. |
How much interest will I earn?
| Family+ Instant Account | |
|---|---|
| Investment | Annual Interest (Variable) |
| £100+ | Bank of England Base Rate less 0.25% Gross§ p.a./AER† Currently 0.25%§ Gross p.a./AER† |
| Family+ Notice Account | |||
|---|---|---|---|
| Investment | Notice Period | Current Bank of England Base Rate Plus | % Gross§ p.a./AER† |
| £20+ | 30 days (min requirement) |
+0.10 | 0.60 |
| 60 days | +0.15 | 0.65 | |
| 90 days | +0.20 | 0.70 | |
| 365 days | +0.50 | 1.00 | |
Rates correct as at 1 September 2010.
Other Product Features:
Minimum investment and operating balance:
Family+ Instant Account: £100 minimum operating balance and a minimum
£20 per month standing order from a non-Leeds Building Society account.
Family+ Notice Account: £20 minimum operating balance and £20 per month minimum standing order
from the Family+ Instant Account into each linked Family+ Notice Account.
Maximum investment and operating balance:
Family+ Instant Account: £100,000 maximum operating balance. Standard orders must not exceed £2,000
per month.
Family+ Notice Account: £25,000 maximum operating balance and £2,000 per month maximum standing
order from the Family+ Instant Account into each linked Family+ Notice Account. Only one standard order payment per month
is allowed into each Family+ Notice Account.
When is interest paid?
Interest is paid annually on 1 September.
How is interest paid?
Interest can be either added to the account or transferred either to another building society/bank account or to another account held with the Society.
