| 1 |
Account Opening |
| 1.1 |
The Society is subject to both Money Laundering Regulations and Financial Services Authority rules which require that we verify both the identity and address of investors. When accounts are opened each investor must provide one document from each of the lists below. The documents produced must be originals.
Confirmation of Identity
- Current signed UK or EU Passport;
- Current Driving Licence, either photocard or old version - old style provisional licences are not acceptable;
- A Building Industry Sub Contractor Certificate issued by the Inland Revenue;
- Benefit book or original notification letter from Benefits Agency confirming the right to benefit;
- Under 18’s only - a birth certificate;
- Firearms certificate;
- Inland Revenue Tax Notification.
Confirmation of Address
- A utility bill up to three months old (a mobile telephone bill is not acceptable);
- Bank, building society or credit card statement containing current address;
- Most recent mortgage statement from a recognised lender;
- Local authority council tax bill (valid for current year);
- Current UK photocard Driving Licence (if not used for evidence of identity);
- Local authority rent card or tenancy agreement;
- Benefit book or original notification letter from Benefits Agency confirming the right to benefit (if not used for evidence of identity).
The Society may accept other forms of appropriate identification at its discretion. |
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| 1.2 |
If your account is opened by post we need only confirmation of address. Please send at least one original document. These will be returned to you by post. For postal applications the Society will confirm your identity usually by searching the electoral roll and independently verifying your telephone number (although other appropriate methods may also be used). |
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| 1.3 |
The Society takes appropriate steps to satisfy itself regarding the identity of its investors and these may include making further enquiries or seeking additional references. |
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| 1.4 |
If you already have an account with the Society, you do not need to provide confirmation of identity, provided your account has been active within the previous 12 months (however the Society would still require you to provide confirmation of address). |
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| 1.5 |
A birth certificate will be accepted as proof of identity for investors under the age of 18. Proof of parent or guardian’s address will be acceptable as confirmation of address. |
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| 1.6 |
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, transfer the investment to another account of your choice without any charge for early withdrawal. |
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| 1.7 |
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 Account |
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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 holders registered address.
- liability to the Society is joint and several, meaning that each named investor is responsible for all the obligations of the account.
- if one investor 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 investor 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 (i.e. both to sign).
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| 3 |
Membership |
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| 3.1 |
Unless the Product 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 your local branch or our Customer Helpline. |
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| 3.4 |
In accordance with the Society’s Rules only the first named of joint investors is entitled to exercise the rights of membership (such as voting and participation in any distribution of the Society’s assets) Joint investors may select which of them is to be the representative (i.e. first named) account holder. |
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| 4 |
Payments to your account |
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| 4.1 |
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 Conditions. |
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| 4.2 |
When you pay in money by cheque:
- interest is calculated from the third working day after the payment is received (Saturdays, Sundays and English Bank Holidays are not working days).
- the cheque should be made payable to the investor(s) or to Leeds Building Society Building Society for the account of the investor(s). Your account number should be written on the back.
- 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 from your account and may make a charge for this.
- the cheque will normally be deemed as being out of date if it is paid in more than six months after its date.
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| 4.3 |
When you pay money in by cash or 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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| 4.4 |
You may not pay in money in a currency which is not legal tender in the UK. |
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| 5 |
Withdrawals |
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| 5.1 |
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. Between banks this normally takes 3 working days but as we are not a clearing bank, the cheque or other payment will not be cleared until (normally) 7 working days after we receive it. |
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| 5.2 |
We are not obliged to stop payment of a cheque issued from your account unless you return the cheque to us for cancellation before it is presented for payment. |
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| 5.3 |
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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| 5.4 |
If you wish to make a withdrawal from your account at one of our branch offices, you may be asked to produce confirmation of identity before the transaction is carried out. |
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| 5.5 |
You must produce the relevant Account Document (see section 8.1) before making a withdrawal except where alternative methods of withdrawal are permitted as specified in the Product Conditions. |
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| 5.6 |
Maximum withdrawal limits for cash and cheque transactions apply. Details of the maximum withdrawal limits can be obtained from your local branch. |
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| 6 |
Interest Payments |
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| 6.1 |
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 Inland Revenue form. These forms are available from your local branch or our Customer Helpline. Completed forms may be handed in at your local branch or sent to our Investment Services Department at Head Office. |
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| 6.2 |
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 Inland Revenue form is received. |
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| 6.3 |
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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| 7 |
Account Closures |
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| 7.1 |
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 on giving 30 days notice provided that if you are required to give more that 30 days notice to close your account we shall give you an equivalent period of notice before closing your account. |
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| 7.2 |
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 held in their account or the right to operate the account held with the Society. |
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| 7.3 |
If you have an investment 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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| 7.4 |
You may close an account with us by telling us in writing, returning your Account Document, (see section 8.1) paying any money you owe us in respect of the account, and withdrawing the account balance. In relation to some accounts such as fixed term investments, the Product Conditions may impose further Conditions upon closing the account which you must comply with. |
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| 7.5 |
If there is reasonable suspicion that your account may be being used for illegal purposes or if we become aware 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. If an account is frozen it will not be possible to make deposits or withdrawals in respect of it. |
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| 8 |
Account Documentation |
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| 8.1 |
An “Account Document” means your passbook, certificate or similar item which we have designated an Account Document. All Account Documents remain our property and must be returned to us on request. We may need to request the return of the Account Document to update your account or for other purposes. |
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| 8.2 |
If you discover that an Account Document is missing or stolen (or you believe it contains an error or discrepancy) you must tell us as soon as possible by contacting your local branch or our Customer Helpline. In the case of a lost or stolen Account Document you will be issued with a new Account Document after you have given such evidence of loss as we may reasonably require and provided us with an indemnity or payment of a fee if we reasonably require this. |
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| 8.3 |
If someone other than you uses the Account Document dishonestly, in circumstances where you have acted dishonestly or without reasonable care and money is withdrawn from your account, you will be liable for the withdrawal. |
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| 8.4 |
You must write straight away to our Investment Services Department at Head Office to advise of any change of name and/or address. Please enclose your Account Document with the letter. Alternatively, you may call in to any branch office to advise of these changes. |
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| 9 |
Statement |
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Statements will be issued on request or, annually for postal accounts. A charge will be made for duplicate requests. |
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| 10 |
Account Charges |
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| 10.1 |
Details of account charges are listed below: |
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| Telegraphic Transfer of funds: |
£20 per item. |
| International money transfer: |
£25 per item plus bank charges. |
| Dishonoured cheques (inwards): |
£10 per item. |
| Dishonoured cheques (outwards): |
£25 per item. |
| Copies of documentation: |
£5 per item. |
| Miscellaneous calculations: |
up to £50 |
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| 10.2 |
We may change or increase charges or introduce a new charge at any time for any of the following reasons:
- to reflect changes in costs (including our own reasonable management and administrative costs) which we reasonably incur in respect of the relevant activity or service;
- to reflect changes we may reasonably make in the service or activity we are providing or undertaking; and
- if we reasonably consider it is fair to do so in the interests of our business as a whole.
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| 10.3 |
Whenever we change or increase any of these charges or introduce a new charge for any reasons mentioned in section 10.2 we will give you individual notice at least 30 days before the charge is to take effect. |
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| 10.4 |
We may also change or increase charges at any time for any valid reason (not being a reason mentioned in section 10.2). 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 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 30 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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| 11 |
Changes to Conditions |
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| 11.1 |
Unless the Product Conditions provide otherwise we can change the rate of interest to be paid at any time for any of the following reasons:
- if it is reasonable to change the rate to reflect changes which have occurred, or which we reasonably expect to occur, in interest rates generally or in the personal savings market;
- to enable us to maintain the competitiveness of interest rates paid to our borrowers;
- 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 reflect changes and costs incurred by the Society or in the financial strength of the Society;
- 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 deposit taker; and
- if it is reasonable to make a change following a decision or recommendation made by a court, regulatory body, Ombudsman or other official body or as a result of a change (or anticipated change) in the law or the interpretation of the law, or any relevant codes.
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| 11.2 |
We will notify you of any change under Section 11.1 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 three working days of the change taking effect;For postal, 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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| 11.3 |
Unless the Product Conditions provide otherwise we may also change the rate of interest to be paid at any time for any valid reason (not being a reason mentioned in Section 11.1) 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; and
- we will tell you the reason for the change in the notice we send you.
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| 11.4 |
Any notice of an interest rate change under this Condition will clearly state the previous and new interest rate. |
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| 11.5 |
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 reflect changes in the products or services we provide or the way we provide these;
- to reflect changes in technology or general banking or building society practice;
- if it is reasonable to make the change following a decision or recommendation made by a court, regulatory body, Ombudsman or other official body or as a result of a change (or anticipated change) in the law or interpretation of the law;
- to correct errors;
- 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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| 11.6 |
Unless we consider any variation of the Conditions under section 11.5 (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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| 11.7 |
We will give you individual notice of any change under 11.5 (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 charge for early withdrawal which would otherwise be due. |
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| 11.8 |
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 reason mentioned in section 11.5) 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 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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| 11.9 |
If there is a major change or a number of minor charges we will send you a revised copy of the Conditions. |
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| 12 |
How to contact us |
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| 12.1 |
Branches are usually open from 9am to 5pm Monday to Friday and from 9am to 1pm on Saturdays (Head Office branch is open until 4pm most Saturdays). Opening may be delayed by 30 minutes to allow for staff training. |
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| 12.2 |
The telephone number for your branch will be listed in local directories. A message receiving service is available outside of opening hours. Alternatively you may contact our Customer Helpline on (0113) 225 7777 from 8am to 8pm seven days a week. |
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| 12.3 |
If you have a postal account please telephone Leeds Building Society Direct for your requirements during branch opening hours. The number is (0113) 225 7755. At other times ring the Customer Helpline. Branches are not able to effect transactions on postal accounts. |
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| 12.4 |
If you would like information about the interest rates currently applying to the Society’s investment accounts, please telephone 0845 050 5072 for details of postal accounts or 0845 050 5074 for details of all other accounts, or ask at any branch. |
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| 12.5 |
Please quote your account number whenever you contact us by post or telephone. |
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| 12.6 |
You may also obtain information about our accounts and interest rates currently available from our website at www.leedsbuildingsociety.co.uk. |
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| 13 |
Customer Service and Protection |
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| 13.1 |
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 may arise. Should you need to refer a matter of complaint to us details of the procedure are available here. |
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| 13.2 |
The Society is a member of the Financial Services Compensation Scheme, the Financial Ombudsman Service and subscribes to and undertakes to comply with the Banking Code. Details of these are available here. The society is authorised and regulated by the Financial Services Authority. |
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| 13.3 |
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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| 14 |
Applicable Law and Jurisdiction |
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| 14.1 |
The relationship between you and the Society is based upon the laws of England & Wales. |
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| 14.2 |
The terms and conditions of your account are based upon English law and jurisdiction. |
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| 14.3 |
The terms and conditions of your account and all documentation relating to your account are supplied in English. All communications issued to you by the Society will be in English. |
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Child Trust Fund Bonus Saver
Individual Account Terms & Conditions |
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| The Society's General Investment Conditions will apply unless (and to the extent) they are inconsistent with these Terms and Conditions. |
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| 1. |
Only one Child Trust Fund account ("Account") may be opened per eligible child. (Eligible children are those who are born on or after 1 September 2002, who live in the UK and who have been awarded Child Benefit). |
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| 2. |
The Account will be opened and operated by us in accordance with the Child Trust Funds Regulations 2004 (as may be amended from time to time). |
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| 3. |
The Account may not be held in joint names or by a Trustee. |
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| 4. |
An application for the Account must be made by a person aged 16 or over who has parental responsibility for the eligible child ("Registered Contact"). Where the eligible child is 16 or over, only the child can open the Account. The Account will be opened in the name of the child. |
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| 5. |
In order to open the Account, the Registered Contact must hand over the original Child Trust Fund voucher issued under the Child Trust Funds Act 2004 ("the Voucher") to the Society. A copy of the Voucher is not acceptable. The Voucher will only be returned to the Registered Contact should the Account application not proceed for any reason. Where an application to open the Account is made by post, the Account will be opened once any cooling off period has expired, and interest will be paid from the date of account opening and will not be backdated to the date of receipt of the application. The minimum initial deposit required to open the Account will be the amount as stated on the Voucher. |
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We will act on instructions from the Registered Contact until the child reaches 16. Once the child reaches 16, the child will need to apply to become the Registered Contact on the account and we will only act on instructions issued by the child, even if the Registered Contact details are not updated. |
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| 7. |
The interest rate will track the Bank of England Base Rate until 30 June 2006. From 1 July 2006 the rate guarantees to pay a rate of interest that is not less than 1% below the Bank of England Base Rate for the rest of the term. An additional bonus of 1.25% p.a. is payable if a further two £600 annual contributions are made to the account between the account opening date and each of your child’s next two birthday anniversaries. This bonus will be paid in addition to other interest payable on your child’s birthday. The bonus is payable on the first and second birthday anniversaries from the account opening date, but not on any further birthday anniversaries. |
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| 8. |
The interest rate payable on the account is variable and may be changed, in accordance with the Society’s General Investment Conditions. |
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| 9. |
Interest will be paid annually on the Child’s birthday. |
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| 10. |
Interest will be exempt from UK income tax provided that all terms and conditions are met. The tax treatment of Child Trust Funds may change. |
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| 11. |
We will notify you if the Account is no longer exempt from tax or if the Account fails to comply with the Child Trust Funds Regulations 2004 (as may be amended from time to time) and becomes void or is no longer exempt from income tax. |
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| 12. |
Additional contributions may be made to the Account, up to a maximum of £1,200.00 per subscription year (excluding the Government contribution(s)). The first subscription year runs from the date of opening the Account until the day before the child’s next birthday. Subsequent subscription years run from the child’s previous birthday to the day before the next birthday. If the maximum subscription is not made in any subscription year, the amount cannot be carried over to the following subscription year. The maximum subscription levels are set by the Government and may be amended from time to time. |
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| 13. |
Additional subscriptions that exceed the annual subscription limits in any subscription year will be returned. The amount of the excess will be returned either to the third party that sent it (if known) or to the Registered Contact. Repayment is subject to the Society having sufficient information to make it and will normally be made by cheque. |
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| 14. |
An additional (as yet unquantified) contribution may be made by the Government on the child’s 7th birthday. |
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| 15. |
No withdrawals can be made from the account before the child’s 18th birthday except in the following circumstances: where we receive notice from the Inland Revenue that the child has died under the age of 18 or where we receive notice from the Inland Revenue that withdrawals are authorised where the child is terminally ill. Any tax exemption will end on the death of the child. |
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Once the child reaches 18, the account will transfer to one of our instant access accounts available at that time and will be subject to the terms and conditions of such an account as may be in force at that time. We will write to the child prior to the transfer, setting out the available options. |
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| 17. |
An annual statement will be issued within 61 days of the child’s birthday. The statement will show the transactions on and the balance of the account. |
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| 18. |
You can transfer the Account free of charge to a different provider at any time, subject to the agreement of the new provider. Your request to transfer must be made in writing, stipulating the time within which the transfer is to be made (you must allow a minimum of 28 days in which we may carry out your instructions). |
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| 19. |
Transfers to the Account from different providers will be accepted free of charge. |
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| 20. |
The child will be the beneficial owner of all funds in the Account. Any additional subscriptions made to the account are treated as gifts to the child and cannot be revoked. The Account may not be used as security for a loan.
You must read the General Investment Conditions, as these apply to your account. – click here.Investments in the Account will represent shares in the Society and are subject to the Rules of the Society. Member of the Building Societies Association. Leeds Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.
Leeds Building Society is authorised and regulated by the Financial Services Authority. The Society’s FSA registration number is 164992. Other taxes or costs may exist that are not paid by Leeds Building Society. |
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You must read the General Investment Conditions, as these apply to your account. – click here.
Investments in the Account will represent shares in the Society and are subject to the Rules of the Society. Member of the Building Societies Association. Leeds Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.
Leeds Building Society is authorised and regulated by the Financial Services Authority. The Society's FSA registration number is 164992. Other taxes or costs may exist that are not paid by Leeds Building Society.
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