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Rainy Day Saver (Issue 7)

Rates correct as at 25 NOV 2016

It's common for the British weather to be cold and rainy, but don't let that stop you from saving. The Rainy Day Saver is here to beat the weather and help you save. You can save between £10,000 and £250,000 (£250,000 for joint accounts) with a variable interest depending on your balance. You can also make up to 6 withdrawals per calendar year without loss of interest.

For balances between £10,000 and £24,999.99:


0.80% Gross p.a./AER(variable)

For balances between £25,000 and £49,999.99:


0.85% Gross p.a./AER(variable)

For balances between £50,000 and £250,000:


0.90% Gross p.a./AER(variable)

The maximum amount you can invest is £250,000 (£250,000 for joint accounts) including accrued interest. If the balance exceeds £250,000 the interest rate that shall apply to the whole balance will be 0.40% Grossp.a/AER (variable).

Account NameRainy Day Saver (Issue 7)
What is the interest rate?Annual Interest

For balances between £10,000 and £24,999.99:
0.80% Gross p.a./AER (variable)

For balances between £25,000 and £49,999.99:
0.85% Gross p.a./AER (variable)

For balances between £50,000 and £250,000:
0.90% Gross p.a./AER (variable)

The maximum amount you can invest is £250,000 (£250,000 for joint accounts also) including accrued interest. If the balance exceeds £250,000 the interest rate that shall apply to the whole balance will be 0.40% Grossp.a/AER (variable).

If the balance falls below £10.000, the basic investment rate of interest which is currently 0.05% Gross p.a./AER (variable) shall apply.

Interest is calculated daily and paid annually on 30 Nov.

Interest can be credited to the account or transferred to another building society/bank account or to another account held with the Society.
Can Leeds Building Society change the interest rate?Yes. Please see conditions 13 and 14 of the General Investment Conditions which provide details as to when and how we can change the interest rate.
What would the estimated balance be after 12 months based on a £10,000, £25,000, £50,000 and £250,000 deposit?Assuming that £10,000 is deposited into the account on 1st December and no further deposits or withdrawals are made, then based on an interest rate of 0.80% you will receive an £80.00 interest payment after 12 months, giving an overall account balance of £10,080.

If £25,000 is deposited, then based on a rate of 0.85% you will receive an interest payment of £212.50 giving an overall balance of £25,212.50.

If £50,000 is deposited, then based on a rate of 0.90% you will receive an interest payment of £450.00 giving an overall balance of £50,450.

If £250,000 is deposited, then based on a rate of 0.90% you will receive an interest payment of £2,250 giving an overall balance of £252,250.

These projections are provided for illustrative purposes only and will depend on the individual circumstances of each customer.
How do I open and manage my account?The account is available to individuals aged 18 or over who are resident in the UK.

The account can be opened through any of our branches, via our website or by post.

Minimum investment and operating balance: £10,000.

Maximum investment: £250,000 (£250,000 for joint accounts) plus accrued interest credited to the account.

Instructions regarding the operation of the account can be provided in branch, in writing by post or by telephone (although we may request that telephone instructions are also provided in writing).
Can I withdraw money?Access is limited to 6 withdrawals per calendar year without notice or loss of interest, subject to the minimum balance of £10,000 being maintained.

If you exceed this number of withdrawals (including closure of the account), the account will be subject to 30 days’ loss of interest or an equivalent amount on the amount withdrawn.

You can withdraw up to a maximum of £300 in cash in branch each day. If you require more than this amount (up to a maximum of £1,000) you will need to provide the Society with 48 hours’ notice.
Additional InformationInterest is paid gross, without the deduction of income tax. Payment of gross interest does not mean that interest you receive is exempt from tax. The tax treatment depends on the individual circumstances of each customer and may be subject to change in the future. It is your responsibility to seek independent tax advice.

The account may be closed to further deposits upon a minimum of 30 days’ written notice.
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Please note that even though our accounts can be opened online, not all of our products can be operated online. The details above only provide a summary of the account. Please check the Product Terms and Conditions (PDF) for full details.

Like the sound of our Rainy Day Saver?Apply in BranchApply by PostApply Online