The VaultRates correct as at 23 NOV 2017
The Vault is an instant access savings account designed for serious savers aged 12-17 years.
Looking to save for the future? Want to save short term so you can afford that new MP3 player or elusive pair of shoes? Maybe you’ve just started your first part-time job and want to save your earnings! Whatever your lifestyles the Vault could be one way to help young people save.
1.75% Gross‡ p.a./AER† (variable)
|Account Name||The Vault|
|What is the interest rate?||Annual Interest
1.75% Gross‡ p.a./AER† (variable)
If the balance falls below £10, the rate of interest which shall apply is 0.05% Gross‡ p.a./AER† (variable).
Interest is calculated daily and paid annually on 01 January.
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 £1000 deposit?||Assuming that £1,000 is deposited into the account on 2nd January and no further deposits or withdrawals are made, then based on an interest rate of 1.75% you will receive a £17.50 interest payment after 12 months, giving an overall account balance of £1,017.50
This projection is provided for illustrative purposes only and will depend on the individual circumstances of each customer.
|How do I open and manage my account?||You must be aged between 12-17 years old inclusive to open the account.
When you reach 18 years old, your account will automatically transfer to an instant access account. We will write to you with full details nearer the time.
The account can be opened through any of our branches or by post.
At least one authorised signatory will need to open and operate the account on behalf of the account holder. The authorised signatory may only open and operate one account per account holder.
Minimum operating balance: £10.
Maximum balance: £1,000,000 plus accrued interest credited to the account.
The account can only be operated in branch or by post.
|Can I withdraw money?||One withdrawal a week of between £10 and £250 may be made and must be signed for by the account holder, subject to the minimum operating balance of £10 being maintained.
Withdrawals over £250 and additional withdrawals in a week must be signed for by both the account holder and the authorised signatory.
|Additional Information||Interest 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.
Information correct as at 23 November 2017.
The Summary Box sets out only the key information, for full details please read our
Your savings are also protected by the FSCS. For details please read our FSCS Information Sheet (PDF)
Alternate ways to apply
Visit your local branch and our friendly staff will help you to open your account.
Download your savings application pack to apply by post.