This section sets out the individual Product Terms & Conditions, which will be effective from the date of account opening.
You must also read the General Investment Conditions, as
these apply to your account.
If there is a conflict between the General Investment Conditions and the Product Terms & Conditions then the Product Terms & Conditions will take precedence.
Although this is an online document, and therefore you can easily return to this page for future reference, you may wish to print this section of this page, along with the relevant terms and conditions section and product page.
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Instant
ISA
Product 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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| Effective from date of account opening. |
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| 1. |
Only one cash ISA may be opened by an individual in any one tax year. |
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| 2. |
A cash ISA may not be opened unless the individual
is aged 16 or over and is resident and ordinarily
resident for tax purposes in the UK. |
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| 3. |
The cash ISA limits must not be exceeded in any tax year. |
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| 4. |
A cash ISA may not be held in joint names. |
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| 5. |
A cash ISA cannot be opened by a person other than the account holder except where someone is unable to complete an application form due to physical or mental incapacity and the Society is provided with such evidence/documentation as it may require (although the account must be in the name of the person incapacitated). |
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| 6. |
ISA investments will be, and must remain in, the beneficial
ownership of the account holder and must not be used as security
for a loan. |
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| 7. |
The operation of the account is subject to the applicable provisions of the ISA Regulations. The Society will notify you if, by reason of any failure to satisfy the ISA Regulations, the ISA has, or will, become void. |
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| 8. |
A cash ISA will cease to qualify for tax exemption from the date of death of the account holder. Interest earned will be treated as tax exempt until the date of death, but thereafter tax will be deducted at the appropriate rate. |
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| 9. |
On your instructions and within such time as you shall stipulate (provided that the Society shall have up to 7 days for practical implementation of any such instructions), the ISA or part of the ISA, shall be transferred to another ISA Manager without loss of tax-free status (provided that any such transfer is in accordance with the ISA Regulations). |
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| 10. |
On your instructions and within such time as you shall stipulate, all or part of the investments held in the ISA and the proceeds arising from those investments shall be transferred or paid to you. |
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| 11. |
The Society will satisfy itself that any person to whom it delegates any of its functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities. |
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| 12. |
The tax treatment of ISAs may change. |
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| 13. |
Interest will be paid annually on 5 April each year. |
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Loyalty
ISA
Product 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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| Effective from date of account opening. |
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|
| 1. |
Only one cash ISA may be opened by an individual in any one tax year. |
| |
|
| 2. |
A cash ISA may not be opened unless the individual
is aged 16 or over and is resident and ordinarily
resident for tax purposes in the UK. |
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|
| 3. |
The cash ISA limits must not be exceeded in any tax year. |
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|
| 4. |
A cash ISA may not be held in joint names. |
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|
| 5. |
A cash ISA cannot be opened by a person other than the account holder except where someone is unable to complete an application form due to physical or mental incapacity and the Society is provided with such evidence/documentation as it may require (although the account must be in the name of the person incapacitated). |
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|
| 6. |
ISA investments will be, and must remain in, the beneficial
ownership of the account holder and must not be used as security
for a loan. |
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|
| 7. |
The operation of the account is subject to the applicable provisions of the ISA Regulations. The Society will notify you if, by reason of any failure to satisfy the ISA Regulations, the ISA has, or will, become void. |
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| 8. |
A cash ISA will cease to qualify for tax exemption from the date of death of the account holder. Interest earned will be treated as tax exempt until the date of death, but thereafter tax will be deducted at the appropriate rate. |
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| 9. |
On your instructions and within such time as you shall stipulate (provided that the Society shall have up to 7 days for practical implementation of any such instructions), the ISA or part of the ISA, shall be transferred to another ISA Manager without loss of tax-free status (provided that any such transfer is in accordance with the ISA Regulations). |
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| 10. |
On your instructions and within such time as you shall stipulate, all or part of the investments held in the ISA and the proceeds arising from those investments shall be transferred or paid to you. |
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| 11. |
The Society will satisfy itself that any person to whom it delegates any of its functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities. |
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| 12. |
The tax treatment of ISAs may change. |
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| 13. |
Interest will be paid annually on 5 April each year. |
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| 14. |
The variable interest rate applicable to the Loyalty ISA is guaranteed to be higher than the rate (as varied from time to time) applicable to the Society’s Instant ISA. |
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Inflation Buster ISA (Issue 4)
Product 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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|
| Effective from date of account opening. |
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|
| 1. |
Only one cash ISA may be opened by an individual in any one tax year. |
| |
|
| 2. |
A cash ISA may not be opened unless the individual is aged 16 or over and is resident and ordinarily resident for tax purposes in the UK. |
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|
| 3. |
The cash ISA limits must not be exceeded in any tax year. |
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|
| 4. |
A cash ISA may not be held in joint names. |
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|
| 5. |
A cash ISA cannot be opened by a person other than the account holder except where someone is unable to complete an application form due to physical or mental incapacity and the Society is provided with such evidence/documentation as it may require (although the account must be held in the name of the person incapacitated). |
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|
| 6. |
ISA investments will be, and must remain in, the beneficial ownership of the account holder and must not be used as security for a loan. |
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|
| 7. |
The operation of the account is subject to the applicable provisions of the ISA Regulations. The Society will notify you if, by reason of any failure to satisfy the ISA Regulations, the ISA has, or will, become void. |
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|
| 8. |
A cash ISA will cease to qualify for tax exemption from the date of death of the account holder. Interest earned will be treated as tax exempt until the date of death, but thereafter tax will be deducted at the appropriate rate. |
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| 9. |
On your instructions and within such time as you shall stipulate (provided that the Society shall have up to 7 days for practical implementation of any such instructions), the ISA or part of the ISA, shall be transferred to another ISA Manager without loss of tax-free status (provided that any such transfer is in accordance with the ISA Regulations). |
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| 10. |
On your instructions and within such time as you shall stipulate, all or part of the investments held in the ISA and the proceeds arising from those investments shall be transferred or paid to you. |
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| 11. |
The Society will satisfy itself that any person to whom it delegates any of its functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilites. |
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| 12. |
The tax treatment of ISAs may change. |
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| 13. |
The Inflation Buster ISA (Issue 4) will mature at close of business on 31 May 2010. On the day after maturity (1 June 2010), the Society will transfer your investment (including interest) to a maturity ISA product. Full details, including terms and conditions, will be provided before maturity. |
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| 14. |
Interest will be paid annually on 31 May (commencing 31 May 2008), and on maturity (31 May 2010). |
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| 15. |
Except as set out in condition 16 below, the interest rate applicable to your account from account opening until 31 May 2008 will be the Bank of England Base Rate. Changes to the Bank of England Base Rate will be passed on from the first working day of the following month. From the Strike Date until 31 May 2009, you will receive an interest rate equivalent to the percentage change in RPI between 29 February 2008 and 28 February 2009 plus 2.00% tax-free* p.a./AER†. From 1 June 2009 until the Maturity Date, you will receive an interest rate equivalent to the percentage change in RPI between 28 February 2009 and 28 February 2010 plus 2.00% tax-free* p.a./AER†. |
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| 16. |
If you decide to transfer your investment or part of it to another ISA Manager, or make a withdrawal then for account transfers or withdrawals on or before 31 May 2008, you will receive Bank of England Base Rate on the amount transferred or withdrawn. For account transfers or withdrawals between the Strike Date and 31 May 2009, you will receive the interest that is credited to the account on 31 May 2008, plus 2.00% on the amount transferred or withdrawn. For transfers or withdrawals from 1 June 2009 to the Maturity Date, you will receive the interest that is credited on 31 May 2008 and 31 May 2009, plus 2.00% on the amount transferred or withdrawn. |
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| 17. |
The Inflation Buster ISA (Issue 4) is a limited offer. The rates of interest are related to long term market rates at the time of issue. Future products may subsequently be offered at higher or lower rates. |
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1 Year Bonus Tracker ISA
Product 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. |
| |
|
| Effective from date of account opening. |
| |
|
| 1. |
Only one cash ISA may be opened by an individual in any one tax year. |
| |
|
| 2. |
A cash ISA may not be opened unless the individual is aged 16 or over and is resident and ordinarily resident for tax purposes in the UK. |
| |
|
| 3. |
The cash ISA limits must not be exceeded in any tax year. |
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|
| 4. |
A cash ISA may not be held in joint names. |
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|
| 5. |
A cash ISA cannot be opened by a person other than the account holder except where someone is unable to complete an application form due to physical or mental incapacity and the Society is provided with such evidence/documentation as it may require (although the account must be in the name of the person incapacitated). |
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|
| 6. |
ISA investments will be, and must remain in, the beneficial ownership of the account holder and must not be used as security for a loan. |
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|
| 7. |
The operation of the account is subject to the applicable provisions of the ISA Regulations. The Society will notify you if, by reason of any failure to satisfy the ISA Regulations, the ISA has, or will, become void. |
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|
| 8. |
A cash ISA will cease to qualify for tax exemption from the date of death of the account holder. Interest earned will be treated as tax exempt until the date of death, but thereafter tax will be deducted at the appropriate rate. |
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|
| 9. |
On your instructions and within such time as you shall stipulate (provided that the Society shall have up to 7 days for practical implementation of any such instructions), the ISA or part of the ISA, shall be transferred to another ISA Manager without loss of tax-free status (provided that any such transfer is in accordance with the ISA Regulations). However, the account will be subject to 90 days loss of interest or an equivalent amount on the amount transferred if the transfer or partial transfer is before maturity (1 July 2009). |
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| 10. |
On your instructions and within such time as you shall stipulate, all or part of the investments held in the ISA and the proceeds arising from those investments shall be transferred or paid to you provided that if you withdraw more than 25% of your initial capital investment before maturity (1 July 2009), the account will be subject to 90 days loss of interest or an equivalent amount on the amount withdrawn. |
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| 11. |
The Society will satisfy itself that any person to whom it delegates any of its functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities. |
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| 12. |
The tax treatment of ISAs may change. |
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| 13. |
The 1 Year Bonus Tracker ISA will mature at close of business on 1 July 2009. On the day after maturity (2 July 2009), the Society will transfer your investment (including interest) to a maturity ISA product. Full details, including terms and conditions, will be provided before maturity. |
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| 14. |
Interest will be paid annually on 5 April (commencing 5 April 2009) and on maturity (1 July 2009), or monthly on the last working day of the month. |
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| 15. |
Annual interest can either be credited to the account or transferred either to another building society / bank account or to another account held with the Society. Where annual interest is credited to the account then interest can be withdrawn between 6 and 30 April each year without notice or loss of interest. Monthly interest must be transferred either to another building society / bank account or to another account held with the Society. |
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| 16. |
From the date of account opening the interest rate will be variable until maturity. |
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| 17. |
The 1 Year Bonus Tracker ISA is a limited issue and may be withdrawn without notice. |
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5 Year Fixed Rate Escalator ISA
Product Terms & Conditions
|
| |
The Society's General Investment Conditions
will apply unless (and to the extent) they are inconsistent
with these Terms and Conditions. |
| |
|
| Effective from date of account opening. |
| |
|
| 1. |
Only one cash ISA may be opened by an individual in any one tax year. |
| |
|
| 2. |
A cash ISA may not be opened unless the individual is aged 16 or over and is resident and ordinarily resident for tax purposes in the UK. |
| |
|
| 3. |
The cash ISA limits must not be exceeded in any tax year. |
| |
|
| 4. |
A cash ISA may not be held in joint names. |
| |
|
| 5. |
A cash ISA cannot be opened by a person other than the account holder except where someone is unable to complete an application form due to physical or mental incapacity and the Society is provided with such evidence/documentation as it may require (although the account must be in the name of the person incapacitated). |
| |
|
| 6. |
ISA investments will be, and must remain in, the beneficial ownership of the account holder and must not be used as security for a loan. |
| |
|
| 7. |
The operation of the account is subject to the applicable provisions of the ISA Regulations. The Society will notify you if, by reason of any failure to satisfy the ISA Regulations, the ISA has, or will, become void. |
| |
|
| 8. |
A cash ISA will cease to qualify for tax exemption from the date of death of the account holder. Interest earned will be treated as tax exempt until the date of death, but thereafter tax will be deducted at the appropriate rate. |
| |
|
| 9. |
On your instructions and within such time as you shall stipulate (provided that the Society shall have up to 7 days for practical implementation of any such instructions), the ISA or part of the ISA, shall be transferred to another ISA Manager without loss of tax-free status (provided that any such transfer is in accordance with the ISA Regulations). However, the account will be subject to 90 days loss of interest or an equivalent amount on the amount transferred if the transfer or partial transfer is before maturity (30 June 2013). |
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| 10. |
On your instructions and within such time as you shall stipulate, all or part of the investments held in the ISA and the proceeds arising from those investments shall be transferred or paid to you provided that if you withdraw more than 50% of your initial capital investment before maturity (30 June 2013), the account will be subject to 90 days loss of interest or an equivalent amount on the amount withdrawn. |
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| 11. |
The Society will satisfy itself that any person to whom it delegates any of its functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities. |
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| 12. |
The tax treatment of ISAs may change. |
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| 13. |
The 5 Year Fixed Rate Escalator ISA will mature at close of business on 30 June 2013. On the day after maturity (1 July 2013), the Society will transfer your investment (including interest) to a maturity ISA product. Full details, including terms and conditions, will be provided before maturity. |
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| 14. |
Interest will be paid annually on 5 April (commencing 5 April 2009) and on maturity (30 June 2013), or monthly on the last working day of the month. |
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| 15. |
Annual interest can either be credited to the account or transferred either to another building society/bank account or to another account held with the Society. Where annual interest is credited to the account then interest can be withdrawn between 6 and 30 April each year without notice or loss of interest. Monthly interest must be transferred either to another building society/bank account or to another account held with the Society. |
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| 16. |
From the date of account opening the interest rate will be variable until maturity. |
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| 17. |
The 5 Year Fixed Rate Escalator ISA is a limited issue and may be withdrawn without notice. |
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Important notes
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.
