DinoSaverRates correct as at 25 NOV 2016
Introducing the DinoSaver account for first time savers aged 0-11.
Leeds Building Society believes learning the benefits of saving from an early age is important. DinoSaver is an instant access savings account designed to give young people a head start in managing their money.
1.50% Gross‡ p.a./AER† (variable)
|What is the interest rate?||Annual Interest 1.50% Gross‡p.a./AER† (variable)
If the balance falls below £10, 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 01 Jan.
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 1.50% you will receive a £15.00 interest payment after 12 months, giving an overall account balance of £1,015. 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 11 or under to open the account.
The account can be opened through any of our branches or by post. At least one authorised signatory will need to assist in opening and with the operation of the account.
Minimum investment and operating balance: £10.
Maximum investment: £1,000,000 plus accrued interest credited to the account.
Instructions regarding the operation of the account can be provided in branch or in writing by post.
|Can I withdraw money?||Account holders aged under 12: Unlimited withdrawals of £10 and over are permitted without notice or loss of interest, subject to the minimum operating balance of £10 being maintained.
All withdrawals must be signed for by 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.
The above provides a summary of the account only. Please make sure you read the full product terms and conditions so you fully understand how the account operates before you apply.