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Rainy Day ISA (Issue 4)

Rates correct as at 11 AUG 2017

It's common for the british weather to be cold and rainy, but don't let that stop you from saving. The Rainy Day ISA (Issue 4) is here to beat the weather and help you save tax-free. You can save up to a maximum of £250,000 with a variable rate of 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:


0.75% Tax-free§ p.a./AER(variable)

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


0.80% Tax-free§ p.a./AER(variable)

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


0.85% Tax-free§ p.a./AER(variable)

The maximum balance is £250,000 including 2017/2018 ISA funds, previous year ISA funds and accrued interest. If the balance exceeds £250,000 including accrued interest the interest rate that shall apply to the whole balance will be 0.50% Tax-free§p.a/AER (variable).

The maximum you can invest for the 2017/2018 tax year is £20,000 (less any amount invested in a Stocks and Shares ISA and/or an Innovative ISA and/or Lifetime ISA in the same tax year).

Account NameRainy Day ISA (Issue 4)
What is the interest rate?Annual Interest
For balances between £10,000 and £24,999.99:
0.75% Tax-free§ p.a./AER (variable)

For balances between £25,000 and £49,999.99:
0.80% Tax-free§ p.a./AER (variable)

For balances between £50,000 and £250,000:
0.85% Tax-free§ p.a./AER (variable)

The maximum balance is £250,000 including 2017/2018 ISA funds, previous ISA funds and accrued interest. If the balance exceeds £250,000 including accrued interest the interest rate that shall apply to the whole balance will be 0.50% Tax-free§p.a/AER (variable).

If the balance falls below £10,000, the rate of interest which shall apply is 0.05% Tax free§ p.a./AER (variable).

Interest is calculated daily and paid annually on 30 Nov (commencing 30 Nov 2018).

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 £250,000.01 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 0.75% you will receive a £75.00 interest payment after 12 months, giving an overall account balance of £10,075.

If £25,000 is deposited into the account on 1st December and no further deposits or withdrawals are made, then based on a rate of 0.80% you will receive an interest payment of £200.00 giving an overall balance of £25,200.00.

If £50,000 is deposited into the account on 1st December and no further deposits or withdrawals are made, then based on a rate of 0.85% you will receive an interest payment of £425.00 giving an overall balance of £50,425.

If £250,000.01 is deposited into the account on 1st December and no further deposits or withdrawals are made then based on a rate of 0.50% you will receive an interest payment of £1,250.01 giving an overall balance of £251,250.01.

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 16 and over who are resident in the United Kingdom, or if not so resident, be performing duties as a Crown employee serving overseas and paid out of the public revenue of the United Kingdom (typically a serving member of the armed forces, or a diplomat), or be married to, or in a civil partnership with, such a person.

Open through any of our branches, via our website or by post.

Minimum operating balance: £10,000.

Maximum account balance: £250,000 (including 2017/2018 ISA funds, previous year ISA funds and accrued interest).

The maximum you can invest in the 2017/2018 tax year is £20,000 (less any amount invested in a Stocks and Shares ISA and/or an Innovative Finance ISA and/or Lifetime ISA in the same tax year).

This account may only be operated in Branch or by post.
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.

This is not a flexible ISA meaning any amount withdrawn cannot be replaced and will count towards your yearly ISA limit.

You can only withdraw a maximum of £300 by 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 InformationThis is a Cash ISA. Interest payable is exempt from income tax. The tax treatment depends on the individual circumstances of each customer and may be subject to change in the future.

The amounts you can invest are set by HM Revenue & Customs (HMRC) and therefore may change.

This account may be closed to further deposits upon a minimum of 30 days’ written notice after which you will not be able to invest further funds.
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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 ISA?Apply in BranchApply by PostApply Online