Leeds Building Society has debuted a limited-issue, online-exclusive saving account with an interest rate of 2.05 per cent. When combined with the 1 per cent bonus offered until the end of January 2012, this puts it at the front of the market.
The new account is open to a broad range of incomes: the minimum investment is £100, with a maximum of £1 million (£2 million for a joint account). It also offers unlimited withdrawals, allowing savers to keep their options open. Marketing Director Kim Rebecchi declared the product “superb value” due to its use of “online functionality and penalty-free access.”
As market commentators currently expect the base rate of interest to remain static until November, he believes this will be a “very attractive home for savings.”
Leeds has been growing increasingly competitive recently. Earlier this week, the lender introduced a fresh, fixed-rate ISA for two years, with an attached rate of 3.7 per cent. Rebecchi also announced that they will be accepting transfers of this year’s allowance, meaning savers can enjoy the benefits of the new rate even if they are already invested.
