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Leeds increases rate on market leading products to 3.05%

Leeds Building Society has increased the rates on its market leading 5-Year Fixed Rate Bonds and ISAs by up to 0.15%. The Society is now paying an increased rate of 3.05% on both of its locked-in products, complimented by versions of these products at 2.90%, for those customers who require the peace of mind of access to some of their funds without notice or penalty.

Kim Rebecchi, Leeds Building Society Sales & Marketing Director commented, “We had a great response to the first issues of these products, and are delighted to now increase the rate to further assist those savers looking for value, security and a return that is higher than the current rate of inflation (currently 2.7%). The rate on our market leading 5 year Bond and ISA has increased from 3.00% to 3.05%, with the rate for those customers who like the flexibility and peace of mind provided by penalty free access to 25% of their funds at any time, increasing from 2.75% to 2.90%.”

The new market leading 5-Year ISA paying 3.05% is available for both the 2013/2014 tax-year subscription of £5,760 and allows transfers in of previous years ISA subscriptions from other providers. Those customers who have used their tax free allowance in full each year since inception could have balances of over £60,000 to transfer. The 5 Year Access ISA pays 2.90% (gross/ AER), offers 25% penalty free access, accepts transfers in from previous years and is a market leading deal with access. These tax free offers have a minimum investment of only £1.

The Society’s new 5-Year Bond, with a market leading headline rate of 3.05%, is complimented by an additional market leading 5 year version available with 25% access at 2.90%. Both of these accounts have a minimum investment of only £100 and a maximum investment of £1,000,000 (£2,000,000 for joint accounts).

Kim continued, “Whilst the traditional ISA season is in March and April each year, around the tax-year end, our research showed us that circa £8.5bn* of fixed rate ISA balances mature in Q4 2013. It also highlighted that a further £26.7bn* of non-ISA bonds are maturing during the same period, which means that many savers will now be looking to maximise their returns.

“Customers can benefit from a tax-free return, on all of their ISA savings, which is higher than the current rate of inflation. Furthermore, they can also achieve a market leading fixed rate of return on their other savings with the UK’s 5th largest building society. The first issues of these products proved very popular, so I would urge customers to act quickly to take advantage of these increased market leading savings rates. They are available now in branch, by post and online.”

For more information, customers can call into their local branch, visit the website at www.leedsbuildingsociety.co.uk or call the savings hotline, on 08450 540 995.

Ends

Notes to Editors

*Source: CACI savings market database.

Key features

5 Year Fixed Rate ISA - (Issue 2)

3.05% gross/ AER fixed until 2nd December 2018 Interest is paid annually on 2nd December, commencing 2nd December 2014 and on maturity (2nd December 2018) Interest can be added to the account, transferred or paid to another account with the society Minimum Investment £1 Maximum investment is £5,760 (2013/2014 tax year allowance) and transfers in of previous years ISA subscriptions are permitted. Available to ISA subscriptions invested in previous tax years whilst the product remains open for further investments Withdrawals/transfers cannot be made without notice or loss of interest prior to maturity (2nd December 2018). If a withdrawal is made, the account will be subject to 180 days loss of interest on the amount withdrawn/transferred. Available to open in branch, by post or online and can be transacted on via post and branch.

5 Year Fixed Rate ISA (with 25% penalty free access) - (Issue 2)

  • 2.90% gross/ AER fixed until 2nd December 2018
  • Interest is paid annually on 2nd December, commencing 2nd December 2014 and on maturity (2nd December 2018)
  • Interest can be added to the account, transferred or paid to another account with the society
  • Minimum Investment £1
  • Maximum Investment is £5,760 (2013/2014 tax year allowance) and transfers in of previous years ISA subscriptions are permitted.
  • Withdrawals of up to 25% of the capital invested can be made without notice or loss of interest prior to maturity. Further withdrawals will be subject to 180 days loss of interest.
  • Available to ISA subscriptions invested in previous tax years whilst the product remains open for further investments
  • Available to open in branch, by post or online and can be transacted on via post and branch

5 Year Fixed Rate Bond - (Issue 2)

  • 3.05% gross p.a./ AER fixed until 2nd December 2018
  • Interest is paid annually on 2nd December, commencing 2nd December 2014 (and on maturity, 2nd December 2018)
  • Interest can be added to the account, transferred or paid to another account with the society
  • Minimum Investment £100
  • Maximum Investment is £1,000,000 (£2,000,000 for joint accounts)
  • Additional investments can be made whilst the issue remains available for new investments.
  • No Withdrawals permitted until after maturity
  • Available to open in branch, by post or online and can be transacted on via post and branch

5 Year Fixed Rate Bond (with 25% penalty free access) - (Issue 2)

  • 2.90% gross p.a./ AER fixed until 2nd December 2018
  • Interest is paid annually on 2nd December, commencing 2nd December 2014 and on maturity (2nd December 2018)
  • Interest can be added to the account, transferred or paid to another account with the society
  • Minimum Investment £100
  • Maximum Investment is £1,000,000 (£2,000,000 for joint accounts)
  • Withdrawals of up to 25% of the capital invested can be made without notice or loss of interest prior to maturity. No further withdrawals permitted.
  • Additional investments can be made whilst the issue remains available for new investments.
  • Available to open in branch, by post or online and can be transacted on via post and branch

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £10.8bn (as at 30 June 2013). The Society has operated from the centre of Leeds since 1886.