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Leeds Building Society relaunches ISA range - including competitive new product to encourage regular saving

Leeds Building Society is relaunching its Cash ISA range to coincide with the increased personal allowance coming into force on 1st July.

On that date, the Society is launching a range of competitive fixed rate Cash ISAs - and ISA Builder, a new ISA to encourage regular saving:

  • ISA Builder offers a competitive return of 2.00%/2.01% tax-free† pa/AER* (fixed), maturing on 5th April 2015
  • One year Fixed Rate Cash ISA at 1.50% tax-free† p.a./AER* (fixed), maturing on 31st August 2015
  • Two year Fixed Rate Cash ISA at 2.00% tax-free† p.a./AER* (fixed), maturing on 31st August 2016
  • Three year Fixed Rate Cash ISA at 2.20% tax-free† p.a./AER* (fixed), maturing on 31st August 2017
  • Five year Fixed Rate Cash ISA at 2.85% tax-free† p.a./AER* (fixed), maturing on 1st September 2019

ISA Builder can be opened with as little as £100 and the cap on the maximum balance increases by £1,500 each month – a total of up to £1,500 can be invested by the end of July, a total of £3,000 by the end of August, and so on, up to this year’s increased tax-free allowance of £15,000.

“We wanted to offer savers a flexible way of building up their investment and making the most of the increased Cash ISA allowance,” said Kim Rebecchi, Leeds Building Society Sales & Marketing Director.

“ISA Builder is intended to encourage regular saving but does not penalise people if they want to miss a month or two – for example, not making a deposit in December when Christmas spending might take priority.

“If savers are fortunate enough to be able to save £1,500 each month, they’ll receive the maximum benefit tax-free, but anyone wanting to add smaller amounts can make as many deposits as they like each month, as long as they don’t exceed the overall cap.

“Before March’s Budget we had called for an increase in the tax-free savings allowance and hope the change will provide an extra incentive to encourage more people to start and keep the savings habit.

“We’re also taking the opportunity to relaunch our range of Fixed Rate Cash ISAs, to give savers a choice of the type of product that suits their needs best, all with competitive returns.”

Ends

Notes to Editors

†Tax-free means that interest payable is exempt from income tax.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Key Features

ISA Builder, maturing on 5th April 2015

  • 2.00%/2.01% tax-free† p.a./AER* fixed until 5th April 2015
  • Interest is paid on maturity on 5th April 2015
  • Interest can be added to the account, transferred or paid to another account with the Society
  • Minimum Investment £100
  • Maximum investment is £15,000 (2014/2015 tax year allowance)
  • Transfers in of previous years ISA subscriptions are not permitted
  • All withdrawals, closure or transfers subject to 60 days’ loss of interest on the amount withdrawn/transferred.
  • Available to open in branch, by post or online and can operated via post and branch.

1 Year Fixed Rate cash ISA maturing on 31st August 2015

  • 1.50% tax-free† p.a./AER* fixed until 31st August 2015
  • Interest is paid on maturity on 31st August 2015
  • Interest can be added to the account, transferred or paid to another account with the Society
  • Minimum Investment £100
  • Maximum investment is £15,000 (2014/2015 tax year allowance) and transfers in of previous years ISA subscriptions are permitted.
  • Available to ISA subscriptions invested in previous tax years while the product remains open for further investments
  • Access to 25% of the capital investment is permitted without penalty
  • Further withdrawals, closure or transfers subject to 60 days’ loss of interest on the amount withdrawn/transferred.
  • Available to open in branch, by post or online and can operated via post and branch.

2 Year Fixed Rate cash ISA maturing on 31st August 2016

  • 2.00% tax-free† p.a./AER* fixed until 31st August 2016
  • Interest is paid annually on 31st August, commencing 31st August 2015
  • Interest can be added to the account, transferred or paid to another account with the Society
  • Minimum Investment £100
  • Maximum investment is £15,000 (2014/2015 tax year allowance) and transfers in of previous years ISA subscriptions are permitted.
  • Available to ISA subscriptions invested in previous tax years while the product remains open for further investments
  • Access to 25% of the capital investment is permitted without penalty
  • Further withdrawals, closure or transfers subject to 150 days’ loss of interest on the amount withdrawn/transferred.
  • Available to open in branch, by post or online and can operated via post and branch.

3 Year Fixed Rate cash ISA maturing on 31st August 2017

  • 2.20% tax-free† p.a./AER* fixed until 31st August 2017
  • Interest is paid annually on 31st August, commencing 31st August 2015
  • Interest can be added to the account, transferred or paid to another account with the Society
  • Minimum Investment £100
  • Maximum investment is £15,000 (2014/2015 tax year allowance) and transfers in of previous years ISA subscriptions are permitted.
  • Available to ISA subscriptions invested in previous tax years while the product remains open for further investments
  • Access to 25% of the capital investment is permitted without penalty
  • Further withdrawals, closure or transfers subject to 240 days’ loss of interest on the amount withdrawn/transferred.
  • Available to open in branch, by post or online and can operated via post and branch.

5 Year Fixed Rate cash ISA maturing on 1st September 2019

  • 2.85% tax-free† p.a./AER* fixed until 1st September 2019
  • Interest is paid annually on 1st September, commencing 1st September 2015
  • Interest can be added to the account, transferred or paid to another account with the Society
  • Minimum Investment £100
  • Maximum investment is £15,000 (2014/2015 tax year allowance)
  • Transfers in of previous years ISA subscriptions are not permitted
  • Access to 25% of the capital investment is permitted without penalty
  • Further withdrawals, closure or transfers subject to 365 days’ loss of interest on the amount withdrawn/transferred.
  • Available to open in branch, by post or online and can operated via post and branch.

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £11.2bn (as at 31 December 2013). The Society has operated from the centre of Leeds since 1886.