Back to January 2018

Latest Leeds easy access ISA pays 1.16%

Leeds Building Society is continuing its commitment to tax-free saving with a new easy access ISA offering the highest rate online from a High Street provider.

The Limited Issue Online Access ISA pays 1.16% tax-freepa/AER* and offers penalty-free instant access.

“ISAs are an important part of our savings range and this latest easy access product complements our wider portfolio,” said Richard Fearon, Leeds Building Society’s Chief Commercial Officer.

“Most savers benefit from the Personal Savings Allowance§ but being able to shield your savings interest from the taxman in the longer term should still be part of longer-term financial planning.

“All our ISAs permit transfers in from previous years’ subscriptions so savers can maximise the benefit of receiving all their interest tax-free.”

The ISA subscription limit for the 2017/2018 tax year is £20,000, less any amount invested in a Stocks and Shares ISA, Innovative Finance ISA and/or Lifetime ISA in the same tax year.

Ends

Notes to Editors

Key features

1.16% Limited Issue Online Access ISA (Issue 4)

  • 16% tax-freepa/AER* variable to 31st March 2019
  • Unlimited withdrawals can be made without notice or loss of interest, subject to maintaining the minimum balance of £1,000
  • The account is limited issue and may be withdrawn from sale at any time
  • Minimum balance £1,000
  • Maximum deposit in 2017/2018 tax year £20,000
  • Maximum balance £250,000, including 2017/2018 ISA funds, previous years’ ISA funds and accrued interest credited to the account
  • Accepts transfers in from stocks and shares ISAs
  • May be closed for further deposits upon a minimum of 30 days’ written notice, after which no further funds can be added
  • Interest is calculated daily and paid on maturity on 31st March 2019
  • Matures at midnight on 31st March 2019 and on 1st April 2019 funds transfer to an instant access cash ISA maturity account
  • Interest can be added to the account or transferred to another building society/bank account or to another account held with the Society
  • The account can only be opened and operated online

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.

  • Separate from ISAs, the introduction of the Personal Savings Allowance on 6th April 2016 means basic rate taxpayers can earn up to £1,000 in savings income tax-free. Higher rate taxpayers can earn up to £500.

 

Leeds Building Society was named Best Building Society Savings Provider in the Moneyfacts Awards for 2017, having also won this title in 2016. 

The Society won the title of Best Shared Ownership Mortgage Lender in the 2017 What Mortgage Awards, its second consecutive year of success in this category.

Leeds Building Society operates throughout the UK, Gibraltar and Ireland and has assets of £17.3bn at 30th June 2017 (£14.9bn at 30th June 2016). The Society’s head office has been based in the centre of Leeds since 1886.