Back to August 2018

Members’ views inform Leeds Building Society’s new Smart Saver product

Leeds Building Society is adding a new Smart Saver account to its savings range.

The key features of the new product have been designed following research conducted with Society members.

Smart Saver offers a tiered variable interest rate:

  • 0.9% gross/AER* for balances over £5,000
  • 1% gross/AER for balances over £25,000
  • 1.10% gross/AER for balances from £50,000 to £250,000

Jaedon Green, Director of Product and Distribution at Leeds Building Society, said: “We constantly review the way our members interact with our products and continually adapt to meet consumer needs.

“Our research, and insight from our members, has helped to drive a number of key features of this new product, including the minimum balance and the number of penalty free withdrawals.

“Smart Saver complements our existing easy access accounts and rewards savers who want to build a nest egg and don’t expect to need access, while ensuring they aren’t penalised should they need access on a small number of occasions.”

Smart Saver will offer five penalty free withdrawals per year and has a minimum investment of £5,000.

Ends

Notes to Editors

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Leeds Building Society was named Best Building Society Savings Provider in the Moneyfacts Awards for 2018, having also won this title in 2016 and 2017.

Leeds Building Society operates throughout the UK, Gibraltar and Ireland and has assets of £19.5bn at 30 June (£17.3bn at 30 June 2017). The Society’s head office has been based in the centre of Leeds since 1886.

Key features

Smart Saver

  • Tiered interest rate 0.9% on balances over £5,000, 1% on balances over £25,000 and 1.1% on balances from £50,000 to £250,000
  • Minimum investment £5,000
  • Maximum investment is £250,000
  • Interest is calculated and paid on 30 September commencing on 30 September 2019
  • Interest can be credited to the account, or transferred to another internally or externally
  • Five penalty free withdrawals permitted every year without notice or loss of interest
  • Can be opened in branch, online or by post