New best buy five year cash ISA launched by Leeds Building Society
Savers able to lock away their money for the longer term are being offered a new five year fixed rate Cash ISA from Leeds Building Society with a best buy rate of 2.85% tax-free† pa/AER* (fixed).
The new ISA, launched on Friday, 16th May, matures on 30th June 2019 and can be opened with just £100.
Savers can invest up to the current annual Cash ISA allowance of £5,940 for the 2014/15 financial year, and between 1st and 31st July can top up their funds, up to the new £15,000 NISA limit.
“In common with other ISAs we offer, savers have the benefit of access to 25% of their capital investment during the fixed term without notice or penalty,” said Kim Rebecchi, Leeds Building Society Sales & Marketing Director.
“Prior to this year’s Budget, we had urged the Chancellor to help savers by increasing the annual ISA allowance so welcomed the larger NISA allowance, which comes into force from July.
“As with other fixed rate Cash ISAs opened with Leeds Building Society during the current financial year, savers with the new five year fixed rate Cash ISA will be able to top up to the new £15,000 limit during July.”
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.
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.
5 Year Fixed Rate cash ISA maturing on 30th June 2019
- 2.85% tax-free† p.a./AER* fixed until 30th June 2019
- Annual interest is paid on 30th June, commencing on 30th June 2015
- Interest can be added to the account, transferred or paid to another account with the Society
- Minimum Investment £100
- Current maximum investment is £5,940 (2014/2015 tax year allowance), which can be topped up to the new NISA limit of £15,000 during July 2014 only
- Access to 25% of the capital investment is permitted without penalty
- Further withdrawals, closure or transfers subject to 180 days’ loss of interest on the amount withdrawn/transferred.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.