Back to November 2015

Leeds launches competitive new account for rainy day savers

Leeds Building Society is adding to its savings range with a competitive new easy access account offering tiered interest starting at 1.15% gross/AER.

The return on Rainy Day Saver increases to 1.25% gross/AER for balances of £25,000 and over, and to 1.35% gross/AER for balances of £50,000 and more.

“Rainy Day Saver complements our existing portfolio of savings accounts,” said Jaedon Green, Leeds Building Society’s Director of Products.

“The tiered interest rates are competitive for an easy access account, particularly when savers don’t have to forego access - account holders can make up to six withdrawals in any calendar year.

“Lots of people nowadays rely on a credit card in case of emergencies but it’s reassuring to have some cash put aside for the surprises good and bad which life can throw at us.

“It’s satisfying to see your savings grow and dipping into your rainy day fund to cover unexpected expenses, instead of loading up debt on a credit card, means you’re not risking adding on costs from interest charges in the long run.”

A survey by Leeds Building Society earlier this year discovered saving for a rainy day was one of the most common reasons people put money aside.

The survey* revealed 78.6% have the savings habit and, other than major purchases such as houses, cars and holidays, saving for unforeseen circumstances was the biggest motivator.

Planning for a rainy day was the main reason for saving for 30.0% of those surveyed, while 45.8% said they put cash away to build up a fund for emergencies.


Notes to Editors

*Leeds Building Society surveyed 1,000 people through OnePoll in August 2015.

For more details of the survey findings, please contact the press office on 0113 225 7903.

Key Features

Rainy Day Saver

  • 1.15% gross/AER on balances from £10,000 to £24,999.99; 1.25% gross/AER on balances from £25,000 to £49,999.99; 1.35% gross/AER on balances from £50,000 to £250,000
  • Minimum Investment £10,000
  • Maximum investment is £250,000
  • Interest paid annually on 30th November (commencing 30th November 2016) (credited to the account or another account)
  • Access permitted to 100% of the capital investment without penalty, subject to a maximum of six withdrawals in any calendar year (penalty of loss of 30 days’ interest if withdrawal restrictions broken)
  • Available to open in branch and online, can be operated in branch or by post

Awards won by Leeds Building Society in the past 12 months include the ‘Innovation Award (Lenders)’ at the Mortgage Finance Gazette Awards 2015, in addition to being named ‘Best Intermediary Lender’, both for the second consecutive year. The Society also received the award for ‘Best Use of Technology (Lenders)’.

Leeds Building Society has 67 branches throughout the UK, Gibraltar and Ireland and assets of £12.7bn (as at 30th June 2015). The Society has operated from the centre of Leeds since 1886.