Leeds Building Society to launch unique 12 month tracker ISA
Leeds Building Society is adding a unique 12 month tracker ISA to its range of tax-free savings products, providing an opportunity for members to benefit from future Bank Base Rate (BBR) increases.
The instant access ISA will launch on Wednesday, 25th April, with a rate of 0.96%§ tax-free† pa/AER*.
The new Limited Issue Tracker ISA can be opened and operated online, in branch or by post and offers penalty-free access. Transfers in from previous years’ ISA subscriptions are permitted.
Richard Fearon, Leeds Building Society’s Chief Commercial Officer, said: “It’s our mission to help people save and have the home they want. To achieve this we work hard to understand savers and develop products to meet their needs.
“Our new tracker product launches at a time of growing speculation around interest rate rises and is likely to appeal to savers who are optimistic about future increases in Bank Base Rate.
“The current interest rate environment remains challenging for savers but the Tracker ISA guarantees to pay 0.46% above BBR, ensuring savers receive the full benefit from any increase in interest rates.
“We believe our Limited Issue Tracker is unique in the UK at the moment as the only ISA to offer penalty-free, easy access and to guarantee a premium to Bank of England base rate.
“Our new tracker ISA complements our existing variable and fixed rate ISA products, which help people maximise tax-free saving whatever their individual needs.”
The Society’s new ISA has a minimum investment of £1,000 and matures on Sunday, 2nd June, 2019.
The maximum investment for the 2018/2019 tax year is £20,000, less any amount invested in a Stocks and Shares ISA in the same tax year.
Notes to Editors
§ Bank Base Rate + 0.46%
†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.
Limited Issue Tracker ISA
- 0.96% tax-free† pa/AER* variable rate ISA (BBR +0.46%)
- Minimum investment £1,000
- Maximum investment is £20,000 in 2018/19, plus previous years’ ISA subscriptions
- Interest is calculated and paid on maturity (2nd June 2019)
- Interest can be credited to the account, transferred to another building society/bank account or to another account held with the Society.
- Withdrawals/transfers are permitted without notice or loss of interest
- Can be opened and operated online, in branch or by post
Leeds Building Society was named Best Building Society Savings Provider in the Moneyfacts Awards for 2017, having also won this title in 2016.
Leeds Building Society operates throughout the UK, Gibraltar and Ireland and has assets of £18.5bn at 31st December 2017 (£15.9bn at 31st December 2016). The Society’s head office has been based in the centre of Leeds since 1886.