Back to January 2019

Leeds kicks off new year for savers with unique 16 month bond

Leeds Building Society has launched a new issue of its popular 16 month savings bond to start the new year.

The unique bond has a fixed rate of 1.80% gross/AER and will be available from the Society’s branches across the UK, as well as online and by post.

Once the bond has been opened, additional deposits can be made until 28 February 2019 but no withdrawals are permitted.

“Our first 16 month bond was really popular so we’re pleased to be able to launch a new issue,” said Matt Bartle, Leeds Building Society’s Director of Products.

“Putting away your money for a little longer than one year for a better return seems to have been an attractive compromise for savers, if they weren’t willing to tie in for two years or even longer.

“Some recent research we carried out on New Year resolutions showed many aspiring savers dropped the habit as the year progressed so maybe putting aside some money at the start of the year is the best way for them to reach their savings goals.”

National research by the Society at the end of last year* found 1 in 10 of the people who resolved to save more in the new year had given up saving by the end of January.

However the majority of people who made a New Year resolution to save more stuck with it – more than half (57%) of those questioned were still saving six months on.

Overall, people were confident about achieving their financial plans in 2019, with 54% remaining ‘very’ or ‘quite’ optimistic they will meet their targets this year.

Ends

Notes to Editors

Key features

1.80% 16 Month Fixed Rate Bond (Issue 2)

  • 1.80% gross/AER, maturing on 30 June 2020
  • Minimum investment £100
  • Maximum investment £1m (£2m for joint accounts)
  • No withdrawals permitted
  • Can be opened in branch, online or by post and operated in branch or online
  • Interest paid on maturity on 30 June 2020
  • Interest can be credited to the account or paid into another account with the Society or elsewhere
  • On maturity the account defaults into an easy access account

*A survey, which was undertaken in December 2018 sought the views of 584 people across the UK.

To find the Society’s nearest branch, click here

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 and in Gibraltar 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.