Back to October 2019

Leeds adds 1.46% instant access ISA to its tax-free savings range

Leeds Building Society has launched a new instant access online ISA paying a market-leading rate of 1.46% tax-freep.a./AER*.

The limited issue variable rate ISA can be opened with a minimum balance of £1,000 and accepts transfers in from previous years’ ISA subscriptions.

“As well as offering a market-leading rate, our new Limited Issue Online Access ISA offers true instant access, with no restrictions on the number or frequency of withdrawals,” said Matt Bartle, Leeds Building Society’s Director of Products.

“The mid-point of the financial year in October is a good time for savers to review their arrangements and can prompt them to check they’re maximising the value of their ISA subscription to ensure returns from their savings are tax free.

“Right now, savers still have six months of the current financial year to benefit by opening or making deposits into an ISA.

“At Leeds Building Society we continue to see consistent demand for our ISA range, despite industry speculation that the introduction of the Personal Savings Allowance had made this type of account less relevant.

“That’s not our experience and we believe there’s still a place for ISAs, as part of holistic financial planning and a way to ensure tax-free interest is maximised in the longer term.”

The maximum investment for the current tax year (2019/2020) is £20,000.

Ends

Notes to Editors

Key features

Limited Issue Online Access ISA (Issue 13)

  • Variable rate of 1.46% tax-freea./AER*
  • Minimum balance £1,000
  • Maximum investment for the current tax year (2019/2020) is £20,000
  • Transfers in of previous years’ subscriptions permitted while the product remains open
  • Transfers in from Stocks and Shares ISAs permitted
  • Interest paid on maturity on 30 November 2020
  • Interest can be credited to the account or paid to another account with the Society or elsewhere
  • Can only be opened and operated online

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.

Leeds Building Society was awarded a Gold Ribbon for customer experience from Fairer Finance for its savings accounts.

The Society operates throughout the UK and had assets of £20.7bn at 30 June 2019 (£19.4bn at 30 June 2018). The UK’s fifth-largest mutual is a Best Companies 2* employer and its head office is in the centre of Leeds, where it has been based since 1886.