Back to January 2020

Leeds Building Society launches new account for high street savers paying up to 1.20%

A new variable rate account aimed at branch-based savers is being launched by Leeds Building Society.

Defined Access Saver will be available from Wednesday, 8 January, paying a tiered interest rate of between 1.00% and 1.20% gross p.a./AER variable, depending on balance.

The product allows four withdrawals each year without penalty.

“When it comes to picking savings accounts, there’s always a choice to be made between interest rate and ease of access,” said Matt Bartle, Director of Products at Leeds Building Society.

“Our Defined Access Saver offers up to four withdrawals per year without penalty, which makes it a good option for anyone wanting to make their money work a little harder without having to lock it all away for a fixed term.

“When we surveyed savers about the number of withdrawals they preferred, most favoured three per year, so we went with four to give more flexibility.

“Our research also tells us savers value the service they receive in our national network of branches,  so we expect the strongest demand for this product to come from customers in branch.”

Ends

Notes to Editors

Key features

Defined Access Saver

  • 1.00% gross p.a./AER variable on balances between £5,000 and £24,999; 1.10% gross p.a./AER variable on balances between £25,000 and £49,999; 1.20% gross p.a./AER variable on balances between £50,000 and £250,000
  • Four withdrawals permitted penalty-free per calendar year
  • Further withdrawals subject to 30 days’ loss of interest
  • Minimum operating balance £5,000
  • Maximum investment £250,000, including accrued interest
  • Interest paid annually on 30 September, commencing on 30 September 2020
  • Interest credited to the account or transferred to another account, either with the Society or elsewhere
  • Can be opened in branch, online or by post
  • Available to new and existing members

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.