Back to January 2020

Leeds launches unique 16 month fixed rate bond allowing 25% access

Another fixed rate bond allowing partial access has been added to Leeds Building Society’s savings range.

The new 16 month bond pays 1.30% gross/AER and allows 25% access to the capital investment at any time without notice or penalty.

The move follows the Society’s launch last month of a one year bond allowing 25% access.

Matt Bartle, Director of Products at Leeds Building Society, said: “We introduced our hybrid one year product in December based on research that savers valued guaranteed fixed rates but welcomed the flexibility of some access.

“We’re now adding to the choice in short term fixed rates with our new 16 month bond, which is unique in the market right now, both on term and the 25% penalty-free access it permits.

“Fixed terms of between one and two years often offer savers a higher rate than a 12 month product if they’re prepared to lock away their money for a few months longer.

“Our 16 month bond’s rate of 1.30% compares favourably to many of the two year fixed rates currently available, while also giving savers the flexibility of access to some of their nest egg if needed.”

Ends

Notes to Editors

Key features

16 Month Fixed Rate Access Bond (Issue 3)

  • Fixed rate of 1.30% gross/AER until 30 June 2021
  • Withdraw up to 25% of the capital balance without penalty or notice (subject to maintaining a minimum balance of £100)
  • No further withdrawals permitted
  • Limited issue
  • Minimum investment £100
  • Maximum investment £1,000,000 (£2,000,000 for joint account holders)
  • Deposits can be made up to and including 29 February 2020
  • Interest paid annually, commencing 28 February 2021, and on maturity on 30 June 2021
  • Interest can be added to the account, transferred or paid to another account with the Society
  • Can be opened online, by post or in branch
  • Can be operated in branch or by post

Leeds Building Society has been 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.