Limited Issue easy access Online Access Account launched by Leeds
A new easy access online savings account - paying a variable rate of 0.85% gross/AER - has been launched by Leeds Building Society.
The Limited Issue Online Access Account pays more than eight times the current Bank of England Base Rate and can be opened online with a minimum investment of £1,000.
“This new product is strictly limited issue and we expect to see strong demand,” said Matt Bartle, Leeds Building Society’s Director of Products.
“In recent weeks we’ve seen increasing numbers of savers seeking easy access accounts, especially when compared to openings of fixed rate products.
“This is understandable at a time of such fast-paced change, when people might feel reassured to be able to get at their savings instantly without any penalty, but still earn a competitive rate of interest.
“And we’ve made this new product online-only – although lockdown restrictions are gradually being eased we understand that many customers may still be limiting the amount of time spent away from their homes.
“We’ve continued to keep our national branch network open as far as possible for essential transactions but opening hours remain reduced and measures to make our premises ‘COVID Secure’ for members and colleagues may mean visits take longer than usual.”
Notes to Editors
Limited Issue Online Access Account (Issue 13)
- Variable rate of 0.85% gross/AER until 1 September 2021
- Minimum Investment £1,000
- Maximum investment £1 million (£2 million for Joint Accounts)
- Interest is paid on maturity (1 September 2021) and can be credited to the account or another account
- On maturity account reverts to an online instant access account
- Access permitted to 100% of the capital investment without penalty at any time
- Can be opened and operated online only
Leeds Building Society has received a Gold Ribbon from Fairer Finance for savings accounts for the third year running, based on customer happiness and trust, along with the ability to explain things clearly.
The Society operates throughout the UK and had assets of £20.8bn at 31 December 2019 (£19.4bn at 31 December 2018). The UK’s fifth-largest mutual has its head office in the centre of Leeds, where it has been based since 1886.