Back to September 2020

Leeds launches new ISA with penalty-free double access

A new ISA - paying a variable rate of 0.80% tax free† p.a./AER* - has been added to Leeds Building Society’s tax free savings range.

The Double Access ISA offers those looking for a better rate without locking their money away for a fixed term the reassurance of knowing they can make two withdrawals per annum without penalty.

“When considering different savings accounts, there’s always a balance to be struck between the interest rate and ease of access,” says Matt Bartle, Director of Products at Leeds Building Society.

“With so much in life seeming more uncertain than usual we’re seeing increasing numbers of savers looking for easy access accounts, with people seeking the reassurance of being able to get to their nest egg instantly, without penalty.

“Our new Double Access products offer a higher return than an easy access account without tying up savings for a fixed term.”

A Double Access Saver has also been launched by the Society, which will also pay 0.80% gross p.a./AER. Both the Double Access ISA and Double Access Saver are available in branch and by post.

According to a national survey for Leeds Building Society, 38% of people are saving more than they were before coronavirus – with a quarter planning to continue putting more aside in future.

When asked what had made them happy during lockdown, 1 in 7 people said the act of being thrifty and making their money go further.

Leeds Building Society carried out the survey** as part of its Lockdown Learnings – a national research series exploring how people’s attitudes to their homes, and their behaviour and preferences have changed since the start of the pandemic.

Ends

Notes to Editors

Double Access ISA with variable rate of 0.80%

Key features:

  • Variable rate of 0.80% tax fee p.a./AER*
  • Two withdrawals permitted per annum
  • Minimum investment: £5,000
  • Maximum investment: £20,000 (plus previous years’ ISA subscriptions)
  • Annual interest paid on 31 March, commencing 31 March 2021
  • Can be opened in branch or by post
  • Withdrawal penalty: If withdrawal restrictions broken, 30 days loss of interest

Double Access Saver with variable rate of 0.80%

Key Features:

  • Variable rate of 0.80% gross p.a./AER*
  • Two withdrawals permitted per annum
  • Minimum investment: £5,000
  • Maximum investment: £1,000,000 (£2,000,000 for joint accounts)
  • Annual interest paid on 31 March, commencing 31 March 2021
  • Can be opened in branch or by post
  • Withdrawal penalty: If withdrawal restrictions broken, 30 days loss of interest 

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.

**A UK survey sought the views of 948 people at the end of August 2020

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 £20.5bn at 30 June 2020 (£20.7bn at 30 June 2019). The UK’s fifth-largest mutual has its head office in the centre of Leeds, where it has been based since 1886.