Leeds Building Society increases interest rate on online savings

Leeds Building Society increases interest rate on online savings

Leeds Building Society's interest rate on two of its online savings products has been increased to give savers the best return on their money. The Society now offers an easy-to-use online savings account with 5.1 percent and an online ISA at 4.8 percent, both market-leading deals. s needed, at extremely competitive rates, says Matt Bartle, director of products at Leeds Building Society. The weekend marked the one-year anniversary of the mini-budget, which spurred numerous savers to open one-year fixed accounts, which are now at the end of their term.

The new easy-to-use online savings products will be of particular interest to those who are looking to reinvest their savings after moving off a fixed-term product. This account can be opened and operated online with a minimum balance of £14, boasting a variable rate AER 4.8 percent. The term is until November 30, 2025, and interest is paid annually and on maturity. You can add interest to the account, transfer, or pay another Leeds Building Society account.

In contrast to other savings accounts, ISA offers tax-free interest payments. A cash ISA - including a Help to Buy ISA - a stocks and shares ISA, an innovative finance ISA - a Lifetime ISA or a mixture of them all. You must save or invest by April 5 - the end of the tax year.

The account can accept contributions from past tax year ISAs, provide ongoing deposits, and is open to transfers from other stock and share ISAs. If you have unlimited withdrawals, you can withdraw your money with no notice or loss of interest. However, it should be noted that the account may be closed for further deposits upon a minimum of 30 days written notice. The limited issue online access account provides a wariable rate AER 5.1 percent, and interest is paid on maturity.