Leeds Building Society raises interest rate on online savings

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Leeds Building Society raises interest rate on online savings

Leeds Building Society has raised the interest rate on two online savings products to give savers the 'best return' from their money. The society is now offering an easy-to-use online savings account at 5.1 percent and an online ISA at 4.8 percent - both market-leading deals. s needed, at extremely competitive prices, said Matt Bartle, director of products at Leeds Building Society. The weekend marked the one-year anniversary of the mini-budget, spurring many savers to open one-year fixed accounts, which are now coming to the end of their term.

The new online savings products will be particularly attractive for those who are looking to reinvest their savings after moving away from a fixed-term product. With a minimum balance of £1, this account can be opened and operated online only with a variable rate AER 4.8 percent. The term is fixed until November 30, 2025, and interest is paid annually and on maturity. Interest can be added to the account, transferred, or paid to another Leeds Building Society account.

The benefits of ISAs over other savings accounts are significant, as they offer tax-free interest payments. You can have 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. By April 5 - the end of the tax year, you must save or invest.

The account is flexible, accepts contributions from previous tax year ISAs, allows ongoing deposits, and is open to transfers from other Stocks and Shares ISAs. If you do not have a reason to withdraw, you can make unlimited withdrawals without any notification or loss of interest. It should also 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 offers a wariable rate AER 5.1 percent, and interest is paid on maturity.