Leeds Building Society offers savers ‘one of the best’ accounts on the market | Personal Finance | Finance
Leeds Building Society’s 1 Year Fixed Rate Cash ISA currently offers savers an interest rate of 3.05 percent until 31 October next year. The account was highlighted as one of the “best savings accounts” on offer at the moment by Moneyfacts.co.uk. People can open the account with £100 and will need to keep this amount in the account at all times to maintain the higher interest rate.
If the balance falls below this, the interest rate will drop to 0.05 percent.
Typically, ISAs aren’t easy to access, which means it can be difficult for people to feel comfortable putting money into an ISA in case something goes wrong.
Leeds Building Society does allow withdrawals from the account however they are subject to 60 days loss of interest fee.
If the account is closed before maturity, people will also face the 60 days loss of interest penalty.
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People can withdraw a maximum of £300 in cash a day and they will need to provide 48 hours notice, if they require more than this.
The maximum which can be withdrawn in one day is £1,000.
The maximum which can be invested into the ISA is £20,000 as this is the ISA limit for 2022-23.
Once it has reached maturity, the interest accumulated can be credited to the account or transferred to another building society/bank account or another account held with Leeds Building Society.
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On the day after maturity, an individual’s funds (including interest) will be automatically transferred to an instant access Cash ISA maturity account, unless they provide alternative instructions.
In its weekly newsletter, Moneyfacts.co.uk said: “Savers who are keen on making use of their ISA allowance but would prefer a fixed rate instead, can consider Leeds BS’s 1 Year Fixed Rate Cash ISA (Issue 171).
“This offer pays its rate of 3.05 percent AER on maturity and requires a minimum deposit of £100.
“Savers can open their account through a variety of means which include the provider’s website, country-wide branches, or the post. Managing this account, meanwhile, can be done in branch or via the post.”
