Home Finance 'One of the best rates' Leeds Building Society announces 'notable' increase to...

'One of the best rates' Leeds Building Society announces 'notable' increase to ISA rate

0


With the Bank Rate being held at the record low of 0.1 percent, accessing the best interest rates on the market is more important than ever for many savers right now. There are still options out there which are offering relatively high interest rates.

The account is available online, in branch and via post, with interest paid annually.

There is a minimum opening amount of £100.

At the other end of the scale, the maximum investment amount is the annual ISA allowance – currently up to £20,000 per tax year.

“The start of the new tax year is a time many savers look to the future and consider their options,” said Matt Bartle, Director of Products at Leeds Building Society.

DON’T MISS

“With so much in life seeming more uncertain than usual, more people may be looking for products which offer an improved return if they’re able to lock their money away for a longer term, in return for the security of a guaranteed rate.

“Those investors who prefer to plan ahead and build a nest egg can take advantage of our new tax-free ISA to help them meet their savings goals.”

Rachel Springall, Finance Expert at Moneyfacts.co.uk, commented on the deal, calling it a “notable” increase.

She said: “Leeds Building Society has reviewed its fixed rate bond and ISA rates this week, with its five-year fixed ISA increasing by a notable 0.25 percent.

“Now paying one percent, the deal now offers one of the best rates in its sector and may well entice savers looking to take advantage of their ISA allowance.

“Savers may also transfer funds in from cash or stocks and shares ISAs and make further additions until 31 May 2021.

“As is common with a fixed account, savers will have to pay a penalty to access funds early.

“The deal earns an Excellent Moneyfacts product rating.”

Ms Springall also highlighted Zopa’s Two Year Fixed Term Savings.

This account is currently paying 0.76 percent gross/0.77 percent AER.

There is a minimum opening amount of £1,000, and up to £250,000 can be paid into the account.

“This week Zopa has improved rates on its one and two-year Fixed Term Savings accounts, with its two-year deal increased by 0.06 percent,” the Finance Expert said.

“Now paying a rate of 0.76 percent the deal now offers one of the best rates in its sector and could entice savers looking for a competitive return over a two-year fixed period.

“As is common with fixed bonds, savers must be comfortable to tie their money up for the duration of the term as earlier access is not permitted.

“The deal earns an Excellent Moneyfacts product rating.”



LEAVE A REPLY

Please enter your comment!
Please enter your name here