Following the Bank of England’s 13th consecutive Base Rate hike, Leeds Building Society has raised interest rates on two online limited issue accounts to help customers “reach their savings goals sooner”.
The rate improvements are said to benefit savers at a time when customers are keen to ensure their money is working as hard for them as possible.
The two accounts include LBS’ Limited Issue Online Access Account and the Limited Issue Online Access ISA, now offering Annual Equivalent Rates (AER) of 4.2 percent and 3.8 percent respectively.
Matt Bartle, director of products at Leeds Building Society, commented: “As rates continue to rise, it is good news for savers.
“Many savers are getting a very good deal at the moment, but it’s important to regularly review accounts to make sure that they are offering the best rate for their current requirements.
“We hope that the improving rates on our online accounts will support members in reaching their savings goals sooner.”
Limited Issue Online Access Account – 4.20 percent variable
Leeds Building Society’s Limited Issue Online Access Account (Issue 47) now offers an AER of 4.2 percent, fixed until September 1, 2024.
The account can be opened with a minimum balance of £1,000 and up to £1million can be invested. Interest is calculated daily and paid on maturity and the balance must remain above £1,000, otherwise a 0.05 percent interest rate will be applied.
The account can be opened by UK residents aged 18 or over online through the LBS website. Unlimited withdrawals are permitted without notice or loss of interest – subject to the minimum operating balance of £1,000 being maintained.
Limited Issue Online Access ISA – 3.8 percent variable
Leeds Building Society’s Limited Issue Online Access ISA (Issue 62) now offers an AER of 3.8 percent, fixed until August 31, 2025.
The account can be opened with a minimum balance of £1,000 and interest is calculated daily and paid annually on August 31 and on maturity.
The maximum people can invest in an ISA in the 2023/2024 tax year is £20,000 and this account also allows transfers in of funds deposited in previous tax years.
The account is online only and unlimited withdrawals are permitted without notice or charge, however, like the Online Access Account, if the balance falls below £1,000, a 0.05 percent interest rate will be applied instead.