Leeds Building Society launches new financial savings vary paying curiosity as much as 4.55%
Leeds Building Society has introduced the launch of 4 new savings merchandise so as to add to its fastened bond vary right this moment, which may pay curiosity month-to-month.
The launch is available in response to analysis carried out via TalkingPoint, the Society’s member panel, which discovered savers of their 40s and youthful have been extra passionate about receiving month-to-month curiosity than savers of their 50s, 60s and 70s.
The new merchandise are restricted points and embody a one, two, three, and fixed-year fastened financial savings account paying interest rates between 4.4 % and 4.55 %.
Commenting on the brand new vary, Catherine Wray, senior financial savings supervisor at Leeds Building Society, mentioned: “We’re always looking for ways to give value to our members and seek and listen to their feedback on the types of products which we offer.
“Fixed rates remain extremely popular and as part of a review of our range, member research suggested now would be a good time to expand our offering of monthly interest products.”
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Among financial savings members who already held one in every of LBS’ fastened charge bonds, one in 5 of the survey respondents mentioned they would favor to obtain curiosity month-to-month moderately than yearly.
Of respondents not already saving into an LBS bond, greater than half (54 %) expressed a choice for month-to-month curiosity as an alternative of annual curiosity.
Ms Wray continued: “Monthly income is often assumed to appeal more to pensioners but we were surprised to find savers aged 40 to 49, and even those under 40, expressing greater enthusiasm for monthly interest than those in older age groups.”
She added: “The cost of living might be a factor in this, as monthly interest transferred automatically to another account could be a handy way to top up budgets instead of having to wait for interest paid annually.”
Leeds Building Society One Year Fixed Rate Monthly Income Bond (Issue One)
The LBS One Year Fixed Rate Saver pays an Annual Equivalent Rate of 4.45 % and may be opened with a minimal deposit of £100.
Interest is calculated every day and paid on the final working day of every month and on maturity on July 31, 2024. No withdrawals are permitted previous to maturity and the account may be opened on-line, by submit or in a department, and operated by submit or in a department.
Leeds Building Society Two Year Fixed Rate Monthly Income Bond (Issue One)
The LBS Two Year Fixed Rate Saver pays an Annual Equivalent Rate of 4.55 % and may be opened with a minimal deposit of £100.
Interest is calculated every day and paid on the final working day of every month and on maturity on August 3, 2025. No withdrawals are permitted previous to maturity and the account may be opened on-line, by submit or in a department, and operated by submit or in a department.
Leeds Building Society Three Year Fixed Rate Monthly Income Bond (Issue One)
The LBS Three Year Fixed Rate Saver additionally pays an Annual Equivalent Rate of 4.55 % and may be opened with a minimal deposit of £100.
Interest is calculated every day and paid on the final working day of every month and on maturity on August 2, 2026. No withdrawals are permitted previous to maturity and the account may be opened on-line, by submit or in a department, and operated by submit or in a department.
Leeds Building Society Five Year Fixed Rate Monthly Income Bond (Issue One)
The LBS Five Year Fixed Rate Saver additionally pays an Annual Equivalent Rate of 4.4 % and may be opened with a minimal deposit of £100.
Interest is calculated every day and paid on the final working day of every month and on maturity on July 31, 2028. No withdrawals are permitted previous to maturity and the account may be opened on-line, by submit or in a department, and operated by submit or in a department.