LBS regular saver pays 3.05%
Leeds Building Society announced this week that its Regular Saver account offers an interest rate of more than six times the Bank of England’s base rate.
The account pays 3.05% gross p.a. APR, with a minimum monthly investment of £20.
Maximum investment allowed is £500 per month.
Savers can make one penalty free withdrawal every 12 months.
Additional withdrawals cause the interest rate on the account to drop to just 0.05%.
Unlike at many other banks and building societies, savers opening the account do not need to invest in any other accounts at Leeds.
Kim Rebecchi, Leeds director of sales and marketing, explains: “There are currently Regular Savings accounts available with high headline rates from many providers.
“However, there is often a requirement to open a current account and have a monthly salary or pension paid directly into it.”