Leeds ISA pays seven times the base rate

Leeds ISA pays seven times the base rate

Leeds Building Society has announced that its fixed-rate ISAs pay interest at up to seven times the Bank of England’s base rate.

Kim Rebecchi, Leeds’s director of sales and marketing, said the building society’s five year fixed-rate ISA, which pays interest at 3.5%, is a ‘market leading offer’.

“With many ISAs in the market paying less than 2%, investors could be missing out on almost A?650 of tax free interest,” Rebecchi said.

In addition to the five year product paying 3.5%, Leeds also offers 1, 2 and 3-year fixed-rate ISAs paying interest at 3.05%, 3.15% and 3.25% respectively.

All four account allow savers to transfer money from previous year’s ISA accounts, including interest accrued.

Customers can make unlimited penalty-free withdrawals of up to 25% the total capital at any time.

Last week Alistair Darling announced that the Cash ISA limit will increase from A?3,600 to A?5,100 for all savers from April 2010, and for the over 50s from October 2009.

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