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 £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 £3,600 to £5,100 for all savers from April 2010, and for the over 50s from October 2009.

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