Record number of savers choose LBS account
Savers are signing up for the Albion Cheque instant access account at Leeds Building Society (LBS) in record numbers.
LBS said the account, which pays interest at up to 2.5%, has seen a significant uplift in the number of new customers signing up, as well as in the account balance of current customers.
“We have seen record numbers of new accounts opened in the last few months as the Bank Base Rate has reduced,” said Kim Rebecchi, LBS director of sales and marketing.
Customers are choosing the account because it offers security in an uncertain economic climate, and it has no catches or short term bonuses, Rebecchi said.
The Albion Cheque account can be opened by post or in branch with a minimum deposit of £2,500.
Interest rates on the account are tiered between 1.5% and 2.5%. The higher a customer’s balance, the higher the interest rate they receive.
There are no charges on the account no matter how many deposits or withdrawals are made.