Leeds pays 3.05% on easy access account

A new online easy access savings account launched this week by Leeds Building Society pays interest at 3.05%.

For a minimum investment of £100, savers are offered unlimited penalty-free access to their cash, with no advance notice required.

Kim Rebecchi, Leeds’ director of sales and marketing, said: “A return of 3.05%, combined with the flexibility of online functionality and penalty free access, make this product absolutely fantastic value.”

The catch, however, is that the headline interest rate includes a 1% bonus that only lasts twelve months, ending on 31 July 2010.

Furthermore, the interest rate is variable rather than fixed, making liable to fluctuate either up, or – more likely in today’s climate of low interest rates – down.

Interest on the account is paid annually.

Established in 1886, Leeds Building Society has 70 branches in the UK, Ireland, and Gibraltar.

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