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Leeds launches instant-access passbook saver

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by David Masters

Leeds Building Society (LBS) has launched a new instant access passbook savings account paying up to 2.5% interest.

Customers opening an Albion Saver passbook account are given a passbook that allows them to deposit and withdraw money at any LBS branch.

Opening the account requires a minimum deposit of £2,500.

The standard gross interest rate on the account is 1.6%. Customers wishing to earn the headline rate of 2.5% have to deposit at least £100,000 into the account.

Leeds said the new account was inspired by the popularity of its Albion Cheque account and is aimed at savers who prefer full branch access to their bank accounts.

“We have seen massive inflows into our Albion Cheque account, which offers a cheque book and cheque guarantee card,” said Kim Rebecchi, Leeds director of sales and marketing.

“We know that many of our customers prefer a traditional passbook account and access to a full branch facility when operating their account.

“The Leeds Building Society Albion Saver account is straightforward with no catches.”

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News posted: September 10, 2009

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