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Leeds bond offers access to 50% of investment

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by David Masters
Leeds bond offers access to 50% of investment

Leeds Building Society has launched a new instant access five year bond paying interest at 3.5%.

Savers can access up to 50% of the money saved in the bond at any time without penalty.

Leeds said it designed the bond by looking at the other bonds available on the market and coming up with something unique.

“We believe these new bonds provide the best of both worlds and know this combination of a fixed rate and access will be popular,” said Kim Rebecchi, Leeds Building Society spokesperson.

The highest rate available on an instant access savings account is 2.5% variable, making the new account from Leeds strong competition.

However, for savers willing to lock away all their money, five year bonds with no access are paying up to 4.75%.

Dan Hyde of This is Money said if savers can afford to they are best to wait a few months before investing their money.

“With rates likely to rise within the next 12 months, tying in to a five-year deal at 3.5% doesn’t seem to make a lot of sense right now,” he said.

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News posted: July 7, 2010

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