Leeds Building Society announced this week that its Regular Saver account offers an interest rate of more than six times the Bank of England’s base rate. The account pays 3.05% gross p.a. APR, with a minimum monthly investment of £20. Maximum investment allowed is £500 per month. Savers can make one penalty free withdrawal every [...]
Leeds Building Society has launched a new range of fixed-rate individual savings accounts (ISAs) paying interest at up to 3.5%. The ISAs are available for 2, 3, or 5 years, and pay interest at 3.15%, 3.25%, and 3.5% respectively. According to Leeds, the top 3.5% rate is ‘a market leading offer’. All ISAs in the [...]
Leeds Building Society yesterday posted its 2008 results, with profits remaining strong despite the global financial downturn. Assets of the UK’s seventh largest building society grew by over £900 million to £10.1 billion. End of year operating profit was £68.6 million, compared to £69.4 million in 2007. Savings balance increased by more than £500 million [...]
Leeds Building Society yesterday released a new individual savings account (ISA) paying interest at up to 2.75% above the current base rate. The 5-Year Escalator ISA pays an average of 3.25% over its five year term. Interest in the first year is paid at 2.75%, increasing to 3%, 3.25%, 3.5%, and 3.75% in subsequent years. [...]
Leeds Building Society has launched a new five year fixed-rate mortgage at just 4.75%. Leeds said the new product has been released to complement its 10 year mortgage deal, available at the same rate of interest. The 4.75% deal is available on mortgages with up to 75% loan to value (LTV). Customers with up to [...]
Leeds Building Society has announced new guaranteed returns on its fixed-rate bonds, making them even more attractive for savers. The building society is offering returns of up to 3.5% gross p.a./AER on its one, two and three year fixed-rate bonds. In addition, the bonds allow ‘no penalty’ instant access to 25% of the balance at [...]
Leeds Building Society has launched a new one year tracker ISA with a guaranteed interest rate 0.75% above the Bank of England’s base rate. Savers can withdraw up to 25% of the initial amount invested in the Tracker ISA Plus at any time, without incurring a penalty. The interest rate is guaranteed until at least [...]
Leeds Building Society has reassured savers that its Inflation Buster Bond will continue to pay a guaranteed rate of interest, despite today’s 0.5% base rate cut by the Bank of England. The building society’s Inflation Buster Bond and ISA guarantee an above-inflation exchange rate. Leeds’s interest rate is calculated using the Retail Price Index (RPI), [...]
Leeds Building Society has today reduced the interest rate on its five-year fixed-rate home loan from 5.99% to 5.84%. The lender has also knocked £500 off the completion fee, reducing it to £999. However, the rate reduction only applies to customers who sign up for the society’s Homecover insurance through to 31 August 2013. Those [...]
A number of lenders have launched new mortgage deals this week. Leeds Building Society has introduced a five-year fixed-rate loan at 5.99% and with no higher lending charge. Maximum loan-to-value ratio is 80% and 10% capital repayments are allowed each year without any penalty charge. Interested parties can apply via the lender’s branches, online, or [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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