Leeds Building Society Isa
Leeds Building Society
Description: The Leeds Building Society has launched a five-year fixed-rate Isa with an interest rate of 4 per cent gross a year, tax free.
The product offers unlimited access to 25 per cent of the amount invested at any time without notice or penalty. The minimum opening balance is £1.
It also allows savers to transfer all of their Isa subscriptions and interest earned from previous years to the new Isa.
Interest is paid annually on 31 March, starting on 31 March 2013 and at maturity on 31 March 2017.
The account can be opened online, in branch or by post.
Conditions: While up to 25 per cent of the initial investment can be made without notice or loss of interest at any time, if further withdrawals are made, or the account is closed, the account will be subject to 180 days’ loss of interest.
Verdict: Keith Churchouse, director at Surrey-based Chapters Financial said: “Four per cent for five years is reasonably attractive, but not overly exciting.
“In comparison with the rest of the market, others are offering the same return over that period but without the access. This facility starts to make the 4 per cent very attractive.
“The penalty is stiff, but not unsurprising.
“All in all, as long as there are no further caveats in the terms and conditions, it’s a very good deal. This is due to the accessibility it affords, not because of the rate.”
Contact: www.leedsbuildingsociety.co.uk or 08450 540 995