Leeds Building Society has launched three fixed-rate Isa savings accounts.
The Leeds’ distribution and marketing director Kim Rebecchi said: “We aim to make saving simple and straightforward, and having an Isa is the only way you can currently receive your interest tax-free, which makes your money work that little bit harder.”
Key Features
The accounts include a one-year fixed-rate cash Isa paying 1.60 per cent, a two-year fixed-rate cash Isa paying 2.10 per cent and a three-year fixed-rate cash Isa paying 2.20 per cent
Leeds said the launches would complement its Everyday Isa and E-Isa accounts which both pay 1.25 per cent tax-free.
The fixed-rate Isas are for savings of between £100 and £15,240, the Isa allowance for the 2015/16 financial year.
All Leeds BS’ fixed-rate Isas allow savers access to 25 per cent of their capital investment without penalty during the term of the product.
They also allow transfers in of previous years’ Isa subscriptions, including stocks and shares Isas.
Adviser Verdict:
Dave Morton, adviser for Morton Mortgage Services in Wigan, said: “This is a fairly average rate, and if a client can put their money away for five years or more, they would be better off with a stocks and shares Isa. There are current accounts with better rates than this.”
