Leeds Building Society offers savers ‘one of the best’ accounts in the market | Personal finance | Finance

Leeds Building Society 1 Year Fixed Rate Cash ISA is currently offering savers an interest rate of 3.05% until October 31 next year. The account has been touted as one of the “best savings accounts” currently offered by Moneyfacts.co.uk. People can open the account with £100 and will need to keep this amount in the account at all times to maintain the higher interest rate.

If the balance falls below, the interest rate will drop to 0.05%.

Typically, ISAs aren’t easy to get to, which means it can be hard for people to feel comfortable putting money into an ISA if something goes wrong.

Leeds Building Society allows withdrawals from the account, but they are subject to a 60-day loss of interest charge.

If the account is closed before maturity, people will also face the 60-day loss of interest penalty.

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People can withdraw a maximum of £300 cash per day and they will need to provide 48 hours notice if they need more than that.

The maximum that can be withdrawn in one day is £1,000.

The maximum that can be invested in the ISA is £20,000 as this is the ISA limit for 2022-23.

When due, accrued interest may be credited to the account or transferred to another building society/bank account or another account held with the Leeds Building Society.

DO NOT MISS

The day after maturity, an individual’s funds (including interest) will automatically be transferred to an Instant Access Cash ISA Maturity Account, unless they provide other instructions.

In its weekly newsletter, Moneyfacts.co.uk said: “Savers who wish to use their ISA allowance but would prefer a fixed rate instead, may consider the Leeds BS 1 Year Fixed Rate ISA (Issue 171).

“This offer pays its rate of 3.05% AER at maturity and requires a minimum deposit of £100.

“Savers can open their account through a variety of means, including the provider’s website, branches nationwide, or the post office. The management of this account, for its part, can be done in an agency or via the post office.