Leeds Building Society creates new ISA for savers

One provider of personal and business bank accounts in the UK has recently announced that it has created a brand new ISA for savers.

The Leeds Building Society has increased its ISA savings offerings by announcing a new 3.7 per cent interest rate two year fixed ISA.  In addition to the high rate of return on the savings product, it also permits up to one quarter of the funds stored within it to be accessed at any time without penalty or notice.

Leeds Building Society sales and marketing director, Kim Rebecchi, commented that this new ISA offering will undoubtedly appeal to any saver keen on taking full advantage of their 2011-2012 ISA allowance.  The director remarked that the building society would accept transfers in of the current year’s allowance, so savers who have already invested can still benefit.

In related news, another financial services provider has recently expanded their selection of fixed rate bonds from which savers can choose.  Both RBS and its wholly-owned subsidiary NatWest announced the new offerings recently, revealing that the financiers were offering terms ranging from one to two years in length.

One such product offered by the banking giant offers a three per cent gross annual equivalent rate starting from July 18 of 2011.  The one-year fix carries a minimum £5,000 deposit in order to open the account.

RBS savings head, Phil Sheehy, remarked that the bank’s fixed rate bonds aid in providing its customers with a secure place to store their hard-earned cash and should have a place in every balanced savings portfolio.  This could prove interesting to those approaching their retirement age, as another expert recently stated that Brits need to diversify their savings outside of just a single pension account when it comes to retirement funds.

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