One building society has recently introduced two new fixed-rate bonds into the savings account marketplace.
Leeds Building Society has launched two new savings offerings on the 21st of December. Two new fixed-rate bonds with differing terms are now on the market from the personal and business bank account provider.
The building society’s new three year bond carries a rate of 4 per cent. Additionally the lender’s new five year bond has an even more attractive 4.5 per cent rate attached to it. Savers who are looking for a flexible option to receive their interest will be gratified to know that both bonds offer either annual or monthly interest payments.
Neither of the new bonds can be classified as instant access. However up to one quarter of the total funds are available to savers at any time. There are no requirements in regards to issuing a notice to the building society prior to withdrawing funds. Additionally there are no penalties associated with withdrawing funds from either account.
Leeds Building Society sales and marketing director Kim Rebecchi commented on the new offerings. Ms Rebecchi stated that the new fixed-rate bond packages offer a combination of flexibility and value to savers. Additionally she stated that savers can retain peace of mind while also benefiting from competitive rates of return by investing in either the three or five year bond package.
In related news, NS&I recently released research findings in regards to the nature of savings in the UK. The survey found that for the past 12 months, the rate of savings has declined in the UK in comparison to 2009 figures.
Industry experts partly attribute the lack of savings activity in the country with rampant inflation. The Consumer Price Index for Britain has been significantly above the 2 per cent target rate set by the government for several months.