A savings account that offers guaranteed savings interest rates has been launched by Leeds Building Society.
The savings account pays interest on a yearly basis. Over a one-year term, a savings interest of 4.25 per cent will be earned by the saver.
If investing over two years, savings interest of 4.5 per cent will be paid out at the end of 2007. For a three-year investment, which pays out on December 31st 2008, 5.25 per cent savings interest will be paid.
Should the saver opt for monthly payments of interest earned, the savings interest rate will be reduced by a quarter per cent.
This type of savings account is "very popular" with those who want a good guaranteed return on their savings but want to be able to fall back on savings if something unexpected happens, says the chief executive of Leeds, Ian Ward.
"This is a unique account that gives guaranteed rates of interest but access to all or part of the money at any time without notice or penalty," Mr Ward points out.
Customers could apply for this savings account by post or by downloading an application form from the society's website.
Savings account launched by Leeds
Savings account launched by Leeds
Fri, 11 Nov 2005
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