New Savings Deal: Leeds Pays 4% On Fixed Rate Bond With Instant Access To Half The Cash
- Monday, April 19, 2010, 15:18
- 2 comments
Leeds Building Society Five Year Fixed Rate Bond At 4%
Leeds Building Society has launched a new five-year fixed rate bond paying 4% which allows you to access half the cash at any time without penalty. The rate is not the best on the market, but having this level of flexibility could make the difference to someone being willing to put their cash into a fixed-rate product for five years.
Pros: Minimum investment is £100, rate of 4% fixed for five years, matures on May 31, 2015. Interest can be paid into this account, or paid to another account with the society if you prefer. Maximum investment £1m. You can access up to 50% of the cash deposited at any time.
Leeds also has a three year version of this bond, paying 3.2% but with the same access to half the cash deposited during the term.
Cons: You cannot access the full amount during the fixed rate term, so be sure you can afford to have that amount tied up. The bond is operated via the branch or post, so you cannot manage it online.
Any exclusions? No
Alternatives: State of India Bank is paying 5% on its Hi Return Fixed Deposit bond over five years. Minimum investment £1,000, no maximum. Operated by post or branch, not the internet. You cannot access these funds during the term.
Further reference: Compare savings accounts Related: Latest news
About the Author
Personal finance writer for a host of publishers around the world, Mike is an avid follower of all things personal finance. He reveals what the latest personal finance headlines really mean for you and debunks common personal finance myths.
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The most traditional way of saving money is through a savings account at your local bank. There are two types of savings accounts: passbook and statement. You usually don’t have a choice between the two, most banks offer one or the other.
A passbook account comes with a little booklet that you use to keep track of your deposits, withdrawals and interest. You are responsible for all of the necessary math. With a statement account, you receive a monthly or quarterly statement that details the transactions. Most savings accounts are insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC) or the Nation Credit Union Share Insurance Fund (NCUSIF).
The most traditional way of saving money is through a savings account at your local bank. There are two types of savings accounts: passbook and statement. You usually don’t have a choice between the two, most banks offer one or the other.