Leeds Building Society today announced a new savings account, which it says will pay a market leading guaranteed return of 7%.
The 3 Steps to 7
accounts will have a return of 7% in year 3 on a minimum balance of £100.
Leeds BS believes its new account is a ‘unique product’ because it provides savers with a guaranteed incremental rate for 3 years as well as access to a minimum of 50% of their funds.
Customers can access their money without notice or penalty, at any time, and get full instant access in year 3.
There is also a monthly interest option available for customers who require an income.
Spokesman Karen Wint said, "The products gives savers the best of both worlds with guaranteed increases in rate combined with excellent access to their funds. The rate increases from 5.50% in year 1 to 6% in year 2 and to 7% in year 3.
"The account is available at any of our branches, has a minimum operating balance of only £100 and is unrivalled in the market place, so I expect it to be very popular."
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