Leeds Building Society is one of the largest financial services providers in the UK. It has more than 719,000 customers across the UK, and all together they hold £9.9 billion in savings balances. The society was registered as the Leeds and Holbeck (Permanent) Building Society in 1875, but in September 2005 it was renamed to Leeds Building Society.
It now offers a variety of saving plans, mortgages, life planning and insurance services. Continue reading to find out more.
Easy access savings accountsLeeds Building Society's best easy access rate of 6.25% is lower than today's market-best rate of 8%.
Cash ISAsLeeds Building Society's best cash ISA rate of 5.5% is very slightly lower than today's market-best rate of 5.86%.
Fixed-rate bondsLeeds Building Society's best fixed-rate bond rate of 5.5% is slightly lower than today's market-best rate of 6.2%.
Regular savings accountsLeeds Building Society's best regular savings account rate of 5.25% is significantly lower than today's market-best rate of 8%.
Overview of Leeds Building Society savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds, regular savers|
|Best easy access rate||6.25%|
|Best cash ISA rate||5.5%|
|Best fixed-rate bond rate||5.5%|
|Best regular saver rate||5.25%|
|Fixed bond terms||1 year 1 month - 2 years 1 month|
|Opening options||Branch, website, post|
What is a 'account maturity'?
A fixed term savings account is one that pays interest at a fixed rate for a set amount of time, for example 2% for two years. After this time, the product comes to an end and you will no longer receive the interest rate that you have previously been receiving on your investment. When this happens it is called a ‘maturity’.
Is it easy to switch to Leeds Building Society?
Leeds Building Society make it very easy for customers to switch their savings accounts. With Leeds, you can open an account in branch, by post, over the phone or on the website.
All you need is a proof of ID and address, and the minimum deposit to open an account.
How do I decide which account is for me?
You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access for instance)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
Does Leeds Building Society Offer online or mobile banking?
Yes. When you open an account you’ll be provided with credentials to log into your account. You can also open online savings accounts that can only be opened and operated online.
Here are some of the basic features of Leeds Building Society’s online banking service:
- View rates and current balances for all of your accounts
- View and print a transaction statement at any time.
- Request withdrawals or transfers between your accounts
- Open another account
- Set a savings goal to help you work towards a target
What is a 'building society'?
A building society is a financial institution owned by its members. They are called building societies because they were originally created in order to lend money for buying and improving properties. They offer banking, and related financial services, including mortgages and savings.
Whereas banks are normally listed on the stock market and run for their shareholders, building societies aren’t. Because they don’t have shareholders to pay, building societies have historically claimed to offer better interest and cheaper mortgage rates than banks.
Pros and cons of banking with Leeds Building Society?
- Better interest rates. Building societies don’t have shareholders to pay, and have usually claimed to offer better interest rates than banks.
- Flexibility. Leeds Building Society’s variety of accounts offers flexible options no matter what kind of savings you’re looking for.
- FSCS protection. With Leeds Building Society you have peace of mind that comes from knowing your money is protected up to a total of £85,000 by the UK’s deposit guarantee scheme.
- High street presence.If you like the assurance of a physical presence and prefer face-to-face customer service there are a number of physical branches in the UK.
- Customer service. Leeds Building Society’s customer service has had mixed reviews online. While reviews have a tendency to be anecdotal, it’s something to keep in mind.
Leeds Building Society savings accounts range from easy access and ISAs, to fixed term and savings for children, so you should be able to find one that suits your needs.
Be sure to check out our other reviews first, though, to see how Leeds Building Society’s accounts weigh up against the competition in terms of rates, fees and perks.
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