Market leading interest rate (1.25%)
There is a variety of saving plans, mortgages, life planing and insurance services provided by the company. Continue reading to find out more about the historic building society.
The company has a rich history operating in the UK, originally being founded in the 19th century. Leeds Building Society now has 65 locations across the UK and employs over 1,240 people.
A building society is a financial institution owned by its members. 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.
Leeds offer a range of savings accounts, including:
ISA Tax-Free Accounts
Regular Savings Accounts
Variable Rate Accounts
Blue & Amber Account
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’.
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.
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:
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:
If you earn interest from a savings account, you need to pay tax on that interest at the same rate as the rest of your annual taxable income.
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