Leeds Building Society is one of the largest financial service 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.
Leeds Building Society instant access savings accounts and rates
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A bit more about Leeds 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.
What is a 'building society'?
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.
What savings accounts does Leeds Building Society offer?
Leeds offer a range of savings accounts, including:
ISA Tax-Free Accounts
- No taxes on the interest you earn
- Savings are free from UK Income Tax>/li>
- Doesn’t count towards your Personal Savings Allowance
- Save between £1 and £20,000 this tax year
- Easy to apply and manage
- Interest paid on maturity.
- Minimum operating balance of £1,000
- Deposit up to £20,000 in a single tax year
- Unlimited withdrawals
- Minimum operating balance of £100
- Maximum balance of £1,000,000
- Interest paid on maturity
- Unlimited withdrawals
Regular Savings Accounts
- Variable interest rates
- Minimum balance of just $50
- Maximum balance of £3,000 until maturity
- Limited to one withdrawal without loss of interest prior to maturity
Variable Rate Accounts
- Limited Issue Online Access ISA
- Smart Saver
- Rainy Day ISA
- Access Saver
- ISA Saver
- Accounts for young people between 0 and 17 years
- Interest paid annually
- Minimum balance of just £10
- Maximum balance of £1,000,000 plus accrued interest
- Withdrawal limits depend on account type
Blue & Amber Account
- Interest paid annually
- Minimum operating balance of just £1
- Maximum operating balance of just £1,000,000 (£2,000,000 for joint accounts)
- Unlimited withdrawals
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 are the benefits and drawbacks 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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