Leeds launches unlimited access postal bond
Wednesday, 28 Nov 2007 16:57
Leeds Building Society is bringing out a new postal bond at 6.47% AER (6.35% gross).
The rate is fixed on the account until April 30th 2008 and then switches to the Bank of England base rate until November 2010.
Savers are allowed to access their funds at any time without penalty.
Karen Wint, Leeds Building Society general manager of marketing and customer services said: "The short-term nature of this bond makes it ideal for those people who may want to hold their savings into the new tax year before interest is paid.
"Many of the fixed rate bonds currently on the market have very restrictive access terms, so a guaranteed market leading return and unlimited access to funds at any time is simply outstanding value.
"We expect the account to be very popular and an excellent addition to any investment portfolio. I would urge customers to act quickly to avoid disappointment."
The minimum investment is £5,000 and the maximum is £1 million, or £2 million for joint account holders. Annual interest is paid on maturity on April 30th 2008.