Property News · November 20, 2013

New 4% interest account offers glimmer of hope to Britain's savers


Leeds Building Society savings bond pays eight times Bank of England base rate – but only if cash is tied up for 10 yearsThe launch of a savings account paying 4% interest – the highest rate offered for a year – has provided a glimmer of hope to savers, who have endured a torrid time since the government introduced the Funding for Lending scheme 15 months ago.Leeds Building Society has launched the account, a fixed-rate savings bond offering a rate of interest that is eight times the Bank of England base rate and almost double the current rate of inflation. But it is not an account for money you may need in a hurry; customers have to agree to tie their money up for 10 years, until 31 December 2023, with no withdrawals of capital allowed during the term. And the minimum amount that can be put into the account is £10,000. Continue reading…

Source : theguardian.com
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