You are here: Home - Saving & Banking - News -

Leeds Building Society withdraws 4% bond

Written by:
Leeds Building Society is to withdraw its savings bond, paying 4% interest, from close of business today following high demand.

The bond, which requires savers to lock their money away for at least 10 years and a minimum investment of £10,000, was launched on 20 November.

It was specifically designed for customers looking to boost their monthly income from savings and pays eight times the current Bank of England Base Rate.

Kim Rebecchi, Leeds Building Society sales & marketing director commented, “The take up since launch has been significant, and we increased the amount originally anticipated for the product. This has now been fully allocated and, therefore, we are withdrawing the 10-Year Fixed Rate Monthly Income Bond.

“We looked at the savings market and, in this historically low interest rate environment where many customers are on fixed incomes, felt there was a need to generate an income from their savings.

“Clearly, we have seen that there is demand for the right longer-term savings product and we will look at the potential for developing other inflation beating products that provide the peace of mind associated with the capital guarantee.”


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week