Leeds Building Society launches new ‘limited issue’ fixed savings account

Leeds Building Society has added to its fixed rate savings range with a new Limited Issue 30-month bond as popularity for this type of account continues to grow.

Offering an interest rate of 4.7 percent, the account can be opened with a minimum balance of £1,000. According to the building society, deposits will be accepted up to and including July 31.

Catherine Wray, senior savings manager at Leeds Building Society, said: “Fixed rates are proving extremely popular with savers at the moment so we’re pleased to be able to add this Limited Issue product to our existing range.

“The 30-month term offers a higher rate than a two-year term for any savers able to lock away their money for a little longer. This type of product tends to be more commonly found online, but we chose to make it available to open across all of our channels.”

Ms Wray added: “We know many of our savings members like to use their local branch and appointments aren’t always necessary when opening a new account.”

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Interest is calculated daily and applied annually on July 31 and on maturity on February 1, 2026. Savers must also be a UK resident aged 18 or over.

Up to £1million can be invested overall, and withdrawals are not permitted throughout the account term.

Despite banks and building societies introducing new and more attractive savings deals in line with successive Bank of England Base Rate hikes, new research finds Britons aren’t using them to their advantage.

Chetwood Financial’s data showed that while the majority (60 percent) of its survey respondents are still managing to put money away each month, the uptake for different savings instruments overall was low.

Chris Daniels, chief commercial officer at Chetwood Financial, said: “With the Base Rate sitting at 4.5 percent – the highest rate since 2008 – savers and investors should be earning more interest on their savings.

“However, our research shows that consumers with a healthy pot of savings in reserve aren’t using different products to their advantage.”

Adding to this, Mr Daniels said that while many traditional banks have recently “broken away” from the tradition of passing on higher interest rates to their customers, savers could be missing out on “potentially huge” gains.

He continued: “The majority of current accounts on the market pay little, if any, interest, so many savers would benefit from exploring how other accounts can better support their savings goals.

“As a rule of thumb, secure, fixed-term accounts often offer the highest interest rates for those looking to deposit a larger sum of money, while branching out from traditional high street banks can also be an opportunity to benefit from more competitive rates.”