The bond, which pays eight times the current Bank of England Base Rate (BBR), is specifically designed for those customers looking to boost their monthly income from savings.
Kim Rebecchi, Leeds Building Society Sales & Marketing Director commented:
“The take up since launch on 20th November 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.”
