On that date, the Society is launching a range of competitive fixed rate Cash ISAs - and ISA Builder, a new ISA to encourage regular saving. Rates vary from 1.50% to 2.85%.
ISA Builder can be opened with as little as £100 and the cap on the maximum balance increases by £1,500 each month – a total of up to £1,500 can be invested by the end of July, a total of £3,000 by the end of August, and so on, up to this year’s increased tax-free allowance of £15,000.
Kim Rebecchi, Leeds Building Society Sales & Marketing Director, said:
“We wanted to offer savers a flexible way of building up their investment and making the most of the increased Cash ISA allowance.”
“ISA Builder is intended to encourage regular saving but does not penalise people if they want to miss a month or two – for example, not making a deposit in December when Christmas spending might take priority.
“If savers are fortunate enough to be able to save £1,500 each month, they’ll receive the maximum benefit tax-free, but anyone wanting to add smaller amounts can make as many deposits as they like each month, as long as they don’t exceed the overall cap.
“Before March’s Budget we had called for an increase in the tax-free savings allowance and hope the change will provide an extra incentive to encourage more people to start and keep the savings habit.
“We’re also taking the opportunity to relaunch our range of Fixed Rate Cash ISAs, to give savers a choice of the type of product that suits their needs best, all with competitive returns.”
