Leeds Building Society is currently offering savers a market-leading interest rate of 5.55 percent on their two-year fixed rate ISA.
This account may be right for those who would like a fixed rate of interest, want to transfer funds from other ISAs and have a lump sum to deposit.
Following 13 consecutive base rate rises, Britons are urged to get the highest interest they can on savings accounts.
With so many options, Britons are urged to find “top picks” which can help their money work harder for them.
To open an account with the building society, savers need at least £100. This account is only available to individuals aged 16 and over who are residents of the United Kingdom for tax purposes.
Assuming that £1,000 is deposited into the account at the time it is opened, no deposits or withdrawals are made and interest of 5.55 percent is paid annually, savers will receive an interest payment of £114.08 at the end of the fixed term on August 31, 2025.
The overall account balance would be £1,114.08.
Leeds Building Society has been rated “top pick” for fixed-rate ISAs on Moneysavingexpert.com.
The building society also takes the top spot for their one-year fixed ISA which offers savers 5.50 percent on a minimum of £100.
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On the website they explained there is currently a very small difference in interest between one- and five-year fixed ISAs – so there’s little incentive to lock in for longer unless people want absolute certainty of returns over a longer period.
Britons can transfer in some or all of their previous tax years’ savings without affecting their annual allowance for the current tax year, subject to the terms and conditions of their existing account.
The account can be operated in a branch or by post. Savers will also be able to carry out some operations by telephone and online, where they have registered for online service.
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Withdrawals and transfers are permitted, although they will be subject to 150 days’ loss of interest on an amount equivalent to that withdrawn/transferred.
This means people might get back less than they originally deposited.
For more information, Britons can visit the Leeds Building Society website.
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