Leeds Building Society lauds high interest savings account

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Leeds Building Society lauds high interest savings account

A new product unveiled by Leeds Building Society beats a new competitor in terms of the interest rate is offers, according to a representative from the firm.

Kim Rebecchi, sales and marketing director, noted that Metro Bank opened its first store in London recently, but pointed out that it does not offer an equivalent product to the London Instant Access Account with a higher return.

Metro Bank's arrival into the British banking sector is a significant moment for the firm, since it is the first time in more than a century that a new high street banking institution has opened its doors in the country.

However, Ms Rebecchi was quick to point out that the London Instant Access Account's 2.55 per cent interest rate is currently better than any similar arrangement on offer at the new institution.

She added: "In a week when the new Metro Bank has opened, this account is a reminder that the traditional mutual building society model has much to commend it."

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