Leeds Building Society instant access account applications reach record levels

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Leeds Building Society instant access account applications reach record levels

Fri 8th May 2009

Leeds Building Society has announced that the number of applications for its instant access savings accounts has reached record levels in recent months.

Kim Rebecchi, the financial service provider's head of sales and marketing, attributed the increase in the account's popularity to the falling Bank of England base rate.

She added that the account, which can be opened with a deposit of £2,500, currently offers interest rates of up to 2.5 per cent. However the interest rate structure is tiered, meaning that customers depositing the minimum receive rates of 1.6 per cent.

Ms Rebecchi said: "Clearly, an account paying such competitive returns in this current rate environment with unlimited withdrawals at any time, without notice or penalty, is proving very attractive."

Currently, the Bank of England's base rate is 0.5 per cent. The bank's Monetary Policy Committee recently decided to leave this unchanged for the next month.

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