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Leeds Buildings Society launches guaranteed rate postal savings account

Leeds Building Society is planning to launch a new postal savings account that will combine a high guaranteed rate of 6.40% AER and unlimited penalty free access to funds for customers, at any time.

The rate will be fixed until September 1, 2008, at which point the balance will be transferred to a base rate tracking account that guarantees to match Bank of England base rate until April 2010. Customers can withdraw their funds at any time without notice or penalty.

Karen Wint, head of marketing & PR at Leeds, said: This is a simple and straightforward unlimited access bond paying a fantastic guaranteed rate of return. Customers benefit from the certainty of a fixed rate combined with the flexibility of access. No matter what happens in the market, investors simply cannot lose.

We expect the account to be very popular and there is, therefore, a very limited tranche available. The minimum investment is GBP5,000 and the maximum is GBP50,000.