New account from Leeds BS

moneylover

From E-Moneyfacts:

Leeds BS

3 STEPS TO 7 will be launched paying up to 7.00% w.e.f. 15.6.07: a fixed term account maturing 31.7.10 with rates guaranteed to rise over the term. A minimum investment of £100 pays 5.50% yearly (5.25% monthly) until 31.08.08, then 6.00% (5.75%) until 31.7.09, then 7.00% (6.75%). Penalty free access to 50% of the initial investment until 31.7.09, then unlimited penalty free access. Further additions permitted whilst issue remains open.


Nothing on the website yet. Think I will give it a miss anyway but will read comments with interest!

Milarky

It might be worth setting up as a short term 'regular saver' -although it isn't intended to funded in that way, clearly- paying the minimum £100 per month, say. The longer they leave it open the slightly better the return on the deposits becomes. All quite marginal, but you aren't committing any money you don't have that way - it isn't actually tied up - but it then gets a definite and improving rate.

Return on earliest possible investment (15/06/07) is about 6.15% gross (times 3.115 years) for anyone interested BTW

Jonbvn

I'm not convinced by this account. If BofE rates hit 6% this year (as many predict) then I would guess that we can expect some savings accounts to be paying 6.5%+, without the restrictions this account has.

As always, you pays your money....