Is a Leeds Building Society fixed rate bond right for you?
It can be difficult to know how to get the best return on your savings, especially with so many different savings products on the market. A savings account will usually give the best rates of interest on small sums of money.
It should be noted that savings accounts usually have a fairly low cut off point above which interest is not paid or will have a maximum balance that you can have in the account at one time.
Fixed rate bonds offer a guaranteed rate of interest until the bond matures and are usually offered over 1 year, 2 years, 3 years or 5 years. The longer the term of the bond, the better return you will usually get.
Once you place your funds into a fixed rate bond, you will normally not be able to access it until the bond matures. However, some providers will allow you to take money out before this in exchange for a financial penalty (usually in the form of lost interest payments).
Fixed rate bonds can help your savings retain their value relative to inflation and you will usually see the real world worth of your money increase over the life of the bond. Because you can keep your existing current account, a fixed rate bond should not impact on your regular banking.
Why choose a Leeds Building Society fixed rate bond?
Leeds Building Society is the fifth largest building society in the UK. Their fixed rate bonds offer the following key advantages:
Minimum deposit of £100
Maximum deposit of £1million
Interest can be paid monthly, annually or on maturity depending on the specific bond
Accounts can be managed by post or in branch
Restrictions
Fixed rate bonds from Leeds Building Society are offered with the following condition:
No early withdrawals are permitted
Compare Leeds Building Society fixed rate bonds
Right now, Leeds Building Society offer a range of fixed rate bonds over 1-4 years. If you are looking to invest for a longer period or are hoping to find a better rate of return, you may want to take a look at alternate providers including Aldermore.
Getting the best deal on fixed rate bonds
The exact products different institutions offer and the details of those products, such as interest rates, change all the time. This is due to shifts in the market and changing consumer demand. Keeping track of which brands and products are currently offering the best deal for you can, therefore, be a challenge.
Our fixed rate bond comparison table, above, allows you to quickly and easily compare the most attractive deals on the market to make your life easier. We keep these offers updated all the time to reflect the best value products we can find.
When choosing a fixed rate bond, it is important to be clear about your own expectations for the return you want to achieve and your existing and likely future financial commitments. Doing this should help to ensure that you end up making a decision that works for you long term.
