Following the Bank of England’s decision earlier this month to raise interest rates a further 0.75 percentage points, Leeds Building Society announced it will increase interest rates on all its savings products. It’s good news for savers as all its accounts will pay more including the Regular Saver account wwhich will pay 3.20 percent interest from December 1.
Anyone who is not happy with the interest rate they are getting on their savings may want to review their account as rates have been increasing over the last few weeks.
The Bank of England increased interest rates by 0.75 percentage points to three percent just this month and is expected to incerease them by around another 0.50 points in December.
Matt Bartle, Director of Products at Leeds Building Society, said: “The recent increases in bank base rates is really good news for savers.
“As we approach the end of the year, it’s a great time for savers to review their savings accounts so that they know they are in the most appropriate, and best paying, account for their current needs.”
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It’s been a good week for savers – Santander launched a brand new account this week offering a top interest rate for savers.
The Santander Edge current account and saver gives customers the chance to earn up to £20 in cashback and £13.10 in interest per month for a £3 monthly fee.
Enrique Alvarez, Chief Customer Officer, Santander UK, said: “We’ve created a new account to help customers make the most of their money today and save for a better tomorrow.
“Building on our focus on cashback, we will be rewarding them for their essential spending, whether that’s the weekly supermarket shop or travelling to work, and their household bills – particularly relevant given current pressures.”
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Secure Trust Bank has also launched a new fixed bonds saving account paying 4.85 percent interest on up to £1million.
The account could be an option for anyone with a minimum investment of £1,000 who can afford to lock away their savings for at least two years.
Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “Paying a rate of 4.85 percent, the deal takes a more prominent place in the market against its peers and can be opened from £1,000 and further additions can be made within the first 30 days of opening the account.
“Savers looking to earn an attractive rate over the next two years may then find this an appealing option. The account secures an Excellent Moneyfacts product rating.”