LBS launches new Isa range

Leeds Building Society has announced the availability of a new range of Isa products.

Isas offer savers a tax-free way of depositing funds and Leeds Building Society are offering customers a choice of three.

Available for one, two or three-year periods, the Isas have an interest rate of 5.60, 5.70 and 5.85 per cent respectively.

“This new Tessa Isa product range offers a guaranteed high interest rate combined with access to funds,” remarked Stuart Fearn of LBS.

In related news, Nationwide today revealed research that found 60 per cent of the eligible UK population do not have an Isa.

And it estimates that, during the current tax year that ends next month, savers failing to use their Isa allowance may end up paying £500 million in extra tax.

Stuart Bernau, Nationwide’s executive director, advised savers to “act quickly to take advantage of the tax-free savings on offer by using this year’s ISA allowance”.

He warned savers that any part of their allowance remaining unused by April 5th will be lost.

“Millions of people fail to do this each year and are simply allowing their hard-earned money to line the Chancellor’s coffers,” he added.

© Adfero Ltd

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