Leeds Building Society has raised the interest rate on its online savings accounts by 0.4 per cent.
The savings accounts now pay a guaranteed return of five per cent, which the company describes as "outstanding".
Savers are able to make unlimited withdrawals without notice or penalty, while interest is paid annually on September 30th.
The company states that the Online Saver is popular with customers looking for a simple, straightforward account, while the minimum investment is £100, up to a maximum of £100,000.
Stuart Fearn, product development manager at Leeds, said: "With a minimum operating balance of only £100, unlimited access and a return of five per cent, this account is very attractive.
"There is no requirement to open a current account and it is easy to use, making the account flexible, straightforward and excellent value."
The savings option is only available to online customers, at the company's website.
Following the Bank of England's last base rate rise, by 0.25 per cent, many savings providers are taking the decision to raise the interest rate on their products.
Leeds raises bar for internet savings
Financial Services > e-banking > Banking news
Leeds raises bar for internet savings
Mon, 04 Sep 2006
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