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Leeds: Interest rate decision could benefit savers

Fri, 09 Dec 2005

The Bank of England (BoE) yesterday decided to maintain interest rates at 4.5 per cent.

Many financial experts predicted that the bank's monetary policy committee (MPC) will choose to freeze the interest rate for the fourth consecutive month.

This decision is good news for savers, Leeds Building Society commented, predicting that interest rates will remain at current levels until early in 2006.

Leeds claims to have the "perfect" savings account for those hoping to get a guaranteed minimum rate of return, combined with "peace of mind" offered by instant access to capital by post.

The fourth issue of the Direct Saver Plus savings account pays a guaranteed savings interest rate of 4.8 per cent until January 31st 2007.

Should the MPC increase the interest rate above 4.8 per cent, these savings account holders will receive the higher interest rate.

Many customers see this "popular" savings account as "an integral part" of their investment portfolio, says the head of marketing at Leeds, Karen Wint.

"The popularity means, however, that this is a limited issue and customers need to act quickly to avoid disappointment," she warns.

Savings account holders can access their funds at any time without notice or penalty, as long as they withdraw at least £1,000.

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