Leicestershire Building Society launches higher rate saving products up to 5.70%

esbs, or Earl Shilton Building Society, has recently launched two new retail savings products, and increased the rates payable on another with the top rate now paying 5.70%.

The Select 120 account now pays a variable top rate of 5.70% Gross / AER* for balances over £50,000, requiring just 120 days’ notice to withdraw, or a loss of 120 days’ interest.

The 2 Year Fixed Rate Savings Bond – Issue 3 is now available, offering a competitive rate of 5% Gross / AER*. It can be opened in joint or sole names with a single lump sum of between £10,000 and £85,000.

Or, if you are looking for an ISA – the 2 Year Fixed Rate Cash ISA – Issue 1 is available at 4.85% Tax Free p.a. / AER**.  Customers can open a new account and deposit up to £20,000 for the tax year 2023 / 2024, or transfer money in from other cash ISA providers.

The two new Fixed Rate products are limited editions and can be withdrawn at any time.  The rates shown above are correct at date of going to press.

esbs’ comprehensive range of savings accounts ensures members can make the best choice of account for their circumstances. Other saving options from esbs include Cash ISAs, Regular Monthly Saver, and the Heritage Account, which is designed for savers aged 50 years and over.

Paul Tilley, Chief Executive of esbs, said “Rising interest rates are an optimistic sign for savers and we’re pleased to be expanding our account offerings to meet the needs of more customers.

“The fixed rate savings accounts are a particularly good option for those who want certainty of a rate over a two year period, whereas the rate on the Select 120 is currently higher and may suit those who are comfortable with a variable rate with increased flexibility over withdrawals.”

For more information on esbs saving accounts and the terms and conditions that apply, visit https://www.esbs.co.uk/savings-3-2/. Alternatively you can call 01455 844422, email enquire@esbs.co.uk, or visit either branch at 22 The Hollow, Earl Shilton or 7 Malt Mill Bank, Barwell.

*Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.  AER stands for Annual Equivalent Rate.  It illustrates what the interest rate would be if interest was paid and compounded each year.  We pay interest gross.

**Interest is paid tax free and does not affect your Personal Savings Allowance.  The tax free rate is the contractual rate of interest payable where income is exempt from income tax.  ISAs are a savings scheme initiated by the Government and the favourable tax treatment is not guaranteed and is based on current legislation.