Compare Leeds Building Society ISAs

Who are Leeds Building Society?

Leeds Building Society are one of the largest buildings societies in the UK.

Founded in Leeds in 1875, they offer retail customers a range of mortgages, insurance products, savings accounts and other financial services.

They offer several ISA accounts, specifically Cash ISAs, that can be opened in a branch, over the phone, by post or online.

What is an ISA account?

ISAs are savings accounts for individuals that are completely immune from tax.

The government allows you to add £20,000 to ISA accounts in the current tax year, and your ISA allowance refreshes each year so you can keep topping up.

ISA Tax Benefits:

If you invest in a standard savings account, you might have to pay Capital Gains Tax on your investment growth and Income Tax on the interest and dividends your investments produce.

However, investing within an ISA means you never need to worry about paying tax on your savings.

What type of ISA account does Leeds Building Society offer?

Leeds Building Society offer a range of Cash ISAs that vary based on interest rates and their flexibility in terms of withdrawals.

Their Cash ISAs have two types of interest rates - fixed-rate and variable-rate.

Leeds Building Society fixed-rate Cash ISAs:

The society’s fixed-rate Cash ISAs provide investors with guaranteed interest returns over a fixed term of 1 year, 2 years, 3 years or 5 years.

Typically, the longer the length of term, the higher the interest rates you’ll get.

You can withdraw during the fixed term of your Cash ISA, but you are charged for doing so, usually in the form of your interest for a specific period being void.

Leeds Building Society variable-rate Cash ISAs:

The society also offers variable-rate Cash ISAs that provide better rates depending on how often you are allowed to withdrawal.

Variable interest rates are typically lower than fixed rates, but you have the added flexibility of making either unlimited withdrawals or a set number per year.

How do I open a Leeds Building Society ISA?

One of the benefits of a Leeds Building Society ISA is that you can open them in various ways depending on what’s easiest for you:

1. In branch for a face-to-face service
2. Over the telephone
3. In the post with an application form
4. Online

The quickest way to open a Leeds Building Society ISA account is online, and you can do this in a matter of minutes.

You just need some basic personal information like your National Insurance Number, date of birth and address.

To open your account, you’ll also need to make a contribution.

You can do this with a debit card payment as a lump sum, and depending on the type of ISA you open you will need to contribute at least £1, £100 or £1,000.

Alternatively, you can make your contribution by cheque with your postal application.

Can I withdraw from a Leeds Building Society Cash ISA?

You can withdraw your money from your Cash ISA at any point; however, depending on the type of ISA you have you may be charged for doing so.

If you have a fixed-rate Cash ISA, you could lose that year’s interest for withdrawing before your term ends, for example.

Can I transfer my ISA to a Leeds Building Society ISA?

Yes, you can transfer your previous Cash ISAs into a Leeds Building Society Cash ISA, and it won’t count towards your annual ISA allowance.

You can even transfer old Stocks and Shares ISAs you have into a new Cash ISA with Leeds Building Society.

You can transfer your ISAs by completing a Leeds Building Society ISA transfer form.

Remember, make sure to check with your current ISA provider if you are charged for transferring out.

Also, make sure you do not just withdraw your existing ISA to your bank account and then pay the money into your new ISA.

This will result in your current ISA funds losing their ISA status, which means that when you put them into a new ISA it will use up your allowance. Instead, use a transfer form as explained above.