Leeds Building Society to raise saving rates and hold SVR in response to Bank Base Rate
Leeds Building Society will raise variable savings rates and hold SVR (standard variable rate) following today’s announcement by the Bank of England’s Monetary Policy Committee (MPC).
The MPC agreed to increase Bank Base Rate (BBR) from 1.00% to 1.25%
Leeds Building Society has responded by confirming it will increase rates across variable rate accounts by up to 0.25%. The Society will pass on the benefit of the full BBR rise on its Regular Saver and children’s accounts.
The changes come into effect from 1 July, when the minimum member rate will increase from 0.50% to 0.65%, meaning all Society members will receive at least 0.65% on their variable rate accounts.
“We’ve agreed to again increase our minimum member variable rate and at 0.65% this remains one of the highest in the market,” said Richard Fearon, Chief Executive Officer at Leeds Building Society.
“Giving long term good value to our members includes consistently paying above the market average to our savings members – last year this equated to an extra £71.5 million in our savers’ pockets.
“We work hard to balance the needs of our membership as a whole, whether savers or borrowers. So to support our borrowers, we’ve again agreed not to increase our standard variable rate (SVR) following today’s MPC announcement.”