Leeds Building Society increases rates on fixed rate savings accounts

Following the Bank of England’s base rate rise last week, a number of high street banks have tried to reflect this change with their savings accounts. Now, Leeds Building Society has announced new interest rates on its fixed rate ISA and fixed rate savings bonds.The new rates come into effect for new accounts on November 11.Leeds are offering a competitive rate which savers can earn up to 4.45 percent on their cash.Accounts are available to open online, in branch or via the post.The Fixed Rate ISA accounts can all be opened with as little as £100.READ MORE: State pensioners could get an extra £182 a week from DWP – tips to boost income LBS has increased interest rates across fixed term accounts (Image: GETTY)The minimum investment for the fixed rate bonds is also £100.The ISA subscription limit for the 2022/23 tax year is £20,000.List of changes:1 Year Fixed Rate ISA 3.75 percent (Tax-free/AER)2 Year Fixed Rate ISA 4.20 percent (Tax-free/AER)3 Year Fixed Rate ISA 4.35 percent (Tax-free/AER)5 Year Fixed Rate ISA 4.45 percent(Tax-free/AER)1 Year Fixed Rate Bond 3.75 percent (Gross p.a./AER)4 Year Fixed Rate Bond 4.40 percent(Gross p.a./AER)5 Year Fixed Rate Bond 4.45 percent (Gross p.a./AER)20 month Fixed Rate Bond – supporting Dementia Uk 4.00 percent (Gross p.a./AER)Despite market turmoil, fixed-term accounts allow savers to lock in rates at the time of opening the account and mitigate the risk of facing any dips.DON’T MISSBritons warned of little known mistake that could cost you thousands in retirement [INSIGHT]Bank offers ‘competitive’ rate for ‘short-term’ savers – how much interest can you earn? [INSIGHT]Dave Ramsey explains if man, 58, should use savings to overpay mortgage or pay in pension [VIDEO] As the cost of living crisis continues, any extra cash could be vital for families on low incomes (Image: EXPRESS)With record high inflation eating into people’s savings, there has never been a more important time for Britons to make sure they are getting a good rate.Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “Secure Trust Bank has launched new fixed bonds this week, including a two-year option.”Paying a rate of 4.85 percent, the deal takes a more prominent place in the market against its peers and can be opened from £1,000 and further additions can be made within the first 30 days of opening the account.”Savers looking to earn an attractive rate over the next two years may then find this an appealing option. The account secures an Excellent Moneyfacts product rating.’