Leeds Building Society to withdraw 10 year bond after strong demand

Leeds Building Society will withdraw its long-term monthly income bond with effect from close of business on Thursday, 14th August, after seeing strong demand for the unique product.

The Society launched the 10 year fixed rate bond in July to offer savers seeking monthly income a best buy return of 4% (4.07% gross AER), eight times Bank of England Base Rate (BBR).

“We introduced this long-term fixed rate bond to provide investors with the opportunity to generate monthly income from their savings,” said Kim Rebecchi, Leeds Building Society’s Sales and Marketing Director.

“Our previous 10 year monthly income bond in late 2013 was extremely popular so we expected similar levels of demand for this product.

“Longer-term investments like this have proved particularly appealing to savers on fixed incomes and offer them the security of knowing all their capital will be returned at the end of the term.

“The bond was launched in response to customer demand and we continue to explore ways to innovate with our products to support more savers and borrowers.”