Leeds Building Society offers Euro accounts

Leeds Building Society will be the first UK building society to offer Gibraltarians and UK expatriates living in Spain and Gibraltar a range of Euro savings accounts from 28th September 2009.

These accounts combine market leading guaranteed fixed rates with penalty free access and a simple, straightforward instant access variable rate account.

Ian Ward, Chief Executive of Leeds Building Society said, "This represents a significant venture for us and it is a really exciting development. We are delighted to be the first UK building society to enter the Euro savings market in Gibraltar and Spain."

Leeds Building Society has had a branch in Gibraltar since 2002 and, in that time, has built up a significant investor base through its branch based Sterling products. The UKs 6th largest society has also offered Euro mortgages on the Costa del Sol since September 2005. Research of our customers has identified a significant gap in the market for Euro savings accounts from a trusted and long established UK building society.

Ian continued, "We have listened to our customers and designed our new Euro savings range to offer market leading products with fixed rates available over 1, 2 and 3 years paying up to 3.30%. We know that a high guaranteed return with access is extremely popular in Gibraltar and Spain and we are providing unlimited access to up to 25% of the initial amount invested, without notice or penalty, providing excellent flexibility and peace of mind.

"Furthermore, we hope that many customers can come and visit us at our branch on Main Street in Gibraltar and benefit from the friendly service and advice available from our branch staff. That's why we are offering all customers who open an account with the Society a £20 Morrisons voucher to cover the costs of their trip to Gibraltar, which can be used to either buy fuel at the Morrisons fuel station or spent in the store itself.

"We are also giving people the opportunity to win a trip on a luxury yacht, including champagne and lunch. Everyone who opens an account will be entered into a prize draw to win this prize."

Leeds Building Society participates in the Financial Services Compensation Scheme established by the Financial Services Authority (FSA). The Scheme is governed by FSA Rules and savers will receive 100% of the first £50,000 or €50,000 (whichever figure is higher on the day of default), that is of an investor's total shares and/or deposits should a society be unable to meet its obligations.

Ian added, "We have offered Euro mortgages since 2005 and our ongoing successful business model means that the vast majority of our net lending is funded from savers. Therefore this is the next logical step and we look forward to welcoming many new customers to our branch in Gibraltar.

"The feedback we have received from customers in Dublin has been fantastic. We have invested in systems to facilitate a Euro deposit taking capability and we will ensure that savers in Spain and Gibraltar continue to receive the same excellent service they are used to."

For further details, visit leedsbuildingsociety.com/gibraltar