Leeds enters SIPP deposit market

Leeds Building Society has launched a range of competitive deposit accounts specifically designed to establish the UK's 5th largest building society as a SIPP cash-deposit provider.

The products include a full instant access account as well as 1 and 2-Year Fixed Rates which, like the Society's retail products, combine a guaranteed return with the flexibility of access to some of the funds at anytime without notice or penalty.

Kim Rebecchi, Leeds Building Society's Sales and Marketing Director said, "When you look at the uncertainty in the Eurozone and the impact this is having on the markets, it is clear that a guaranteed return from a provider that can deliver security and value will be attractive.

"We identified that there are only a few providers in the market and the feedback we received from IFAs is that they want instant access or short term fixed rates, and that is exactly what we have delivered. We have also built in the flexibility of penalty free access to up to 25% of the funds in both the 1 and 2-year fixed rate products. This allows pension scheme holders to move funds to other investments within their portfolio and is a feature that proves very popular with our members in the retail savings market."

The full instant access pays an attractive rate of 1.80%, with the 1 and 2-year fixed rates paying 2.30% and 2.50% respectively.

Kim added, "We have worked hard to provide a simple, straightforward good value for money product range and developed our systems to ensure that accessing and administering one of these accounts is an easy process."

For more information, IFAs can visit leedsbuildingsociety.co.uk/introducers/SIPP.