Basic bank account with LBS 'offers high interest'
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Basic bank account customers at Leeds Building Society (LBS) are benefitting from high interest rates, it has emerged.
Leeds Building Society has claimed that some of its basic bank accounts are currently offering highly competitive rates of interest because they have not been cut in line with the Bank of England's base rate reductions.The UK bank account provider said that its Albion Cheque account, which includes many of the features of a basic bank account, is currently offering interest at two per cent above the base rate.
Kim Rebecchi, director of sales and marketing at LBS, said that the account, which requires an initial deposit of £2,500, is "very easy to open" and offers customers "fantastic value" given the currently low base rate.
She added: "We are very mindful of the interests of our savers and have not passed on the last two Bank of England base rate deductions to our Albion Cheque account customers."
Last week, the Bank of England reduced the base rate of interest to 0.5 per cent.
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