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Society’s ‘difficult decision’ to cut ISA interest

21st February 2017

 

LEEK United Building Society has announced a reduction in the interest paid on its ISAs, as the Bank of England base rate remains at an all-time low.

The change means a 0.25% rate cut across the Society’s range of ISAs with effect from 2nd May 2017.

Operations Director John Kelly said that in light of continuing market conditions, Leek United had a duty to ensure the savings rates it provided were fair and sustainable to the business.

"This has been an extremely difficult decision to make and one we have not taken lightly, particularly since our savers have already endured several years of historically low returns on their savings," he said.

The Society will be writing to all those affected, ensuring they have early notice of the rate change ahead of the new tax year.

Savers wishing to discuss their ISA account are advised to contact their local branch in the first instance.

"We would like to emphasise that despite this change, our rate is still better than that currently available for new customers at many of our local high street competitors," continued John.

"Our members’ ongoing support and understanding is greatly appreciated, and we would like to assure them that the Society remains – as it always has – a trusted and safe pair of hands for their money."

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