Leeds Building Society launches new escalator

Instant Bond  Leeds Building Society has launched its new five-year fixed rate Escalator Bond paying an escalating return of up to 6.50% in the fifth year.The account allows unlimited access of 50% of the initial amount invested at any time, without notice or penalty, for the first three years and instant access in years four and five.The account pays a return of 5.55% in the first year, 5.75%, 6%, 6.25% and 6.50% in the subsequent years, giving an AER of 6%. Furthermore, there is also a monthly interest version with an AER of 5.90% for customers who require regular income.Karen Wint, general manger of marketing and customer services at Leeds Building Society, said: "I believe this product offers excellent value and peace of mind. Customers know exactly what their return will be as well as having the comfort of knowing that they have instant access, without notice or penalty, to 50% of their funds."