Leicestershire Building Society launches three new online-only savings accounts

These accounts pay competitive variable rates and are designed for savers who want attractive interest rates while keeping control of their funds. Withdrawals are only allowed after the required notice period — 90, 120 or 180 days — helping members avoid accidental loss of interest.

Because these are online-only accounts, members can apply via the esbs website and manage their savings through email, removing the need to visit a branch. All correspondence is digital-only and no passbook is issued. This makes them particularly convenient for savers who prefer to manage their finances remotely, while still benefiting from the personal support and security of a traditional building society. Support is available through-out the life cycle of the product, with extra support for vulnerable or digitally inexperienced customers.

Each account requires a minimum balance of £5,000 and allows up to £250,000. They are available to UK residents aged 18 or over and are limited to one sole-name account per investor.

For the 180 Day Notice Online Account, long-term saving is rewarded twofold. When the account is opened, there is a competitive interest rate of 2.00% Gross/2.00% AER*. Then, if the account remains open for 12 months, a gross bonus of 2.50% is added, and the interest rate becomes 4.50% Gross/4.50% AER.

In other words, an account with a £10,000 deposit over a one-year period would accrue £450.00 in interest. If the account was closed the day before the anniversary date, the bonus would be forfeited, and the interest would be £250.00.

For the 120 Day Notice Online Account, the interest rates are 4.30% Gross/4.30% AER*, and they are 4.10% Gross/4.10% AER* for the 90 Day Notice.

A 14-day cooling-off period lets new customers cancel, switch to another esbs account, or withdraw their full balance with any accrued interest and no charges. After this period, no withdrawals or closure are permitted without serving the full notice period (90, 120 or 180 days as applicable). Interest is calculated daily and compounded annually: on the account anniversary for the 180-Day product, and on the last day of February for the 90- and 120-Day products.

Scott Devereux, Chief Executive of esbs, said, “We are delighted to be able to offer our members a new channel for opening a savings account with us, starting with three attractive notice accounts offering competitive rates of interest. This new channel further strengthens our broader savings proposition, and we look forward to adding more products in the future.”

esbs’ comprehensive range of savings accounts ensures members can select the account best suited to their financial needs. Other savings options from esbs include Cash ISAs, the Regular Monthly Saver, the Heritage Account for those aged 50 and over, and the Bonus One Account, which rewards members who keep withdrawals to a minimum. esbs is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.

These three new accounts are for online-only and access is restricted to digital channels. Eligibility criteria assistance and other support is available for those unfamiliar with digital platforms. For more information on esbs saving accounts and the terms and conditions that apply, visit www.esbs.co.uk. Alternatively call 01455 844422 (Option 1), email [email protected], or visit either branch at 22 The Hollow, Earl Shilton or 7 Malt Mill Bank, Barwell.