Spotlight On: Leeds' one-year fixed bond

The deal

Leeds Building Society is offering a one year fixed rate bond at 3.25 per cent with 25 per cent access.

Good points

The bond allows you unlimited access to up to a quarter of the cash you stash in it. It means you could get a decent return on rainy day money, while getting hold of some of it. if you need to, without penalty.

Bad points

If you're already a customer of the Leeds, you can't transfer into the bond from your existing account. In other words, loyalty counts for nothing.

Conclusion

We should be seeing more of these sorts of accounts which offer a degree of flexibility without forcing you to accept a paltry interest rate. It takes the sting out of having to lock cash away in a bond or fixed-term savings account to get decent returns.