Savers can help care-experienced young people supported by Barnardo’s thanks to two new bonds being launched by Leeds Building Society.

With monthly and annual interest options, the two bonds which are launched during UK Savings Week, will offer an interest rate of 4.05% to savers.The Society will donate 0.10% of the account balance to the charity. That equates to a £40 donation to the charity for a deposit of £40,000.

Earlier this year, Leeds appointed the UK’s biggest children’s charity as its charity partner until March 2027.

During the three-year partnership, Leeds Building Society has committed to raising a minimum of £300,000 to support care experienced young people to find somewhere to live, learn independent living skills, continue with education, or find work, as part of a campaign called Building Brighter Tomorrows.

Leeds Building Society’s purpose is to put homeownership within reach of more people generation after generation – and that includes care-experienced people who are especially vulnerable to the risks of homelessness.

It is estimated that one in three young people become homeless in the first two years immediately after they leave care, and one in four homeless people have been in care at some point in their lives. 

Product details:

• 2 Year Fixed Rate Monthly Income Bond Supporting Barnardo’s: 4.05% Gross p.a./AER
• 2 Year Fixed Rate Bond Supporting Barnardo’s: 4.05% Gross p.a./AER

Catherine Wray, Senior Manager for Savings at Leeds Building Society, said:

“This new bond offers savers the opportunity to make a difference to care-experienced people while watching their savings grow.

“We’ll donate 0.10% of the opening account balance to help fund the amazing work Barnardo’s does to support young people.

“During UK Savings Week, we are focussed on the benefits of saving and making our members money work as hard as possible, and these new bonds offer another way for savers to take control of their finances and do good too.”

Lynn Perry, Chief Executive of Barnardo’s, said:

“This generous donation from Leeds Building Society and its members will allow us to make a huge difference to the lives of those leaving care.

“Young people face a ‘cliff edge’ of diminished support once they leave care. Many begin to live independently earlier than others and are more likely to live in unsuitable or unsafe accommodation, struggling to afford basic essentials.

“Thanks to funding like this, we can deliver much-needed support to help care leavers look forward to a brighter future.”