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Great Rates
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Alliance & Leicester Offer Attractive New Rates
Wednesday, 15 October 2008
Writes Hazel Cottrell hazel.cottrell@consumerchoices.co.uk
Alliance & Leicester has increased the interest rate on its Online Tracker savings account, and launched a new limited edition Fixed Rate Bond.
Alliance & Leicester (www.alliance-leicester.co.uk) has this week increased the interest rate on its Online Tracker savings account to 6.30% AER on all balances from £1 to £2,000,000. This includes a bonus of 1.30% which is payable until January 2010.
This is a great leap from the previous tiered interest rates of 4.25% and 4.75% that were offered on the account; plus the Online Tracker now comes with a guarantee that its underlying rate will be at least equal to the Bank of England Base Rate until January 2011.
The new rate is not just for new customers, but will apply to all existing Online Tracker accounts as well.
The changes to the Online Tracker follow the recent launch of Alliance & Leicester’s eSaver Issue 2, which offers interest at 6.60% AER. The eSaver is designed for longer term savings and the high interest rate depends on no withdrawals being made in any month other than July.
The Online Tracker, in contrast, allows instant withdrawals at any time with no penalties. Hetal Parmar, Manager for Savings at Alliance & Leicester, said: “I am delighted to announce these changes to our Online Tracker account. Online Tracker is ideal for people who need to access their savings on a regular basis; the account allows instant, penalty-free access from any linked current account.”
Also this week, Alliance & Leicester launched a new, limited edition one year Fixed Rate Bond with an interest rate of 6.60% AER. The Bond is available for sums of between £1,000 and £2,000,000 and will only be available “whilst funds last.”
Martin Leake, Savings Manager at Alliance & Leicester commented: “This is a limited opportunity to invest anything from £1,000 to £2,000,000, and get a good return, without the risk of being exposed to stock market volatility.”
Chris Eagle, commercial manager at CreditChoices.co.uk says of the new offers: “Alliance & Leicester are really pushing the boat out with these new deals. Whether you want instant access to your cash, or are happy to leave it in an account for the long term, these products offer incredibly competitive rates on sums of money large and small. The fact that Alliance & Leicester is now part of global banking giant Santander will also put many people’s minds at rest about the safety of their savings.”
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