Alliance & Leicester Launches New Savings Account
02/12/2008
Alliance & Leicester has announced the launch of RewardSaver, its new savings account.
The new branch-based account will be available to customers from tomorrow. The kind of customer the bank wants to attract has a lump sum to invest over the long term.
The RewardSaver savings account will pay a variable rate of 3% AER which Alliance and Leicester guarantees will at least match the Bank of England's rate. Savers will also receive a fixed reward of 2% gross per annum, to be paid on February 1st 2010 on condition that no withdrawals have been made from the account.
Hetal Parmar, Manager for Savings at Alliance & Leicester said: "RewardSaver offers a solid return - equivalent to 5% AER with the added benefit of being able to access your funds if you really need to. It also offers the option of monthly interest, which can be paid to another account without this counting as a withdrawal, making it ideal for people who depend on interest from their savings to top up their monthly income.
"The account rewards people who save over the longer term, rather than dipping into their savings, by offering a reward as well as a guarantee that the underlying rate will at least match the Bank of England Base Rate until the bonus is paid."
The new branch-based account will be available to customers from tomorrow. The kind of customer the bank wants to attract has a lump sum to invest over the long term.
The RewardSaver savings account will pay a variable rate of 3% AER which Alliance and Leicester guarantees will at least match the Bank of England's rate. Savers will also receive a fixed reward of 2% gross per annum, to be paid on February 1st 2010 on condition that no withdrawals have been made from the account.
Hetal Parmar, Manager for Savings at Alliance & Leicester said: "RewardSaver offers a solid return - equivalent to 5% AER with the added benefit of being able to access your funds if you really need to. It also offers the option of monthly interest, which can be paid to another account without this counting as a withdrawal, making it ideal for people who depend on interest from their savings to top up their monthly income.
"The account rewards people who save over the longer term, rather than dipping into their savings, by offering a reward as well as a guarantee that the underlying rate will at least match the Bank of England Base Rate until the bonus is paid."
