Alliance & Leicester: Rates up for online savers
Friday, 24 Oct 2008 12:33
Alliance & Leicester has hiked the interest rate on its Online Tracker savings accounts to 6.30 per cent.
Savers with existing accounts will already have seen this rate increase but new customers will also be able to take advantage of the new rate.
The accounts pay a bonus of 1.30 per cent AER until January 4th 2010 and the underlying rate is guaranteed to be at least equal to the Bank of England base rate until January 31st 2011.
Rates apply on all balances from £1.
According to Alliance & Leicester, the Online Tracker is ideal for savers who require instant access to their money on a regular basis. It allows instant, penalty-free access from any linked current account.
Hetal Parmar, manager of savings at the bank, said: "Not only has the rate been increased to a very competitive 6.30 per cent AER but savers also have peace of mind that the underlying rate will be at least equal to the Bank of England Base rate until January 2011."
A minimum payment of £1 is required to open an account and the maximum deposit is £2 million. It can be opened online and managed via internet banking using any linked UK current account.
Interest is paid annually on October 1st.