Alliance & Leicester rewards loyal savers

Monday, 01 December 2008 12:00

Alliance & Leicester is launching a savings account which offers a variable rate of three per cent for customers with lump sums to invest.

The RewardSaver, which is coming onto the market on Wednesday, guarantees to offer savers an interest rate which matches, at least, the Bank of England base rate.

It has a fixed reward of two per cent payable on February 1st, 2010 if no withdrawals have been made from the account.

Hetal Parmar, manager for savings at Alliance & Leicester, said the account aims to reward long-term savers who did not dip into their accounts.

Parmar added: "RewardSaver offers a solid return - equivalent to five per cent 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."

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