Alliance & Leicester savings account launched

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Alliance & Leicester savings account launched

Mon 19th Nov 2007

A new Alliance & Leicester savings account has been launched which offers an AER of 6.50 per cent.

Any balance between £1 and £75,000 may be maintained in the eSaver account, which Alliance & Leicester suggest is for long-term savers.

Because it is an account targeted at those who want to lock money away for a longer period, customers will not earn interest in any month in which a withdrawal is completed.

Ross Dalzell, manager for savings at Alliance & Leicester, commented: "eSaver is designed like an old fashioned piggy bank - you can put money in whenever you like, but it is not for those who want to dip into their savings.

"This account pays a higher rate of interest on the basis that you are putting the money away for the longer term - but provides you with the comfort of knowing you can access it, if you really need it."

Last month, Alliance & Leicester offered customers a bonus six per cent rate on its PlusSaver account.

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