Alliance & Leicester savings rate changes

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Alliance & Leicester savings rate changes

Alliance & Leicester savings rates will be adjusted following the Bank of England's decision to lower the base interest rate, the bank has announced.

A total of two savings accounts - the DirectSaver and eSaver - are not affected by the interest rate change. Both accounts are for long-term savings and the rate applies in months in which no withdrawals are carried out.

Several Alliance & Leicester savings accounts, such as the Online Saver, will see rates reduced by 0.5 per cent.

At the same times, other Alliance & Leicester savings accounts - such as the Online Tracker, PlusSaver, Direct ISA and Premier ISA - will have rates cut by 0.25 per cent.

Martin Leake, manager for savings, commented: "Many of the changes made reflect the market today and we have maintained a competitive edge on many of our products, including eSaver and DirectSaver. We have also taken the opportunity to simplify the tiers on certain accounts."

The Bank's monetary policy committee last month cut the base interest rate from 5.75 per cent to 5.5 per cent.
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