Alliance & Leicester bond launched with 7% AER

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Alliance & Leicester bond launched with 7% AER

A new fixed-rate bond that offers seven per cent gross interest per annum AER has been introduced by Alliance & Leicester.

The Alliance & Leicester bond is available at all branches and requires a minimum of £1,000 to be opened. Up to £1,000,000 can be maintained in the account.

Interest from the Alliance & Leicester bond is payable on a monthly basis or when it matures.

The bond is set to mature on February 1st 2009.

Martin Leake, savings manager at Alliance & Leicester, said: "This is a strictly limited opportunity to invest anything from £1,000 to £1,000,000 and get the best risk-free rate of return in the market, at a time when capital invested in other vehicles, like the stock market, appear exposed."

In December, Alliance & Leicester launched a one-year fixed-rate bond which offered 6.57 per cent AER.
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