Alliance and Leicester savings account launched

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Alliance and Leicester savings account launched

Fri 3rd Apr 2009

A new savings account product from Alliance and Leicester has been launched that is targeted at those who may have been put off by low interest rates.

The branch-based individual savings account (Isa) pays at a competitive fixed rate of three per cent, maturing on May 1st 2010.

A minimum deposit of £500 is required, though those with a little bit more to invest may prefer the new one-year fixed Isa offered by fellow Santander business Bradford and Bingley, which allows transfers from cash Isas and requires a deposit of at least £3,600.

Reza Attar-Zadeh, director of savings and investments at the banking group, said: "Our new one-year fixed-rate Isa is ideal for savers who are looking to secure a competitive fixed rate for their tax-free savings in today's low base rate environment."

Research released by Alliance and Leicester recently revealed that 28 per cent of Britons did not save any money at all last year.

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