Alliance & Leicester one-year fixed rate savings account launched

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Alliance & Leicester one-year fixed rate savings account launched

Wed 5th Oct 2005

Alliance & Leicester is offering a new savings account with a rate of seven per cent.

The product is available to customers investing in a Legal & General investment bond, which then allows customers access to the Alliance & Leicester one-year fixed rate savings account.

Sarah Ennion, product manager for investments at Alliance & Leicester, said: "This plan is ideal as it balances the need for a safe haven for short term savings, whilst giving the opportunity to invest over the longer term for potentially higher returns than from a typical deposit account."

However, the Legal & General investment bond does not offer a guarantee on the capital invested, meaning customers could potentially end up out of pocket.

For those wishing to invest in the product, funds at the high interest rate of seven per cent are limited, and applications can be made at any branch.

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