Alliance & Leicester Directsaver account launched

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Alliance & Leicester Directsaver account launched

The market leading Alliance & Leicester Directsaver account has been introduced to the market, offering customers 5.25 per cent gross (5.38 per cent AER).

The account will give customers 24-hour access to their account by utilising phone and internet banking and the minimum balance is £5,000.

Interest is earned on a daily basis and is paid monthly, directly into the Alliance & Leicester Directsaver account or linked current account.

Manager for savings at Alliance & Leicester Ross Dalzell announced: "DirectSaver is ideal for customers who want to earn a high rate of interest on their savings without the risk of a stock market investment.

"In addition to a great interest rate, the account allows instant access to your money as and when you need it."

Research undertaken by Alliance & Leicester showed that when considering a savings account, 84 per cent of customers looked for a good interest rate.

Second to this was the consideration that the money was secure, with 54 per cent of customers citing this as a factor in determining the right account.

The next best notice account interest rate to the Alliance & Leicester Directsaver account is the Halifax Extra Income Saver which offers 4.07 per cent AER.

Compared to other instant access accounts, Bradford & Bingley's esavings is second to the Alliance & Leicester Directsaver account in terms of interest rates, with an offering of 5.10 per cent AER.

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