Alliance & Leicester fixed-rate bond launched

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Alliance & Leicester fixed-rate bond launched

A new Alliance & Leicester fixed-rate bond is now available.

The deal, which offers a rate of 6.6 per cent gross per annum, is on offer for deposits ranging from £1,000 to £2,000,000.

Available as long as funds last, the bond will mature on November 30th 2009.

Interest can be paid annually or monthly and both new and existing customers may buy the bond. Transfers or cheques from other Alliance & Leicester accounts are not permitted, however, although they are accepted from a maturing bond within the organisation.

Martin Leake, savings manager at Alliance & Leicester, said the deal offers a "good return" and did not come with the risks associated with turmoil in the stock market.

Alliance & Leicester has recently upped the interest rate on its online tracker savings account to 6.3 per cent.

Hetal Parmar, manager for savings, said the rate was "very competitive" and that the account suits people who need regular access to their savings.

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