Alliance & Leicester Savings: New savings account launched

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Alliance & Leicester Savings: New savings account launched

Alliance & Leicester Savings today announced the launch of a new savings account.

The new branch-based account, to be called the RewardSaver, will be available to customers from December 3rd and is aimed at lump sum savers who want a competitive return on their investment.

RewardSaver accounts will offer a variable rate of three per cent AER which is guaranteed to at least match the Bank of England's rate, as well as a fixed reward of two per cent gross per annum, to be paid on February 1st 2010.

Hetal Parmar, manager for savings at Alliance & Leicester, said: "RewardSaver offers a solid return - equivalent to five per cent AER.

"The account rewards people who save over the longer term, rather than dipping into their savings."

A recent poll conducted by moneysupermarket.com revealed that Nationwide is regarded as the most trusted brand for savings by UK customers.

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