Alliance & Leicester reviews savings rates

Alliance & Leicester has reviewed its savings portfolio and the new rates, which are effective from 2 December.

Ewan Edwards, Head of Savings, comments: “The savings market has become increasingly competitive and margins have been reducing in recent years. Our approach is to offer our best rates to customers who save using direct channels, especially the internet and to reward customers who have their primary bank account with us. Our new DirectSaver account and the Premier current account linked savings account, PlusSaver, will receive the full base rate rise and we will continue to offer the incentive of the Premier Regular Saver paying 12%, for those who switch to Alliance & Leicester’s Premier account.

“We offer a range of good value savings products and all our rates are displayed in branches and on our website, existing customers can also obtain rate information from Alliance & Leicester’s savings rate line.

“In light of the recent increase in base rate, and the possibility of a further increase in the next few months, we will be launching a base rate tracker product in December. This new account will be launched in order to offer a choice for those customers wanting an account that guarantees to track changes in base rate.”