Alliance & Leicester increases savings rates

Following the Bank of England Base Rate increase of 0.25% from 5.50% to 5.75%, Alliance & Leicester is making the following changes to its savings products. These changes will take effect from Thursday 2 August.

All of Alliance & Leicester’s variable rate savings accounts will see the full Base Rate increase of 0.25%, except for DirectSaver, which moves to a market leading 6.30% AER (6.13% gross).

In addition to the above changes, the bank will be introducing a new tier to our Online Tracker product. The new ‘£100,000+’ tier will be introduced with effect from 2 August and will come with a rate guaranteed to be no more than 0.25% below BBR until 1 January 2010.