Alliance & Leicester launches new internet savings account

Alliance & Leicester has launched eSaver, a new highly competitiveinternet only savings account paying 6.50% AER (6.31% gross).

The new account, which is for balances of between £1 and £75,000, pays interest monthly and is ideal for customers saving a lump sum for the longer term, or for those who want a monthly income from their savings.

The account is designed for longer term savings, not for regular dipping. In return for a higher interest rate, no interest is earned during any calendar month in which a withdrawal is made. Savers can choose to have the interest paid monthly, without such a loss, to a nominated current account.

Ross Dalzell, Manager for Savings at Alliance & Leicester comments: “eSaver is designed like an old fashioned piggy bank – you can put money in whenever you like, but it is not for those who want to dip into their savings.

“This account pays a higher rate of interest on the basis that you are putting the money away for the longer term – but provides you with the comfort of knowing you can access it, if you really need it.”

This new internet only account is available online from today at www.alliance-leicester.co.uk.

Ross Dalzell concludes: “The new eSaver account is ideal for those wanting the discipline to save up for bigger things, for example, a deposit for a house, a new car or even towards their retirement. In recent research we discovered that half of savers have two or more savings accounts and are using them for different reasons.

“People who need to access their savings on a regular basis should choose one of our other savings accounts, such as PlusSaver, which currently pays 6.00% gross / AER – and allows instant and unlimited access from the linked Premier current account.

“Having two accounts enables you to get the best of both worlds. You can maximise the interest while you build up a bigger nest egg in eSaver, whilst being able to dip into PlusSaver whenever you want without losing any interest.”

Alliance & Leicester’s eSaver account offers:

Interest rate of 6.50% AER (6.31% gross)
Minimum balance: £1, maximum balance: £75,000
Access via internet only
Deposits/withdrawals are made from/to a linked current account via the internet, this can be an Alliance & Leicester account or with another provider
No interest is earned on the account balance during any calendar month in which a withdrawal is made.
Interest is paid monthly, either into the eSaver account or the linked current account.