Alliance & Leicester improves eSaver

eSaver, launched in November 2007, has maintained the same rate of interest despite three base rate reductions.

From 2 May the account, which offers a monthly income option, will also have the maximum balance raised to £500,000, from £75,000. eSaver is ideal for silver surfers looking for a regular monthly income without risk to their capital.

Hetal Parmar, Savings Manager at Alliance & Leicester, said: "We are pleased to announce that the interest rate remains at 6.50% on eSaver. eSaver is an ideal long term savings account, which has consistently offered a solid return to savers alongside the option of drawing a regular monthly income.

"The monthly income option is used by a significant proportion of our customers and it is ideal for those looking to top up their pension each month, but who do not want to risk their capital."

For those who prefer a phone-based service, DirectSaver offers above base rate returns of 5.50% gross pa / AER (5.37% gross per month) from 2 May. The maximum balance is also being raised from 2 May to £2 million, from £150,000.

For further information on Alliance & Leicester's savings accounts, customers should go online at alliance-leicester.co.uk.