Alliance & Leicester launches new RewardSaver account

Alliance & Leicester Savings is launching a new, branch-based account, RewardSaver, on 3 December, which is designed to offer a competitive return for lump sum savers. RewardSaver combines a variable rate of 3.00% gross pa /AER, which is guaranteed to at least match the Bank of England Base Rate, with a fixed reward of 2.00% gross p.a. payable on 1 February 2010, if no withdrawals have been made from the account.

Hetal Parmar, Manager for Savings at Alliance & Leicester commented: "RewardSaver offers a solid return - equivalent to 5% AER with the added benefit of being able to access your funds if you really need to. It also offers the option of monthly interest, which can be paid to another account without this counting as a withdrawal, making it ideal for people who depend on interest from their savings to top up their monthly income.

"The account rewards people who save over the longer term, rather than dipping into their savings, by offering a reward as well as a guarantee that the underlying rate will at least match the Bank of England Base Rate until the bonus is paid."

The features of the account include:

A variable interest rate of 3.00% gross pa/AER, with an additional fixed 2.00% gross p.a. reward until 31 January 2010 (paid on 1 February 2010, if no withdrawals are made).
The underlying interest rate is guaranteed to at least equal the Bank of England Base Rate, until the bonus is paid on 1 February 2010Customers can have the interest paid monthly to another account of their choice (without this counting as a withdrawal) or paid annually
Minimum balance £5,000
Maximum of £100,000
No interest or bonus earned on balances outside of the minimum and maximum limit.
Instant access to money only over the branch counter, should people really need it, however, the bonus will not be earned if a withdrawal is made
Available from Alliance & Leicester branches.


For further information, visit alliance-leicester.co.uk