Alliance & Leicester increases interest rate on offshore base rate tracker

Alliance & Leicester International Limited (ALIL), the offshore savings bank, has today increased the interest rate on its Offshore Base Rate Tracker Issue 3, to a market leading 5.70% gross pa/AER.

This account also comes with a guarantee that the rate will continue to be at least 0.35% above the Bank of England Base Rate until 31 January 2008.

The Offshore Base Rate Tracker 3 offers:

A market leading interest rate of 5.70% gross pa/AER
Rate guaranteed to be at least 0.35% above Bank of England Base Rate until 31 January 2008 – after which time, the rate will revert to no more than 0.25% below Bank of England Base Rate
Minimum Sterling balance of £15,000, maximum of £1,000,000
One penalty free sterling withdrawal per quarter
Unlimited FX withdrawals
Interest paid gross annually
Quarterly statements

Simon Hull, Managing Director of Alliance & Leicester International commented: “Our Offshore Base Rate Tracker products continue to be exceptionally well received. The rate offered on our latest Issue is highly competitive and will appeal to serious savers seeking certainty over their rate of interest, in the form of a link to Base Rate.”

Hull continues: “The account allows one free withdrawal per quarter – so it’s ideal for those who are prepared to limit the access to their savings, for a market leading interest rate. But at the same time they have peace of mind that they are able to access their funds immediately should they need to, for example, in the event of an emergency. FX withdrawals are unlimited to facilitate movement of currency around the globe.”