Alliance & Leicester launches new savings account
Published On 10 October 2006
Savers looking for high rates on balances with "piece of mind" will have more choice for savings accounts since Alliance & Leicester launched its new Direct Saver savings account.Research by the company found that 84 per cent of savings account shoppers are first and foremost looking for a good return on their money and 54 per cent need to know their capital is safe.
Alliance & Leicester's new account promises big savings get big returns without the same risks as the stock market.
Their new account offers 5.38 per cent AER on balances over £5,000 without any waiting periods for withdrawals.
Telephone and internet are the only methods of access, linking the savings account to any current account.
Manager for savings at Alliance & Leicester Ross Dalzell said the account allowed people who want a high rate of interest without risking their money in the dreaded stock market.
"In addition to a great interest rate, the account allows instant access to your money as and when you need it," he said.
Mr Dalzell also said nearly 50 per cent of savers are put off by accounts that have required holding periods before funds can be withdrawn.
