Alliance & Leicester Online Saver Rate Increases

Published: 1 June 2010 By MoneyHighStreet Staff Leave a Comment

The Alliance & Leicester savings account Online Saver Issue 7 interest rate has from today been increased for new and existing customers.

Savings accountThe minimum opening balance for the Online Issue 7 is £1,000 and this savings account pays a highly competitive 2.81% gross/AER. There’s penaly free instant access available online too.

The rate of 2.81% includes a bonus of 2.31% which is paid for the first 12 months.

Reza Attar-Zadeh, Director of Savings and Investments said “Our research shows a worrying number of people aren’t saving, with one in four confessing to have no savings at all to fall back on ¹.  This insight into the nation’s savings habits may be no surprise given the economic backdrop, but it remains a concern that so many people are still not saving anything at all.

The fact is saving today could mean security for tomorrow and our new Online Saver rate is designed to help encourage customers to build a nest egg for their future.  This new highly competitive rate offers instant, penalty free access via the internet 365 days a year, so really couldn’t be easier.”

You can get more information on the Online Saver 7 savings account on the Alliance & Leicester website.

This increase in the interest rate by Alliance & Leicester could help the 86% of people who, according Fair Investment Company, say the current low interest rate environment makes it more important for them to review their savings. This percentage is up 20% on six months ago.

Fair Investment Company’s head of pensions and investments, George Ladds says he is not particularly surprised by the figures. He  says that it is important to review all your savings, whether in cash or in other investment products to make sure you are getting the most from your money and that “Financial needs change over time, as do the performance of different types of savings, which is why it is important to review them regularly to make sure you are still getting the most out of your money.

¹ Opinium Research amongst 2026 UK adults, May 2010

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