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11/10/2006
Alliance & Leicester launch DirectSaver account paying 5.38% AER

Alliance and Leicester have launched a new market leading savings account which pays a monthly interest at a rate of 5.25% a year before tax (5.38% AER).

Account summary:

  • Minimum investment of £5,000
  • maximum of £100,000;
  • Available online or at Alliance & Leicester branches;
  • Offers easy access via Internet or telephone
  • No interest is earned on the balance during any calendar month in which a withdrawal is made

    Alliance & Leicester DirectSaver account may be ideal for people who rarely need to access their savings. It might not be so attractive for those who frequently dip into their savings, as each withdrawal will cost you an entire month's interest.