London, United Kingdom (PressExposure) December 17, 2008 -- 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: â¢ 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). â¢ The underlying interest rate is guaranteed to at least equal the Bank of England Base Rate, until the bonus is paid on 1 February 2010 â¢ Customers can have the interest paid monthly to another account of their choice (without this counting as a withdrawal) or paid annually â¢ Minimum balance Â£5,000 â¢ Maximum of Â£100,000 â¢ No interest or bonus earned on balances outside of the minimum and maximum limit. â¢ 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 â¢ Available from Alliance & Leicester branches. To find your nearest Alliance & Leicester branch, phone 08000 68 66 99 or log on to www.alliance-leicester.co.uk
- ENDS - Notes to Editor: Interest can be credited into RewardSaver or to any other UK savings or current account. Interest paid to another account will not be treated as a withdrawal.
If the Bank of England Base Rate changes, any necessary change to the RewardSaver rate will be made within 31 days.
When the account matures, funds will continue to earn the AER (rate without bonus) applicable at the time.
This is a strictly limited offer and may be withdrawn without notice.
Alliance & Leicester and Banco Santander:
Alliance & Leicester is now part of the Santander Group, which has more than 150 years' experience in banking, and more branches worldwide than any other international bank. Banks in the Santander Group are committed to serving our customers and helping them make the most of their money. In 2008 Santander won the Euromoney 'Best Global Bank' award. Alliance & Leicester offer a range of services including personal loans and savings accounts.
Alliance & Leicester customers will continue to be protected separately to any other bank, including Abbey and Bradford & Bingley.