A&L increases online savings account rate

17 October 2005
Alliance & Leicester is boosting the pay rate on its Online Saver account to 5.15 per cent by adding a bonus amount.

New and existing customers will benefit from the 0.9 per cent bonus which is available until June 2006.

Existing customers with the Online Saver Issue Two can also enjoy the new rate of 5.15 per cent pa gross (4.7 per cent AER).

Manager for Savings at Alliance and Leicester, Mike Woodward, said: "Our Online Saver accounts have proved to be extremely popular, we believe customers like the convenience of managing their savings online.

"Online Saver Issue Two is already very competitive and with this added bonus it now offers a market-leading rate."

The account offers the ability to transfer funds in and out via their chosen current account and the minimum balance is £1, the maximum £25,000.

Lloyds TSB announced this month that it has seen an increase in internet bank fraud.

The bank has warned customers to be vigilant and is currently trialing a new device which will allow customers to log onto their accounts with a new, unique number every time using a hi-tech device.

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