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Alliance & Leicester raises interest rates on American dollar savings

23 February 2005
Alliance & Leicester has announced that it will be raising interest rates on its US Dollar Savings Account.

Alliance & Leicester International Limited (ALIL), the offshore savings bank, has announced a 0.20 per cent rate increase on its US Dollar Savings Account.

The increase is applicable to all balances of $5,000 or more and comes as good news for Alliance & Leicester customers around the world who have a savings account in US dollars.

Customers with balances of $5,000 to $49,999 will receive 2.35 per cent, whilst balances of $50,000 and above will receive 2.40 per cent.

The increase is in line with the 0.25 per cent rise in the US Federal Reserve Fund's rate of interest.

Managing director of Alliance & Leicester International Limited, Simon Hull, said: "When the Federal Open Market Committee increased its target for overnight interest rates earlier this month, we increased the rate to ensure that our customers would receive the full benefit of this change."

The news follows Nationwide's prior announcement that it would be increasing rates on its US Dollar Savings Account.

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