Fair Investment

Current Accounts News Alliance & Leicester Launches 315percent Online Savings Account 18469599

Editorial Team

Alliance & Leicester launches 3.15% online savings account

03 July 2009 / by Rebecca Sargent

Alliance & Leicester has launched its Online Saver 5 today, offering a market leading rate of 3.15 per cent and sparking hope for savers nationwide.

Market experts are viewing the new Alliance & Leicester savings account as the start of competition heating up in the instant access saving account market.

Commenting on the account and the launch of a Coventry Building Society account paying 3.25 per cent to over 50s, Kevin Mountford, head of banking at moneysupermarket.com said:

“This level of activity is unusual given the Bank of England base rate hasn’t changed since March. But it’s great news for savers, particularly those who don’t have money they can afford to lock away in a fixed rate account.

“Providers are still desperate for our cash so the competition is likely to remain strong for some time to come.

“Until the last few weeks, banks and building societies had focussed on fixed rates and Cash ISAs, with these products the most searched for on moneysupermarket.com but the tide is now turning,” he added.

Other industry experts agree that the A&L account may have sparked market competition, Pierre Williams, head of research at MoneyExpert.com said: “Savers are scrambling for returns and chasing rates as they come on to the market. Anybody earning 2.5 per cent or more on their instant access cash is doing well but A&L’s decision to offer a 3.15 per cent account stands out as one of the best deals on the market.”

Compare instant access savings accounts »

© Fair Investment Company
Provider Account Set Up Fee Fee per month Features Apply
N/A £12.50 No credit checks.** Prepaid MasterCard. No account opening fee. More Info >
£4.95 £9.95 No credit checks**. Prepaid MasterCard. Credit Building facility. More Info >
£4.95 £9.95 No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard. More Info >

**See Terms and Conditions

Provider Account Set Up Fee Fee per month Features Apply
N/A £12.50 No credit checks.** Prepaid MasterCard. No account opening fee. Apply Now >
£4.95 £9.95 No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard. Apply Now >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. More Info >
3.0%* 0% for first £250 No minimum £13 3.0% INTEREST on balances up to £2,500 More Info >
1.50%* Up to £3 per day £500 per month £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. More Info >
N/A 0% for first 3 months No minimum N/A 3 months interest-free overdraft and no monthly account fee More Info >
N/A 0% for first £250 No minimum Free if funding £1,000 or £10 below £1,000 Switch your current account and you’ll get a free gift worth up to £150. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee – £100 if you leave within 6 months More Info >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. Apply Now >
1.50% AER* Up to £3 per day £500 per month £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. Apply Now >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
5.0%* 0% for 12 months £1,000 per month N/A 5.0% IN-CREDIT INTEREST on balances up to £2,500 for the first year. More Info >
3.0%* 0% for first £250 No minimum £13 3.0% INTEREST on balances up to £2,500 More Info >
1.50%* Up to £3 per day £500 pm £5 pm *1.50% AER (variable) on your entire balance up to £20,000. Up to 3% cashback on household bills. More Info >
  Account Interest (AER) Overdraft Rate Funding Required* Fee pm Features Apply
N/a £500 Interest Free increasing to £2000 No minimum N/a Choose 1 of 3 great offers: Amazon Prime Student subscription, National Express Coachcard, or Tastecard More Info >
1% Overdraft limit of £1,000 increasing to £3,000 in year three £500 every academic term N/a The UK’s only fee-free student current account. Interest-free and fee-free overdraft More Info >
Up to 3% £1500 Interest Free increasing to £2000 £500 every academic term N/a A free 4-year Santander 16-25 Railcard which could save you 1/3 off rail travel in Great Britain More Info >


$(document).ready(function(){ $("#ctl13_GeneralComparisonTabsTable1_divTablesWraper .comparison_table_tabs_container a").click(function(){ var $this = $(this); var TableStyle = ''; var $tab;

if (TableStyle=='uswitch') $tab = $this.parent('li'); else $tab = $this.parent('div').parent('div').parent('td');

var $activeTab = $('#ctl13_GeneralComparisonTabsTable1_divTablesWraper .comparison_table_active_tab');

if ($tab.attr('class')=='comparison_table_active_tab'){ return false; }

$activeTab.removeClass('comparison_table_active_tab'); $activeTab.addClass('comparison_table_inactive_tab');

$tab.removeClass('comparison_table_inactive_tab'); $tab.addClass('comparison_table_active_tab');

$('#ctl13_GeneralComparisonTabsTable1_divTablesWraper .TableTabDiv').hide(); $('#ctl13_GeneralComparisonTabsTable1_divTablesWraper #' + this.className).show();

return false; }); });

function openFactSheet(url) { var w = window.open(url, '', 'width=1000,height=800,scrollbars=yes,resizable=yes'); w.focus(); }







Exit mobile version