A&L widens access to 180 Plus Account

Offshore savings bank Alliance & Leicester International has lowered the minimum opening balance in its Offshore 180 Plus Account from £50,000 to £10,000.

The move is intended to allow wider access to the account, which offers interest of 4.4% paid gross annually, without the reduction of tax on 31 March.

The account also offers a 0.25% bonus if no withdrawals, which are subject to a 180 days' notice period, are made during any 12-month period.

There is no limit to the number of withdrawals that can be made, provided the balance does not fall below £10,000. Maximum investment in the account is £1m. Interest is payable gross without deduction of tax at source, regardless of the depositor's residential status, domicile or other personal circumstance.

It is the depositor's responsibility to declare the interest earned to the appropriate tax authority. It can be added to the account, transferred to another Alliance & Leicester International Account or transferred in sterling to a bank account in the Isle of Man, UK or Channel Islands.

Alliance & Leicester International is a wholly-owned subsidiary of Alliance & Leicester based in the Isle of Man, with share capital and reserves of more than £90m.

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