Alliance & Leicester Internat- ional (A&LI) has claimed to be the first offshore bank to offer a tru...
Alliance & Leicester Internat- ional (A&LI) has claimed to be the first offshore bank to offer a truly online savings account, with the launch of eSaver.
Simon Hull, managing director of A&LI, said while other offshore banks offered online accounts, eSaver was the first to offer an online application process without the need for a 'wet' signature.
He said the account would appeal to international clients who wanted the convenience of opening an account immediately, rather than having to wait for an application form to be sent and processed. However, to comply with anti-money laundering regulations, copies of identification will still have to be provided. Hull said: "Customers can open the account in a couple of minutes and should be fully set up in 24 hours.
"They do not have to wait weeks for paperwork to circulate around the world."
Customers who open an eSaver account will only be able to conduct transactions online, providing a significant cost saving to A&LI, which it plans to pass on by launching with a market leading rate of 6.15%.
A&LI has grown by more than 20% in three years, and Hull said it was looking to signifi-cantly increase its deposits. The account will initially be offered to retail customers in sterling only, but A&LI is looking to offer it in other currencies and expand into the corporate IFA market in the future.
The increase in minimum AE contributions has had little impact on opt-out rates - with cessations after April increasing by less than two percentage points, data from The Pensions Regulator (TPR) shows.
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