Alliance & Leicester International has made changes to two of its products, now called the Offshor...
Alliance & Leicester International has made changes to two of its products, now called the Offshore 30 Account and the Offshore Base Rate Tracker.
With the Offshore 30 Account (formerly the Anniversary Variable Deposit Account), customers need to deposit a minimum of £10,000 for an initial 12-month period.
After that term, the account becomes a 30-day notice account. Under the previous structure, customers could only make one withdrawal of up to 25% of the capital annually after 12 months.
The Offshore 30 account pays a minimum interest rate differential of 0.25% per annum above the equivalent tiered interest rate applied to Alliance & Leicester International's 60-day notice account. This differential is guaranteed to 4 April, 2002.
The revised Offshore Base Rate Tracker (formerly called the International Base Rate Tracker) is a penalty-free, limited-access account with an interest rate guaranteed to be at least 0.25% above the UK Bank Base Rate until at least mid March 2001. Apart from the name change, there are no significant alterations.
From 1 January until at least mid-March 2002, the Offshore Base Rate Tracker is guaranteed to pay no more than 0.25% below the Bank of England base rate.
This account has a minimum opening balance of only £5,000 and provides customers with greater flexibility to access their funds by allowing five penalty-free withdrawals in any 12-month period.
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