launch of Savings account and bond products
Alliance & Leicester International (ALIL) has launched two sterling-based products: a two-month notice savings account and a fixed-rate one-year bond.
The Offshore 60 Plus Account offers customers a choice of annual or monthly interest (see table). All rates are variable and include a special introductory premium of 0.30% guaranteed until 1 June 2005. The minimum balance is £10,000.
There is no limit to the number of withdrawals, provided the remaining balance stays above the account minimum of £10,000. Withdrawals require 60 days' notice but funds can be accessed without notice subject to an interest penalty equivalent to 60 days' notice on the amount withdrawn.
ALIL has also launched the One Year Fixed Rate Bond (Issue 16), which will return 5%. New and existing customers can deposit between £10,000 and £1,000,000 into the bond, which will mature on 31 March 2006.
As with previous bonds in the ALIL range, it offers investors a choice of having interest paid on maturity of the bond or on a monthly basis.
Interest can be paid either by transfer into another ALIL account or by transfer to a bank or building society account in the Isle of Man, UK or the Channel Islands.
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Reporting to Steve Hill
Appointed on 19 September