Money News
Alliance & Leicester has brought back its Premier Regular Saver account for a limited time only. The account, paying 12% pa gross/AER, is available to customers now opening an A&L Premier current account. Putting the headline 12% rate in perspective; if a customer invests the maximum £250 per month, a total of £3,000 will be paid into the account during the 12-month term. At 12% interest, the customer would earn £195 interest (gross).
Premier Regular Saver is available to new Premier Current Account applicants who do not currently hold any current account with A&L and have not held any current account with A&L in the 3 months preceding their new Premier Current Account application.
To be eligible for the Premier Regular Saver account, customers need to open a new Premier current account and request the Premier Regular Saver at the time the account is opened.
They also need to decide at the outset on a fixed amount of between £10 and £250 to be paid into the Premier Regular Saver each month and transfer it from their linked Premier Current Account. The payment amount cannot be altered during the 12-month term.
Customers will be able to view transactions via internet banking or check their balance by phone.
To continue to qualify for the 12% rate, withdrawals cannot be made. If the customer wishes to withdraw from the account, it will be closed and the balance will be transferred to their Premier Current Account.
Interest will be calculated up to and paid on the first anniversary of the first credit being due into the account. The account will be closed and the balance, including interest, will be paid into the customer's Premier Current Account.
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02 May 2007 © Moneyextra.com
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