Money News
Alliance & Leicester has launched a one-year Fixed Rate Savings Account, offering interest of 9% gross pa/AER. The offer is available to customers choosing to invest in the Balanced Savings & Investment Plan, which comprises a one-year Fixed Rate Savings Account from the bank and a Portfolio Bond from Legal & General. This combination of products is designed for investors looking to balance short-term security with long term growth potential.
The Fixed Rate Savings Account element offers the competitive annual rate of 9% gross pa/AER a fixed guaranteed sum at the end of the one-year term for investors. The Legal & General Portfolio Bond aims to provide higher returns than a typical savings account over the medium to long-term (at least five years, ideally longer). Unlike a savings account, capital and income in the Portfolio Bond are not guaranteed and investors may get back less than they invested.
Matt Hall, Head of Savings & Investments at Alliance & Leicester said: "This plan balances the need for a safe haven for short-term savings, while providing the opportunity to invest over the longer term for potentially higher returns than from a typical savings account."
The savings component requires a minimum deposit of £1,000. It is over a fixed term of one year and withdrawal restrictions apply.
22 May 2008 © Moneyextra.com
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