Business banking given boost by Alliance and Leicester

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Alliance and Leicester has announced new interest rates on its Balance Builder business banking solution.

Balance Builder is a high-interest deposit account aimed at public sector bodies and charities with a balance of up to £10 million.

The new rates place it firmly as market leader, according to research from Business Moneyfacts.

Geoff Kontzle, head of public sector at Alliance and Leicester commercial banks, said: "The Balance Builder account has already proven to be very popular."

"With the added benefit of market leading interest rates, Im confident that there will be even more demand for this account," he added.

The account offers interest starting at 4.05 per cent for the minimum balance of £10,000 and rising to 4.75 per cent above £1 million. This compares with Lloyds TSBs instant access business account which has rates from 2.25 per cent rising to 2.75 per cent.

Alliance and Leicester handles more than 20 per cent of high street transactions, making it a market leader in cash management. Through a partnership with the Post Office it has depositing facilities within a mile of 95 per cent of all UK businesses.

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