Alliance & Leicester launches new savings account

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High street bank Alliance & Leicester has launched a new high-interest savings account.

The DirectSaver package offers 5.25 per cent gross interest (5.38 per cent AER) on balances from £5,000 to £100,000, with interest paid monthly if no withdrawal is made.

Ross Dalzell, manager for savings at Alliance & Leicester, said: "DirectSaver is ideal for customers who want to earn a high rate of interest on their savings without the risk of a stock market investment."

"DirectSaver is designed to help people get the most from their savings, but at the same time, give peace of mind that funds can be accessed immediately should they need to," he added.

Customers can choose to have interest paid directly into a linked current account as a supplement to their monthly income.

The bank also allows funds to be transferred between accounts online or by telephone, to cater for its 41 per cent of customers who solely use remote methods of banking.

There is a delay of 24 hours for transfers or three days if the money is transferred to an account with another bank.

Research conducted by Alliance & Leicester found that a high interest rate is the crucial factor for 84 per cent of savers.

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