Alliance & Leicester details new business banking account

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Financial services provider Alliance & Leicester has revealed the details of its new deposit account for business banking.

Aimed at public sector organisations and charities, the Money Market account offers a rate of interest linked to prevailing money market rates.

The account is available to companies wishing to deposit at least £500,000 and operates with a maximum balance of £10 million, with an option to increase this by mutual agreement.

Geoff Kontzle, head of public sector at Alliance & Leicester commercial bank, said: "Feedback tells us that organisations like the new account because it offers money market rates, but still with direct access."

"This gives them all the benefits but none of the limitations of a traditional longer-term investment," he added.

A decision to launch the account nationally was taken following a pilot scheme which Alliance & Leicester regarded as "very successful".

The banking group says it is to expand its range of consumer investments in the near future by offering a guaranteed equity bond from Legal & General.

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