Alliance & Leicester increases saver rates

Customers who hold a euro savings account with offshore savings bank Alliance & Leicester International Limited (ALIL) will receive a rate of 2.9 per cent on their savings, it has been announced.

This move, which is an increase of 0.25 per cent, follows the European Central Bank’s decision in June to increase the official Euro interest rate.

ALIL claims that the rate it now offers is a market-leading package, ahead of other providers such as Anglo Irish and Nationwide International, which have rates of 2.75 and 2.5 per cent respectively.

HBOS International and Abbey International also offer lower gross annual rates of 1.15 and 0.5 per cent, Alliance and Leicester claims.

Simon Hull, managing director of ALIL, said: “The increase to our euro savings account rate is good news for both new and existing savers.

“Alliance & Leicester International is committed to providing offshore savers with a choice of currency accounts paying very competitive interest rates.”

The provider offers one rate on all balances of €5,000 (£3,462) and over.