Alliance and Leicester Offering 12% on Savings Account

Discussion in 'Wall St. News' started by THE-BEAKER, Sep 24, 2007.

  1. i saw this advert at the weekend and thought it was a joke to be honest but nothing seems to surpise these days.

    Boe base rate is 5.75%

    Alliance and Leicester 12%.


    Save for something special with a great rate when you open a Premier Current Account

    Earn 12.00% gross p.a./AER
    Rate guaranteed for one year
    Save a fixed amount between £10 and £250 per month by regular transfer from a Premier Current Account
    Interest paid on maturity
    One year term

    You can open a Premier Regular Saver when you apply for a Premier Current Account.

    Other great benefits of a Premier Current Account include:.

    Free European travel insurance (upper age of 65 applies)
    0% overdraft for 12 months from account opening, 7.9% EAR (variable) thereafter.
    Find out more information about our Premier Current Account.

    Already got a Premier Current Account?

    You can still benefit from a Regular Saver paying 14.00% gross p.a./AER whilst protecting your family with Save & Protect

    General Account Information
    Withdrawal options No withdrawals are permitted. If you need access to your money, the account must be closed
    Minimum balance £10
    Maximum balance (over fixed 12 month period) £3,000
    Interest frequency Annual - At the end of 12 months on the anniversary of the first payment due date
    Applicants age requirements 21 and over
    Application options Apply online or by phone as part of a new Premier Current Account
    Statements Internet access is required to view statements

    Premier Regular Saver with an interest rate of 12.00% gross p.a./ AER is available to customers only at the time of opening a new Premier Current Account. To be eligible for Premier Regular Saver at a rate of 12.00% gross p.a./AER: applicants must not currently hold any A&L current account and applicants must not have held any A&L current account in the three months preceding a new Premier Current Account application. Minimum monthly payment £10, maximum monthly payment £250, for a maximum of 12 months. Interest is paid on maturity on the anniversary of the first payment due date. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. Gross is the interest paid before tax. After 12 months the account will be closed and funds transferred to your Premier Current Account.

    Worked example: If you invest the maximum of £250 per month, a total of £3,000 will be paid into your account during the 12 month term. At 12.00% interest, you would earn £195 gross.
  2. What the hell........:)
  3. Awesome! Better than any hedge fund 12% pa!!! I love risk free $$$
  4. Hmmmm....Alliance and Leicester 12% p.a......Global Alpha -35 %....let me think about it....:confused:
  5. Clearly designed to entice the savers that did the run on Northern Rock last week.

    Its nice to see a bank offering a rate that actually comes close to matching the real inflation rate. Shame its only 3K.
  6. Actually its only ~£1500 (max average balance).

    There's nothing new under the sun.