Alliance & Leicester International has increased the interest rate on its offshore base rate tracker and its offshore pension reserve following the Bank of England’s decision to increase the base rate.
The offshore savings bank has increased the rates on its savings accounts in line with the quarter point base rate rise last week with immediate effect.
The offshore base rate tracker product has a new interest rate of 5 per cent and the offshore pension reserve interest rate has risen to 5.55 per cent.
Alliance & Leicester International managing director Simon Hull says: “Alliance & Leicester International is committed to providing customers with consistently competitive offshore savings rates, and by linking the rates on these accounts to Bank base rate we have ensured that customers in these accounts have benefited from the recent rise within one week.”
The bank is currently reviewing the remainder of its rates in light of the base rate change.