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A&L offers 10% on savings account

Alliance & Leicester has laun-ched a regular savings account paying 10 per cent a year.

The premier regular saver product will be available for customers opening either an A&L premier or premier direct current account and will be available until November 30.

There are fixed monthly payments of between 10 and 250. At the end of 12 months, the balance, including interest, will be paid into the customer’s current account.

The aim is to encourage people to save a fixed amount each month for a year. It follows other recent offers, which include all new premier customers getting a 150 holiday voucher and the “recommend a friend” incentive.

Current accounts manager Simon Ripton says: “Alliance & Leicester’s premier and premier direct current accounts are recognised as being among the best on the market by far and this new account makes it even more attractive to switch. This will be a great way for people to kickstart a savings habit and at the end of the 12-month period have saved up a nice little nestegg. There has never been a better time to switch.”

Knowlden Titlow Financial Services senior financial adv-iser Colin Trayler says: “This is a high headline rate with no risk so I would not diss- uade anyone wanting to make monthly savings from doing this.”

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