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Alliance & Leicester launches offshore bond

Alliance & Leicester International has launched a one year fixed rate bond with a fixed interest rate of 5.5 per cent.

Customers can deposit between £5,000 and £1m into the bond which matures on October 31 2007.

Savers have a choice to have their interest paid on the maturity of the bond or on a monthly basis.

Interest can be paid by transfer into another ALIL account or to a bank or building society account in the Isle of Man, UK or Channel Islands.

ALIL managing director Simon Hull says: “The rate offers on our latest fixed rate bond is highly competitive in the market and the term gives savers the option of accessing the market again for the best deal in 12 months time. Our website allows customers to access all account details and to download an application form, speeding up the application process.”

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