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A&L launches 5.3% fixed rate bond

Alliance & Leicester's offshore savings unit, Alliance & Leicester International, has launched a limited edition one year fixed rate bond.

The limited edition bond, which requires a minimum GBP25,000 investment, has a fixed interest rate of 5.3%. Customers can deposit up to GBP1 million into the bond, which will mature on August 31, 2007.

Savers can opt to have their interest paid on the maturity of the bond or on a monthly basis, while interest can be paid either by transfer into another A&L account, or by transfer to a bank or building society account in the Isle of Man, UK or the Channel Islands.

Commenting on the launch, Simon Hull, managing director of Alliance & Leicester International said: Our range of fixed rate bonds continue to be exceptionally well received. The rate offered 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.