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Alliance & Leicester introduces suite of new deposit accounts

Alliance & Leicester Commercial Bank has launched a suite of three new deposit accounts, which include Base Rate Beater, Business Instant Savings Account and Fixed Term Treasury Account to suit a range of business requirements.

The Base Rate Beater is an instant access deposit account which offers Bank of England base rate +0.30% on balances between GBP500,000 and GBP5 million, with the part of the balance below GBP500,000 receiving Bank of England base rate +0.05%. It can be opened with sums from GBP200,000 and there is a maximum balance limit of GBP5 million.

With no minimum opening balance, the new Business Instant Savings Account pays up to 5.05% gross on balances up to GBP2 million and offers 10 free electronic withdrawals every month.

The new Fixed Term Treasury Account is linked to the money markets and offers customers a fixed rate of interest based on how many months the funds will be in the account. The minimum investment of this account is GBP250,000.

Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank, said: We are seeing significant growth in the volume and value of deposits made by businesses and this new suite of products is designed to meet the needs of a range of organizations with varying amounts of surplus funds.