On the 3rd of December, Alliance & Leicester are launching a new savings account designed for lump sum savers - the RewardSaver account.
The RewardSaver combines a variable rate of 3% (guaranteed minimum to match the Bank of England Base Rate) with a fixed reward rate of 2% which would be payable on the 1st February 2010 (as long as no withdrawals have been made from the account).
Alliance & Leicester Manager of Savings, Hetal Parmar: "RewardSaver offers a solid return - equivalent to 5% AER with the added benefit of being able to access your funds if you really need to. It also offers the option of monthly interest, which can be paid to another account without this counting as a withdrawal, making it ideal for people who depend on interest from their savings to top up their monthly income.
"The account rewards people who save over the longer term, rather than dipping into their savings, by offering a reward as well as a guarantee that the underlying rate will at least match the Bank of England Base Rate until the bonus is paid".
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