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Alliance & Leicester's Online Saver Issue 5 pays 3.15% AER and includes a variable introductory bonus paid until 2nd August, 2010.
The actual rate incorporated in the introductory bonus is dependent on how much money you have saved in the account. However, regardless of your balance you will still receive the 3.15% AER rate overall.
The bonus rates paid are as follows:
After 2nd August, 2010 the rate will revert from 3.15% AER to the account's standard variable rate.
The Online Saver Issue 5 account can be managed online, accepts balances from £1 to £2million and places no restrictions or penalties on withdrawals whatsoever.
The 3.15% AER paid on the Alliance & Leicester Online Saver Issue 5 account is the best instant access rate available for savers under the age of 50. What's more, the bonus available with this account gives you added reassurance that you'll be getting a reasonable return on your money until August 2010.
While the introductory bonus paid on this account is definitely worth taking advantage of, the standard rate of interest applied after this expires isn't anything to write home about. As such, it's a good idea to review the account's suitability after 2nd August, 2010 to ensure that your money is getting the best return possible on an ongoing basis.
Additionally, it's worth bearing in mind that the account can only be managed online. While this isn't going to be an issue for the majority, if you prefer to have branch access to your money it's something to consider.