Alliance & Leicester announced details of new Direct ISA and Online Saver products to be launched next month.
The current versions of the products are no longer available to new customers.
The interest rate for the Direct ISA is set to stay at 5.40 per cent for existing customers. Alliance & Leicester guaranteed that this rate would remain at least at 0.65 per cent above the Bank of England base rate until the end of this year.
Alliance & Leicester ISA products that are transferred to another provider would no longer incur a £25 fee from this week.
The rate for Online Savers customers would be reduced from 5.35 per cent to 5.00 per cent. This rate is guaranteed to remain at least 0.25 per cent above the Bank of England base rate until the end of the year.
Stephen Leonard, director of mortgages, savings and investments at Alliance & Leicester, said these accounts were extremely popular.
"I am pleased to confirm that we will be maintaining some of the most competitive rates in the market for existing customers," he said.
Mr Leonard also said competitive new Online Saver and Direct ISA products for new customers would be announced soon.
Alliance & Leicester is one of the UK's major financial services groups. It offers a broad range of financial services to personal and commercial customers.
Alliance & Leicester is the UK's seventh largest bank, with around 5.5 million customers.
New savings products launched for Alliance & Leicester customers
New savings products launched for Alliance & Leicester customers
Mon, 13 Jun 2005
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