Alliance and Leicester has raised the rate on its dollar savings account as a result of an increase in official US dollar rates.
The decision to raise the rate makes Alliance and Leicester the most competitive offshore bank in the variable rate easy access and 30 day markets.
For Alliance and Leicester US dollar savings accounts the interest rate has risen from 4.95 per cent to 5.2 per cent on accounts with over $100,000 in them. For savings accounts with between $5,000 and $99,999 in them the rate has risen from 4.75 per cent to 5.0 per cent.
The offshore bank's decision to increase its rate follows an increase in the US dollar rates as the US Federal Open Market Committee increased its target for overnight interest rates.
Simon Hull, managing director of Alliance and Leicester International Limited, said:
"We always strive to offer our customers the best rates possible. When the Federal Open Market Committee increased its target for overnight interest rates, we wanted to increase our rates to ensure that our customers would receive the full benefit of this change."
The new Alliance and Leicester rates will be introduced with immediate effect.
Alliance & Leicester raises rate on dollar savings account
Alliance & Leicester raises rate on dollar savings account
Tue, 25 Jul 2006
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