Alliance & Leicester International Limited, the offshore savings bank announced on Wednesday that it has increased the interest rate paid on its Offshore Base Rate Tracker (Issue II) and its Offshore Pension Reserve.
The move follows the Bank of England's decision to increase the Bank Base Rate by 0.25% to 5.25% on 11 January 2007.
Simon Hull, Managing Director of Alliance & Leicester International Limited explained that:
"Alliance & Leicester International is committed to providing customers with consistently competitive offshore savings rates, and by linking the rates on these accounts to Bank Base Rate we have ensured that customers in these accounts have benefited from the recent Bank Base Rate rise within one week."
The bank is currently reviewing the remainder of its rates in light of the recent change to the Bank of England Base Rate.
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