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A&L launches '10% ISA'

Alliance & Leicester has announced further details of its new high-interest 'super ISA'.

The bank is offering tax-free savings of ten per cent paid out annually on January 1st to customers opening a current account from today.

However, customers should also be aware that the ISA is on a variable rate - meaning that far less interest will be derived from it next year.

Other ISAs, such as the 6.1 per cent offer from Icesave, offer a lower initial rate but guarantee to beat the base rate of interest by a pre-set amount for years to come.

Nevertheless, the Alliance & Leicester account currently tops the best-buy charts for short-term savers.

Head of savings and investments at the bank Ewan Edwards commented: "For a limited period, we will be offering all new Premier Current Account, Premier 50 and Premier 21 customers the chance to earn a very attractive ten per cent interest on their ISA allowance.

"This offer is particularly appealing to those people who haven't already used their ISA allowance for this current tax year.

He added: "If they take advantage of the offer before 5th April 2008, they will benefit from this great rate for both the 2007/08 and 2008/09 tax year allowances."

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