New ALCB high interest account launched

Alliance & Leicester Commercial Bank (ALCB) have unveiled a new high interest deposit account for its customers.

The bank have launched the accounts, available through its regional business centres, on a tiered interest basis.

The High Interest Chequebook Account is designed for deposits in excess of £100,000, with an upper limit of £5 million.

Interest rates start at 4.20 per cent gross rising to 4.55 per cent for deposits in excess of £500,000 , with payments credited to accounts on a monthly basis.

The account is designed to reward businesses such as estate agents, accountants, solicitors and insolvency practitioners with a high rate of interest on large deposits.

ALCB boast that account holders will have easy access to funds via free and unlimited cheque and electronic transfers.

Alex Smith, senior marketing manager at ALCB said: "We are confident that this account will prove extremely popular with businesses with surplus cash that wish to obtain the best return on their own or their client’s funds."