Alliance and Leicester
History
The origins of Alliance and Leicester can be traced all the way back to the establishment of the Leicester Permanent Benefit Society in 1852. Through a series of mergers and acquisitions over the next century-and-a-half, the company officially became Alliance and Leicester in 1985, when the Alliance Building Society merged with the Leicester Building Society. A little more than 20 years later, Alliance and Leicester became a part of the Santander Group. However, the company continues to operate under the Alliance and Leicester brand at this time.
Current Information
As a part of the Santander Group, Alliance and Leicester was able to reach many more customers. Currently the company continues to work under the Alliance and Leicester brand, offering a variety of products with that name. However, through an agreement with Santander, Alliance and Leicester will give up its independent name this year, and all new products will then be offered under the Santander branding.
Cash ISAs Available
Alliance and Leicester currently offers four different types of cash ISAs.
- Fixed-Rate ISA – This account offers a competitive, fixed interest rate throughout the term of the account. Rates vary based on the amount you deposit and the length of the term you choose. Interest payments are made annually and withdrawals during the term are subject to an interest penalty. Penalties with Alliance and Leicester tend to be lower than other financial institutions. Currently, customers can choose between a one-year and two-year term.
- Flexible ISA – As the name suggests, this account offers a variable interest rate and penalty-free withdrawals. The interest rate is directly tied to the Bank of England base rate, with a bonus rate for the first 12 months. Customers are not allowed to transfer ISA funds into this account from another ISA product.
- Direct ISA – This account is the primary product that Alliance and Leicester is featuring at this time. The Direct ISA offers a bonus rate for 12 months and penalty-free withdrawals at any time. Customers can also deposit money into the account at any time, subject to the contribution limits on ISAs set by the government. Interest is paid annually and customers can transfer funds from another ISA into this account.
Stocks and Shares ISAs to Choose From
In addition to the cash account options listed above, Alliance and Leicester also provides an investment option known as the Super Flexible ISA. This account combines a cash ISA with a qualifying investment product offered by Santander. There are a variety of qualifying products included in this package, including Premium Investments, Portfolio Investments and Capital Guaranteed products that are usually available for a limited time. The same amount of money needs to go into the cash account and the investment product, according to the ISA contribution limits set by the government.
Alliance and Leicester brings centuries of experience, as well as the backing of one of the largest financial groups in the world, Santander. Whether you are in search of a basic cash ISA, or a way to make the most of your money with a combination of cash and investment products, Alliance and Leicester has the right ISA for you.