Alliance & Leicester International Limited (ALIL), the offshore savings bank, has today launched a new internet savings account, which will revolutionise the world of offshore banking – it offers a market leading rate of 6.15% gross (AER), whilst enabling expatriate customers to both apply for and manage their savings online.
The new 'eSaver Offshore' account is the first offshore savings account to offer an online application process without the need for a 'wet' signature. The product has been designed to enable customers to both buy and manage their account online and in return, receive a great rate of interest on their offshore savings.
The online application process eliminates the need for excessive paperwork by using ALIL's internet banking service to provide secure, online, 2-way communication instead. This allows applicants to apply from wherever they live or work in the world and to complete the application process with minimal inconvenience.
Simon Hull, Managing Director of Alliance & Leicester International commented: "The new process brings a much needed real time element to offshore banking. Historically, the offshore market has lagged behind onshore, but with the launch of the 'eSaver Offshore' account, customers really will be able to apply for, and access their savings account any time, anywhere. We are confident that 'eSaver Offshore' provides today's expatriate with a fast application process and ease of use, together with the best rate available."
The key features of the new account, available from today, include;
- An interest rate of 6.15% gross AER
- Instant access, Sterling on both joint and single accounts
- Interest payable annually, no monthly interest option
- Minimum balance £1,000
- Maximum of £1 million
- Available to both new and existing ALIL customers, accounts must be opened with funds not already deposited with ALIL
- Online application process
- Accounts managed online using MyBankOffshore, ALIL's Internet Banking Service
- No paper statements provided, instead, an up to date transaction history can be viewed online
- Deposits and withdrawals completed electronically for speed and security
The typical application process for offshore savings accounts can take weeks for applicants located around the globe, but the new 'eSaaver Offshore' account will reduce this procedure significantly.
Hull explains "Offshore savers are calling out for true end-to-end online banking capability. Our new 'eSaver Offshore' product offers exactly that and allows customers instant access, with the best interest rate on the market."