# New deposit account for charities from Alliance & Leicester

- Link: https://fundraising.co.uk/2007/01/05/new-deposit-account-charities-alliance-amp-leicester/
- Published: 2007-01-05T00:00:00+00:00
- Author: Howard Lake

Alliance & Leicester Commercial Bank is introducing the Money Market Account, a 
new deposit account for Public Sector organisations and charities.
The Money Market
Account offers a managed interest rate is paid on the account, linked to prevailing
money market rates. Interest is calculated daily and credited monthly.

To open an account organisations need to deposit at least £500,000, with the maximum
balance £10 million, unless by prior agreement.

Account holders receive monthly statements, a weekly email detailing current rates.
Accounts can be managed by phone or internet, with both deposits and withdrawals
made by electronic transfer.

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The Money Market Account was piloted in September 2006. Geoff Kontzle, Head of Public
Sector at Alliance & Leicester Commercial Bank said: “Feedback tells us that organisations
like the new account because it offers money market rates, but still with direct
access. This gives them all the benefits but none of the limitations of a traditional
longer term investment account.”

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