Alliance & Leicester is restructuring and renaming its market-leading Premier Plus current account.
After extensive customer research, the bank has decided to offer a more rate-based product, called Premier Direct, to customers after it was found that almost 80 per cent of people cited interest rate as the most important aspect of their Alliance & Leicester account.
Current accounts manager at Alliance & Leicester, Simon Ripton, said: "These changes are all about choice for the customer.
"Customers can choose which of our accounts suits their preferences, rather than according to their income, as both now have the same monthly funding amount."
Premier Direct Customers will enjoy an interest rate of 5.9 per cent for both authorised and unauthorised borrowing, as well as a 12-month interest-free overdraft.
The minimum monthly funding on the Premier Direct account has been reduced to £500, putting the account at the same level as the branch-based Premier account, which will retain its name throughout the restructuring.
Travel insurance will no longer be included in the Premier Direct account package, but Premier customers will still continue to enjoy a valued range benefits.
Research found that Premier Direct customers were more concerned with rates than 'add-ons' like insurance. To read more about Current Accounts, click here.
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