Call to ditch uncompetitive accounts

08 August 2003
As the football season gets underway, Alliance & Leicester is calling on consumers to give uncompetitive bank accounts the red card.

The building society claims that, with increased competition in the current account market, it's time people shopped around for the best account.

An estimated 28 million (71 per cent) of all current account holders still bank with the Big Four banks - Barclays, Lloyds TSB, NatWest and HSBC.

Simon Ripton, Manager of Current Accounts at Alliance & Leicester commented: "With so much competition in the current account market, it is time people tackled their finances and switched to a better deal.

Around 68 per cent of current account holders have been with the same bank or building society for over 10 years, and 81 per cent feel loyal to their current account.

Mr Ripton added, "With better deals on the market it is surprising that many more people haven't relegated the Big Four.

"At Alliance & Leicester we believe in rewarding our customers for banking with us and the free extra benefits of Premier ensures our customers are always top of the league".

Alliance & Leicester Premier Current Account offers a 0 per cent overdraft for 12 months reverting to 6.9 per cent gross EAR, 2.12 per cent Gross AER interest paid on credit balances and 3.75 per cent Gross AER paid on savings through its linked PlusSaver account. In addition, all Premier Current Account holders also receive free annual worldwide travel insurance worth £90.