Alliance & Leicester are offering customers £100 for switching to their premier and premier 50 current accounts as an incentive, which could prove valuable in the current climate where in-credit interest rates are becoming obsolete.
Offering a financial boost into the New Year, new customers who apply for the Alliance & Leicester Premier current account
or Alliance & Leicester Premier 50 current account
will receive the £100 within four months of the account being opened, if standing orders and direct debits have been transferred there and at least £500 has been deposited.
"After what is likely to be an expensive Christmas for many people, the New Year is an ideal time for people to start sorting out their finances, and in particular to take a closer look at their current account." said Andy Muddimer, manager of Alliance & Leicester current accounts
"It is a concern that two thirds of banking customers have not switched current accounts
in the last decade. Alliance & Leicester is providing a great reason to review your current account, and make your money stretch further."
Louise Bond, personal finance expert at uSwitch.com, said that "this is a great incentive for people to shop around for a better deal on their current account, especially in today's economic climate. Anything that makes consumers think about whether their current account really offers good value for money, or whether they could get a better deal elsewhere, is to be welcomed." she added.
"Customers can also benefit from the perks of a packaged account without paying a monthly fee. The Premier Account comes with free annual multi-trip European travel insurance and the Premier 50 account (for the over 50s) provides free annual multi-trip worldwide travel insurance. The A&L Premier Direct current account has also been one of the best "all-rounders" on the high street for several years - consistently in the best buy tables for its competitive credit and debit interest rates."
Kevin Mountford, head of banking at moneysupermarket.com, thinks that the zero per cent overdraft facility for one year offered by the accounts could also prove useful as consumers head into a tough year, which is "likely to be more about saving money where possible, rather than making it, so this could really help." he said.
Mr Muddimer continued: "This is a win-win for customers, they get a market-leading current account to make their money stretch further, and they also get to pocket £100 - not bad when money might be tight after Christmas."
Learn more about Alliance & Leicester current accounts
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