Parents urged to shop around for current accounts

02 September 2005
Banks are lining up to provide new university students with incentives – but what about their parents?

Alliance & Leicester are urging students’ parents to shop around and see if they can save money on their current account.

They are offering a current account with a five per cent interest rate when in credit and free travel insurance – providing the customer pays in at least £1,000 a month.

Simon Ripton, current accounts manager at Alliance & Leicester said: "The traditional high street banks are quite prepared to shower new students with incentives – but what about the poor value current accounts they offer to students’ hard-pressed parents?

“Alliance & Leicester is offering market-leading credit interest and overdraft rates and free travel insurance. Today’s current accounts are not all the same – and there has never been a better time to switch."

Alliance & Leicester’s research suggests that nearly 60 per cent of banking customers have been with the same bank for over 10 years and many are loosing out on the savings offered by non-high street banks.

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