Money News
| Rate (AER) | Minimum Balance | ||
|---|---|---|---|
| A & L | 8.50% | £1 |  |
| Barclays | 3.00% | £1 | |
| Barclays | 3.00% | £1 | |
| A & L | 1.00% | £1 | |
| Citibank | 0.10% | £1 | |
| * Based on £500 Credit and is a limited guide to the market | |||
Despite being targeted for a takeover by Santander, Alliance & Leicester is continuing with its extremely competitive approach to the current account market by giving £100 to customers who switch online to their Premier Current Account. This new offer, is one of a range of incentives to encourage people to break free from their poor value current bank and switch to a better deal which suits their lifestyle and offers better value. In addition to the £100 reward for online switchers, other reasons to open a Premier Current Account include:
Andy Muddimer, Current Account Manager at Alliance & Leicester said: ''With this £100 reward for switching to Alliance & Leicester, we are once again raising the bar in the current account market, and giving people who are not getting a good deal from their current account a real reason to switch''.
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Despite the many competitive current accounts now available, switching inertia is still rife in the UK, with Alliance & Leicester's research revealing that time spent banking with the same provider often stretch over a lifetime, with 58% of people admitting they have never switched current accounts. In fact, 17% of current account holders have held their current account with the same provider for over 30 years. Of those who do change current account provider, some of the reasons for switching include a better overdraft deal than their previous bank (13%) and an account with good added benefits such as travel insurance or a linked savings account (14%).
15 July 2008 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.