Alliance & Leicester current account is 'good deal'

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Alliance & Leicester current account is 'good deal'

Britons are losing around £700 million a year by paying too much for their overdrafts, Alliance & Leicester current account research has shown.

Only one in three banking customers know that they can switch to a better account even when running into their overdraft, according to the research.

Most of the customers at Britain's 'big four' banks don't realise that they can switch to a better deal, the bank said.

Simon Ripton, Alliance & Leicester current account manager, said: "It's astonishing that there is still so much confusion about whether or not you're allowed to switch with an overdraft."

Those banking with one of the 'big four' pay dearly in high interest charges and should consider switching to a better deal, he added.

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