Alliance & Leicester current account 'a market leader'
www.moneynews.co.uk > Banking > Alliance & Leicester current account 'a market leader'
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Money News |
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Alliance & Leicester current account 'a market leader'
Mon 11th Feb 2008
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MoneyExpert.com chief executive Sean Gardner said the 8.5 per cent interest rate offered by the Alliance & Leicester current account puts it "to the top of the best buy tables".
He advised people planning to switch current accounts to move quickly in order to take advantage of the deal, but urged them to "go in with their eyes wide open".
While the 8.5 per cent offered by Alliance & Leicester is a "hefty bonus" compared to the "dismal" 0.1 per cent credit interest offered by some banks, Mr Gardner noted there "is a catch" when it comes to the Alliance & Leicester current account.
"In this instance, the rate of 8.5 per cent only lasts one year before dropping to one per cent below base rate which is currently 4.25 per cent," he noted, adding that current Premier Direct customers are unable to take advantage of the offer.
However, Mr Gardner concluded that the new Alliance & Leicester current account deal is "fantastic".
"Even the go-to rate of 4.25 per cent is far better than the majority of current accounts," he concluded, adding that "very attractive" overdraft facilities are also available.
Last week, Moneyfacts.co.uk head of personal finance Samantha Owens said the decision by Alliance & Leicester to increase its Premier Direct current account interest was a challenge to other providers.
She said the 8.19 per cent offered by Alliance & Leicester on the first £2,500 was a "whopping" interest rate.
Related News : Banking |
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Related News : Alliance & Leicester |
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