Alliance & Leicester announces new current account rate

www.moneynews.co.uk > Banking > Alliance & Leicester announces new current account rate

Alliance & Leicester announces new current account rate

Fri 8th Feb 2008

Alliance & Leicester has announced that it is raising the credit interest rate on its Premier 50 and Premier Direct current accounts to a market-leading 8.5 per cent AER.

That is the best rate currently available on the market according to the bank, but it is only available to new customers for the first year.

After that rates will revert to a 'go-to rate', which tracks the Bank of England base rate minus one per cent.

New research from Alliance & Leicester revealed that over 80 per cent people in the UK have not switched current accounts in the last five years, despite the fact that "the current account landscape has changed dramatically in recent years".

Emma Walkley, current account manager at the company advised customers to "demand more from their current account" and said other providers were "falling short".

Alliance & Leicester also announced today that it is launching a new individual savings account (ISA) paying 6.25 per cent gross per annum, plus a one per cent bonus until May 31st 2009.

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : Alliance & Leicester
	Santander savings accounts 'offering 6% interest'
	Santander's pre-tax profits 'have risen by 30%'
	New guaranteed investment products from Abbey and Alliance & Leicester
	Recession 'has not dampened the ambition of young adults'
	New Alliance & Leicester Business Bank current account launched
	Alliance & Leicester 12-month business bond unveiled
	Alliance & Leicester 'to rebrand as Santander' next year
	Alliance & Leicester: 9-month fixed-rate bond launched
	Alliance & Leicester savings account returns
	Santander banks launch new bonds