Site says Alliance & Leicester current account is "eye-popping"

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www.moneynews.co.uk > Banking > Site says Alliance & Leicester current account is "eye-popping"

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Site says Alliance & Leicester current account is "eye-popping"

A current account offered by Alliance & Leicester has the potential to yield "eye-popping" savings, Fool.co.uk has asserted.

The financial advice website stated that of the 13 current accounts on the market paying out more than five per cent interest annually, Alliance & Leicester's Premier Direct account offers returns of 8.5 per cent annually on balances under £2,500.

"The new breed of high-interest current accounts has blown a gust of fresh air into an otherwise stale and complacent banking sector," said David Kuo, head of personal finance at Fool.co.uk.

However, he cautioned people to read the terms and conditions carefully, as such accounts often have strings attached.

"Some of the rates on offer are indeed better than those available in savings accounts. But there are catches to beware of," he added.

Alliance & Leicester is currently operating its Big Bank Challenge scheme in which it offers customers £100 if it cannot beat the interest rates offered by a selection of other high street banks.ADNFCR-323-ID-18670679-ADNFCR

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