Moneyfacts.co.uk: Alliance & Leicester's interest rates rise

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Moneyfacts.co.uk: Alliance & Leicester's interest rates rise

Wed 19th Nov 2008

Alliance & Leicester have introduced a large increase in the rate of interest for savers on their current accounts, according to Moneyfacts.co.uk.

The financial information site said the move "bucked the trend", as most banks have cut interest rates for savers following the Bank of England's slashing of the base rate earlier this month.

At the same time many banks, including Abbey, Barclays, Clydesdale Bank, First Direct, HSBC, Nationwide and RBS, have increased the rate of interest they charge overdrawn customers.

Michelle Slade, an analyst for Moneyfacts.co.uk, said that many people think switching bank accounts is "too much hassle", but advised that the process could be done automatically by most major banks.

She said: "Many people are finding that every penny counts, so it has never been as important to make sure you get the best current account to suit your needs."

This latest news follows a survey by Abbey which revealed that two-thirds of Brits fail to budget properly and end up emptying their current accounts before the end of the month.

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