Premier direct current account further enhanced

Alliance & Leicester is increasing the credit interest rate on its award winning current account, Premier Direct, to 6.5% AER up from 6.1% AER with immediate effect.

Premier Direct requires monthly funding of just £500, the lowest funding of any account paying credit interest over 0.10% AER. It also offers an introductory 0% overdraft for 12 months, longer than any other bank, and this is followed by the lowest overdraft rate with no monthly fee in the UK at only 5.9% EAR.

As a further incentive, any switcher who is introduced to Alliance & Leicester’s Premier Direct or Premier Current Account via a recommendation from a friend will also receive £50 for themselves and £50 for their friend – up from £25. And following the launch of mobile banking, the best value current account provider is also offering the first 20,000 customers who register their mobile phone for banking services and use them between now and 30th June 2007, £10 credit to their account.

Helen Palmer, Current Accounts Manager at Alliance & Leicester said:“Alliance & Leicester is committed to offering market leading current accounts and this latest enhancement ensures we stay ahead. The new credit interest rate for Premier Direct is the top rate available in the UK. This together with the additional benefits available to switchers and our free switching, service mean that there has never been a better time to switch current account.”

Palmer adds: “The majority of current account holders in the UK are still on poor value current accounts paying just 0.10% credit interest, and I would urge people to review their banking and switch to an account which makes their hard earned money to work harder for them.”