Alliance & Leicester: Lloyds TSB’s Classic Plus Current Account

Andy Bayes, Head of Current Accounts at Alliance & Leicester said: “It’s a compliment for Alliance & Leicester to see that the current account products we offer are forcing the competition to change their pricing strategy as we consistently lead the way in terms of customer value. Over recent months competitors have re-priced their products, but have consistently failed to match the all round value that we offer.

“Lloyds TSB is the latest to launch a seemingly impressive credit interest rate, but they are also the latest to fail to acknowledge that ‘value’ is not just a promotional credit interest rate.

“It is interesting to see that Lloyds TSB is not committing to offering this product in the longer term, so after this promotional period ends it will probably be a case of ‘poor rates as usual’, whereas Alliance & Leicester have consistently offered great rates for a number of years.”