New Alliance & Leicester current account receives the thumbs up

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments on the launch of the new Premier 50 Current Account from Alliance & Leicester: “It’s an all round impressive account, suited to its market and unrivalled in many of its features.

“Paying a market leading credit interest rate for the first year, and sustaining a competitive rate thereafter makes this a great account for the longer term too. 7% AER (up to £2.5K) is better than any standard variable savings rate in the market today. But for those who do slip into the red, the same market leading overdraft structure also applies.

“By not imposing a minimum funding requirement these top rates are available to everyone over 50 regardless of their income levels.

“It’s pleasing to see that Alliance & Leicester has not entered into this packed market gun ho, offering every benefit under the sun just to bulk out the value of the account. This is a packaged account with benefits targeted to meet its customer’s needs. Even by just making use of the travel insurance, the account pays for itself.

“The additional beauty of this account, other than being available through the telephone, online and in branches, is that you can pay in and withdraw from your local post office. An overwhelming benefit for those living away from town centres or where a local post office is simply more convenient.

“It’s a deal good enough to be sure to tempt many customers away from their existing provider. The only downside is you have to be over 50 to qualify.

“As with any packaged account, the benefits are only worth any value if you make use of them; otherwise you will be paying something for nothing.”