A&L increases credit interest on Premier Direct and Premier 50 current accounts

Alliance & Leicester is once again reinforcing its commitment to offering market leading current accounts, by increasing the credit interest rate on both Premier Direct and Premier 50 to a table topping 8.5% AER, with immediate effect.

Customers opening one of these accounts will not only receive the best credit interest rate available on the market for the first year, and a great ‘go-to rate’ for subsequent years, they will also benefit from the unique interest free overdraft structure Alliance & Leicester introduced last year.

New consumer research from Alliance & Leicester Current Accounts reveals that 80% of current account holders have not switched their current account in the last five years.

The current account landscape has changed dramatically in recent years, and while Alliance & Leicester has led the way in introducing current accounts that deliver real value for customers, some of the big banks have been reducing their already paltry in-credit interest rates.

Alliance & Leicester now offers a massive market leading interest rate of 8.5%, that is 85 times the interest offered by the big-name banks, with a lot more benefits besides.

Emma Walkley, Current Account Manager at Alliance & Leicester said: “Despite Alliance & Leicester leading the way and raising the bar on current accounts, others still continue to fall short, paying no more than 0.1% on credit balances. Switching your current account to Alliance & Leicester could see you earning 85 times more interest, and that could mean you earn up to £200 more.

“The majority of adults in the UK still have current accounts that are stuck in the dark ages. It is a real concern that 80% of people have not changed their current account in the last five years.

“There has never been a better time to update your finances and switch current accounts. We are committed to offering market leading products and this latest rate increase widens the gap between Alliance & Leicester and the ‘big four’, ensuring that our customers continue to get an outstanding deal.

“It is time that customers demanded more from their current account, and moved to a bank where their hard earned money works harder for them.”