Alliance & Leicester extends credit interest offer

Alliance & Leicester has announced that it is extending the 8.5% AER credit interest offer on both its Premier Direct and Premier 50 current accounts. The offer not only includes a guaranteed rate of 8.5% for the first 12 months, but also a 0% overdraft. Premier 50 customers also benefit from a range of other benefits, including worldwide travel insurance up to age 79 and health benefits worth up to £750 a year.

By opening a Premier Direct or Premier 50 current account, customers will receive 85 times more credit interest in the first year than is offered by some well-known high street banks. Research has shown that a quarter (25%) of those who have switched their current account in the last five years did so to get a better rate of interest on their money. However, overall, eight out of ten current account holders (80%) have not switched in the last five years.

Emma Walkley, Current Account Manager at Alliance & Leicester said: "Alliance & Leicester's offer of 8.5% interest is 85 times higher than the meagre 0.1% that many customers are getting from their banks. We would urge customers to switch their current account to Alliance & Leicester and let their money work harder for them. Eight out of ten customers haven't switched their current account in the last five years - a lot has happened in that time.

"Our offer gives customers a guaranteed 8.5% interest on their money for the first 12 months whatever happens to interest rates. The offer is available for another three months - so now's the ideal time to switch."

Emma Walkley continues: "There has been a lot of talk about people feeling the pinch and needing to tighten their belts, and that means they have to make the most of their money. Switching to Premier Direct or Premier 50 not only gives customers 8.5% credit interest on their balances, but also offers a free agreed overdraft for the first 12 months. In addition, those who are recommended by an existing customer can share £50 just for switching."

Alliance & Leicester offers the ‘Premier Switching Service' for customers switching accounts to one of Alliance & Leicester's Premier range of accounts - it takes the hassle out of transferring existing direct debits and standing orders from a customer's current bank. If a customer uses the switching service, A&L is able to match the overdraft limit they had with their old bank.

To find out more information about Alliance & Leicester's Premier range of current accounts and the latest offers, visit alliance-leicester.co.uk/currentaccounts