Alliance & Leicester offers £100 to switch online

Alliance & Leicester is once again raising the bar for current account switchers by giving £100 to customers who switch online to an Alliance & Leicester Premier Current Account.

This new offer, is one of a range of incentives to encourage people to break free from their poor value current bank and switch to a better deal which suits their lifestyle and offers better value.

In addition to the £100 reward for online switchers, other reasons to open a Premier Current Account include:

Free annual multi-trip European travel insurance
Free agreed overdraft for the first 12 months
‘Recommend a Friend' scheme
A linked PlusSaver account paying 5.25% AER
Hassle-free switching service to transfer your salary, Direct Debits and standing orders
Ten times the interest offered by most big-name banks

Andy Muddimer, Current Account Manager at Alliance & Leicester said: "With this £100 reward for switching to Alliance & Leicester, we are once again raising the bar in the current account market, and giving people who are not getting a good deal from their current account a real reason to switch.

Despite the many competitive current accounts now available, switching inertia is still rife in the UK, with Alliance & Leicester's research revealing that time spent banking with the same provider often stretch over a lifetime, with 58% of people admitting they have never switched current accounts. In fact, 17% of current account holders have held their current account with the same provider for over 30 years.

Of those who do change current account provider, some of the reasons for switching include a better overdraft deal than their previous bank (13%) and an account with good added benefits such as travel insurance or a linked savings account (14%).

Andy Muddimer continues: "Eight in ten people haven't switched current accounts in the last five years, and over half have never switched. We would urge all those who haven't switched to have a good look at the account they currently have and see whether they are getting good value - they probably aren't. Researching the market to check how competitive your bank is should be routine for everyone, especially given how people need to make their money stretch further and work harder for them these days.

"Alliance & Leicester offers a range of best value current accounts tailored to meet the needs of individual customers. So whether you take regular city-breaks and would make good use of the free travel insurance, or are looking for an account with an eye-popping credit interest rate, Alliance & Leicester is likely to offer a better deal than your current provider."

Commenting on Alliance & Leicester's Premier Switching Service, Andy Muddimer explained: "Many people have a fear of change, or the unknown, and this equally applies when switching current accounts. Some people think switching will be time consuming for them, fraught with difficulties and probably more hassle than it is worth.

"Alliance & Leicester offers the ‘Premier Switching Service' which makes the process seamless by transferring existing direct debits and standing orders from a customer's current bank, transferring their main salary or income from their old bank and matching the overdraft limit they had with their old bank.

For further details on how customers can claim their £100 switching incentive by opening a Premier Account or for details on its full range of current accounts and the latest offers visit alliance-leicester.co.uk/currentaccounts.