Santander increases current account credit interest rates

Santander's UK current account brands, Abbey and Alliance & Leicester, are once again challenging the current account market by bucking the trend and increasing the credit interest rate to 6.00% AER on their already popular high interest accounts.

Customers will also be given certainty over the rate of interest they will receive over the full introductory period, as the 6.00% rate will be fixed for a year.

The 1.00% interest increase from 5.00% to 6.00% on Abbey's Preferred In-Credit Rate current account and Alliance & Leicester's Premier Direct and Premier 50 accounts, will be available on accounts opened from Monday 8th June.

Gillian Almond, Manager for Abbey and Alliance & Leicester Current Accounts explained: "Abbey and Alliance & Leicester continue to buck the trend in the current account market by providing even better value at a time when many other providers have reduced the rate they pay to customers with balances to as low as 0%, and the vast majority of customers, nearly nine out of ten, at the largest banks receive less than 0.5% on their money3."

"With the Bank of England base rate being at an all time low, we know consumers are increasingly shopping around to make the most of their money. By switching to a current account customers could earn 60 times more than the interest they can get from other high street banks.

Michelle Slade, Finance Expert from Moneyfacts.co.uk said: "Within these testing times it imperative to make every penny count and an interest rate of 6.00% AER is streets ahead of the rest of the market. Current accounts are an important part of any customer's financial portfolio and with many of the other high street providers paying no interest at all, customers really should consider switching."

To find out more information about Abbey's Preferred In-Credit Rate account, visit abbey.com or alliance-leicester.co.uk/currentaccounts for more information about Alliance & Leicester award winning Premier range of current accounts and the latest offers available.