Abbey and A&L £100 current account switching incentive
From 7th September Santander's UK current account brands, Abbey and Alliance & Leicester, are offering a £100 cash incentive to those switching to an Abbey Preferred Overdraft Rate (PODR) account or an A&L Premier Current Account.At a time when other providers are offering little or no in-credit interest, or increasing their overdraft interest rate, or both, Abbey and A&L are offering even more (or similar) In addition, Abbey is raising the in-credit interest rate on the PODR account to 0.5% gross/AER from 0.1% gross/AER for new customers.
Gillian Almond, Head of Current Accounts for Santander's UK brands said: "This is good news for those looking to switch their current account. The current account market has changed considerably over the last couple of years, with most providers offering little or no incentives. Abbey and A&L are bucking that trend by offering £100 to those who switch to us from another provider.
"The majority of current account holders will have been affected by either a cut in their in-credit interest, an increase in their overdraft rate, or both. It is time that people started looking for real value, and beyond the traditional big-name banks."
The £100 cash bonus is available on the Abbey PODR bank account and Alliance & Leicester Premier Bank Account. Product features include:
Abbey Preferred Overdraft Rate Bank Account (Switchers):
Interest free overdraft for 12 months (12.9% EAR typical thereafter)
0.5% AER/gross in-credit interest on balances up to £2,500 (subject to minimum monthly credit of £1,000)
Overdraft matching up to £5,000 available (depending on circumstances)
Alliance & Leicester Premier Current Account:
Interest free overdraft for 12 months (50p per day up to £5 a month thereafter)
0.5% AER/gross in-credit interest on balances up to £2,500
Free annual European travel insurance
For more information on the £100 offer and to apply, go online at abbey.com and alliance-leicester.co.uk, in branch or over the phone.