Alliance & Leicester enters the contractor's market

Alliance & Leicester Commercial Bank has announced the launch of a new partnership with Professional Passport to help Contractors make the most of their funds.

Under the new partnership, members of Professional Passport will be able to access an enhanced version of Alliance & Leicester Commercial Bank's award winning Free Business Current Account. The account offers a market leading credit interest rate of 5.73% AER (variable) on balances up to £1,000 and is guaranteed for the first 12 months from opening the account. In addition to free and unlimited day-to-day banking, £4,000 worth of free cash deposits are allowed each month - the highest amount in the market.

As well as having the convenience of being able to open an account at any time either over the telephone or internet, the confidence of free day to day banking, Contractors will also benefit from unrivalled access to their accounts. Professional Passport members will be able to manage their accounts via the bank's branch network, by telephone, mobile phone, fax, post or through a secure internet banking site as well as at any of the UK's Post Offices.

Steve Jennings, Director of Business Banking at Alliance & Leicester Commercial Bank said: "Many small businesses struggle to understand and cope with the increasing amount of changes to legislation as well as tax implications affecting their businesses. The services offered by Professional Passport allows contractors to free up valuable time to concentrate on the core elements of running their business rather than sinking under a mounting pile of administrative paperwork."

Steve Jennings adds: "Our partnership with Professional Passport, provides members with peace of mind, knowing that not only is their business benefitting from a range of exceptional value products, enhanced terms, and improved credit interest but also that their business remains compliant in an ever changing environment."

In addition, Contractors can benefit from a range of market leading deposit accounts where, dependent on their initial deposit and balance, Alliance & Leicester Commercial Bank can guarantee to pay rates of interest above the Bank of England Base Rate and almost double that paid by the Big Four.

As well as the relationship with Alliance & Leicester Commercial Bank, Professional Passport works across all sectors of the contracting market place providing support services and guidance to contractors, agencies, end clients and specialist providers.

Contractor members can also benefit from unlimited telephone and email support covering all aspects of operating compliantly as a contractor.

Crawford Temple, Chief Operating Officer of Professional Passport said: "We are delighted that Alliance & Leicester Commercial Bank have recognised the opportunities within the contractor market and been so willing to adapt their products to meet the requirements of contractors whilst at the same time ensuring compliance against the specific UK legislation applying to this market. We feel this adds real value to our members."

For further information on the full range of accounts available from Alliance & Leicester Commercial Bank, visit alliance-leicestercommercialbank.co.uk.