However, if you haven't taken advantage of these offers and want to do so, you need to act quickly because the accounts are being withdrawn on September 6.
What's the deal?
A&L and Abbey, which are both owned by the Spanish banking giant Santander, are offering new current account customers the opportunity to open a regular savings account paying a fixed rate of 6.00% for 12 months.
To qualify you must switch your current account over from another bank, so existing A&L or Abbey current account customers aren't eligible.
However, before you groan and think this is more hassle than it's worth, bear in mind that the current accounts this savings offer is linked to are among the best in the market.
The A&L Premier Regular Saver is available if you open a Premier Direct or Premier 50 Current Account, while Abbey's Super Fixed Rate Monthly Saver is linked to its Reward Account and Preferred In-Credit Rate Current Account. Both the current account and the linked savings account pay interest of 6.00%, which is fixed for 12 months. With the base rate at just 0.50%, such returns are impressive.
The 6.00% rate on the current accounts is only available on balances up to £2,500 and Abbey requires you to pay at least £1,000 a month into your account. A&L's minimum monthly deposit is lower at £500. It's also worth noting that the Abbey Reward and A&L Premier 50 deals also carry a £10 monthly fee - you do get benefits such as free travel insurance, but you need to evaluate whether you'll make use of those extras before signing up. And the Premier 50 account is only available to those aged 50 or over.
The linked savings accounts are regular savers and require money to be paid in each month - at least £10 into the A&L Premier Regular Saver and £25 or more into the Abbey Super Fixed Rate Monthly Saver. The maximum you can pay in is capped at £250 a month.
Given the strength of the current account and savings deals, these offers could be a win-win option for many people. However, depending on your circumstances there may be better options if you're in the market for a new current account.
Switching current account
There's a lot of competition in the current account market, with providers such as A&L and Abbey desperately trying to entice people away from Barclays, HSBC, Lloyds TSB and NatWest which dominate the market because of their heritage as the main high street banks.
Of all the main banking products we use, our current account is the one we are least likely to change. With money going in and out throughout the month, many people think it's just too much hassle. Another common perception is that there isn't much point in changing current account provider, because the products are all pretty much the same.
However, this isn't the case. The current account market has changed dramatically over recent years and there are significant benefits to be had by switching to a more competitive deal. What's more, the switching process will probably be much simpler than you're expected. Having moved my own current account twice in recent years, I've experienced the process first hand and it really isn't too painful.
Most providers have dedicated switching services so they do all the hard work for you such as arranging the transfers of direct debits and standing orders.
In many ways, the hardest thing is choosing which current account to go for.
How do the leading deals compare?
It's becoming more complicated to compare current accounts - some providers still operate the traditional pricing strategy of paying interest on balances in credit and charging interest on overdrafts. However, others have moved to daily overdraft fees; some pay no interest on balances in credit; then of course there are the 'added value' accounts, which include additional benefits such as travel insurance and access to preferential deals.
The account you go for will depend on a number of factors: whether you tend to be in-credit or are regularly overdrawn for most of the month; and how much you pay in.
If you're frequently in the red, for example, A&L has a market-leading overdraft - overdrafts up to £2,000 are free for the first 12 months. You are then charged 50p for every day you're overdrawn, although this is capped at a maximum of £5 per month. This overdraft deal is available on all A&L's current accounts.
As mentioned above, A&L and Abbey offer the highest in-credit rate of 6.00%. However, this is a 12-month offer and it is only payable on balances up to £2,500. Other attractive options if your account is usually in-credit are the Halifax Reward Account and Lloyds TSB's Classic Account with Vantage.
Rather than receiving interest on balances in credit, you have £5 paid into your account each month with the Halifax Reward Account (as long as you pay in £1,000 or more). Also, this is a long-term offer so the reward is paid indefinitely, it's not just an introductory offer than ends after 12 months.
The Lloyds account with Vantage is great for those who keep a large balance in their current account. You earn 4.00% on balances between £5,000 and £7,000.
Our article 'What's the best current account?' looks into the various options and who the type of customer they suit, in more detail. It was first published in April, but we've just updated it so the information is correct and current.
Savings options
If you're looking for a new savings account but don't want a regular saver, read Laura Howard's article 'Fix your savings now' as she gives details of the leading fixed and variable rate deals available.
Disclaimer: Please note that any rates or deals mentioned in this article were available at the time of writing. Products underlined can be applied for directly.
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