With the news that Alliance & Leicester have increased the interest rate of their Premier Direct Current Account to 8.5%, moneysupermarket expert Kevin Mountford looks at the features this market leading account offers...
Video Transcript
Well, hot off the press, I'm pleased to announce that Alliance & Leicester have increased their in-credit interest rate on their Premier (Direct) Current Account by a whopping 2% and that actually now gives you 8.5% up to £2,500, that is the best available in the current account market. And what's more, they've actually maintained their 0% overdraft up to 12 months, and just remember that in-credit interest rate is actually fixed until April 2009 so it's a fantastic all round offer and I am pleased to tell you, as I say, this news is really hot off the press.
I actually think the perception amongst consumers is that the switching process for current accounts is quite problematic and research by Alliance & Leicester suggests that over the last 8 years 8 out of 10 people haven't switched their current account. How many times do you talk to people? They've switched their credit card; they've switched their loan, mortgage provider, but they seem to have the same current account they've had for years even back to schooling days or student days etc. Now, I would challenge that if you are not getting a good deal, or you are not getting the service you should come to expect, then now's the time to actually make the change and a number of banks out there, including Alliance & Leicester, have got dedicated teams to help you switch.
So, take advantage, we've now got some good deals on the market. Alliance & Leicester, 8.5% great news!
