Alliance & Leicester attacks the UK current account market
In a sign of increased competition in the UK banking industry it has been revealed that Alliance & Leicester is again offering £100 to customers switching their current accounts from competitors. The online offer is set to run until 28 May and is indicative of greater demand for current account customers in the UK banking sector.
The Alliance & Leicester offer also allows an interest-free overdraft for 12 months and free annual European travel insurance. The offer relates to the company's Premier group of accounts with the Premier 50 account attracting a £10 per month charge. However for this you will receive interest at 5% variable for one year on balances up to £2,500.
For those looking at changing their banking provider the Alliance & Leicester offer has attractions although we should see more and more similar deals being announced over the coming months. It appears as though the UK banking giants are looking to reposition themselves for the eventual recovery in the UK economy. Many observers are also waiting to see how those banks under the effective control of the UK government will respond and whether potential conflicts of interest will arise.
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