Alliance and Leicester extends best buy 8.5% current account credit interest rate

Great rates continue to put big-name banks in the shade

Alliance and; Leicester is extending the 8.5% AER credit interest offer on both its Premier Direct and Premier 50 Current Accounts until 30th September 2008, it announces today.

It is also extending the 10% AER interest rate on its Premier 21 Current Account for 16 to 21 year olds.

Research from Alliance and Leicester Current Accounts reveals almost 35 million Britons (73 per cent) have made some form of financial cutback recently, and one third (34 per cent) expect their disposable income to decrease over the coming six months.

For the majority, 79 per cent, this is due to the rising cost of food, consumer goods, household bills and fuel prices.

With careful money management becoming increasingly important, a good credit interest rate and interest free overdraft combined can make a real difference in difficult economic times.

Emma Walkley, Current Account Manager at Alliance and Leicester said: "While some providers 3, 4 have decided to cut the interest rate on their flagship current accounts, we are continuing to give unrivalled value by offering the best credit interest rate on the market.

By extending our market leading offer of 8.5% interest on both Premier Direct and Premier 50, we are offering 85 times more interest than the meagre 0.1% that many high street banks offer." Unfortunately, switching inertia still exists with almost one in ten people (7%) admitting they have had the same current account for more than 20 years.

Even more worrying is that over half (58%) of current account customers admit they have never switched current accounts.

Emma Walkley continues: "In the current economic climate, budgeting is at the forefront of people's minds with our research showing that three quarters of the public have cut back on spending in recent weeks.

Therefore it is even more important for people to be choosing a current account which will make their money work harder, and give them something back.

There has never been a better time for people to update their finances and switch to the best current account deal on the market." Alliance and Leicester offers the 'Premier Switching Service' for customers switching accounts to one of Alliance and Leicester's Premier range of accounts - it takes the hassle out of transferring existing direct debits and standing orders from a customer's current bank.

If a customer uses the switching service, A and L is able to match the overdraft limit they had with their old bank.

To find out more information about Alliance and Leicester's Premier range of current accounts and the latest offers available call 0845 300 2887 or go to www.alliance-leicester.co.uk/currentaccounts.

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