£100 reward for Switching Current Accounts - Money - News - Moneyfacts


£100 reward for Switching Current Accounts

£100 reward for Switching Current  Accounts

Category: Money

Updated: 31/10/2008
First Published: 22/07/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Dedicated switching service takes the worry out of switching

Alliance & Leicester is once again raising the bar for current account switchers by giving £100 to customers who switch online to an Alliance & Leicester Premier Current Account.

This new offer, is one of a range of incentives to encourage people to break free from their poor value current bank and switch to a better deal which suits their lifestyle and offers better value.

In addition to the £100 reward for online switchers, other reasons to open a Premier Current Account include:

  • Free annual multi-trip European travel insurance
  • Hassle-free switching service to transfer your salary, Direct Debits and standing orders
  • Ten times the interest offered by most big-name banks

Despite the many competitive current accounts now available, switching inertia is still rife in the UK, with Alliance & Leicester's research* revealing that time spent banking with the same provider often stretch over a lifetime, with 58% of people admitting they have never switched current accounts. In fact, 17% of current account holders have held their current account with the same provider for over 30 years.

Of those who do change current account provider, some of the reasons for switching include a better overdraft deal than their previous bank (13%) and an account with good added benefits such as travel insurance or a linked savings account (14%).

*YouGov research carried out between 11 - 14 January 2008 on behalf of Alliance & Leicester Current Accounts with a representative sample of 1,925 GB adults aged 18 + yrs.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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