Cash incentive for current account

Alliance & Leicester has offered a cash incentive of £100 to consumers who switch to its current account.

According to the bank, 58 per cent of people have never switched current accounts but it has set up a dedicated service to facilitate moves.

Other features of the Premier Current Account include free European travel insurance and a year’s free overdraft.

Current account manager Andy Muddimer said of the reward: “We are once again raising the bar in the current account market and giving people who are not getting a good deal from their current account a real reason to switch.”

He added that researching the market to find a competitive deal should be routine practice for everyone.

The £100 reward is available to consumers who transfer online using the Premier Switching Service.

Last month Nationwide announced cuts in interest rates for low earning customers of its current accounts.

© Adfero Ltd

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