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Potential perks for A&L new customers

January 21, 2009 by admin  
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New customers signing up for a current account with the Alliance and Leicester could be in for a number of perks, after the building society launched what has been described as a current account war amongst banks by offering a range of incentives to get new customers to sign on the dotted line and open an account.

Officials from the Alliance and Leicester are hoping that the incentives will help to lure customers away from rival banks and get them to open an account with A&L.

There are a number of incentives being offered by Alliance and Leicester to new customers that open a current account with them. Amongst the perks that new customers can enjoy are £100 cashback for switching accounts, a twelve month interest free overdraft facility, and an interest rate of 6.5 percent. The perks will be available with both the paid for Premier 50 packaged current account and with the free Premier account.

There are certain terms and conditions with the incentives, such as with the £100 cash back offer, which is paid within four months of account opening and requires all direct debits and standing order to be transferred as well as a minimum deposit to have been paid into the account. Industry officials have said that the move that Alliance and Leicester has made could spark a fresh round of current account wars between High Street banks and building societies.

One official said: ‘2009 may well be the year of the current account after a period of relative stagnation as providers wait to see the outcome of the ongoing OFT court case on bank charges. At least two major providers have initiatives due early this year, as they step up the battle for the lucrative current account market. Consumers need to be vigilant though and look carefully at the different offers to see which will suit their needs. For example the right current account for a customer who never goes overdrawn will be different than for a customer who does dip into the red regularly.’

Tags: official, order, interest free overdraft, street banks, current accounts, alliance and leicester, OFT court

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