4 September 2006
The price comparison and switching website uSwitch has commented on Alliance & Leicester's decision to restructure its Premier and Premier Direct current accounts.
Nick White, head of personal finance at uSwitch, said that Alliance & Leicester had upped the stakes in its most recent current account restructuring and given consumers an excuse to switch away from the Big Five banks.
He said: "Alliance & Leicester's Premier Direct account has traditionally been a good all round account but these changes have catapulted it to pole position in the current account sector with its 6.1% AER, until the end of September 2007.
"This is definitely a good option for consumers who receive a monthly income but need both a competitive in-credit and overdraft rate.
"It also measures up well against the stand alone savings accounts, but consumers should be aware that the rate is only applicable on amounts up to £2,500, before it slips back to a paltry 0.10% AER."
uSwitch research has shown a third of customers have stayed with the same bank for 20 years.
Mr White added: "The banks were able to rely on customer apathy to maintain their dominance of the current account market, with a 65.8% market share between them. However there is no longer any excuse for consumers not to do something about it by voting with their feet and switching to a better deal."
Compare current accounts and find the best current account for you with the uSwitch.com's free comparison service.
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