Abbey and Alliance & Leicester: £100 to new customers

Friday, 04 September 2009 12:00

Abbey and Alliance & Leicester (A&L) are giving £100 to people who switch to their current accounts.

The incentive is on offer to customers ditching their old current accounts in favour of the Abbey Preferred Overdraft Rate (PODR) or an A&L Premier current account.

As an extra enticement, Abbey is also raising the in-credit interest rate on the PODR account from 0.1 per cent to 0.5 per cent for new customers.

The account boasts an interest-free overdraft for 12 months, which alters to a typical rate of 12.9 per cent afterwards.

Meanwhile A&L's Premier Current Account also offers an interest-free overdraft for 12 months, and this switches to 50p per day and £5 a month after this time. It offers in-credit interest of 0.5 per cent.

Gillian Almond, head of current accounts for Santander's UK brand, which includes the Abbey and A&L Accounts, said: "The current account market has changed considerably over the last couple of years, with most providers offering little or no incentives.

"Abbey and A&L are bucking that trend by offering £100 to those who switch to us from another provider."

The bonus will be paid to new customers who apply for the accounts from Monday, September 7th and the payment will be made within 11 weeks.

A minimum funding requirement of £1,000 is required for Abbey's account and £500 for the Alliance & Leicester account.

• Tags:
• products and companies