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Alliance and Leicester Give You £100 to Switch

22-July-2008, Writes Dan Drage dan.drage@consumerchoices.co.uk

So confident is Alliance and Leicester in its Premier Current Account, it will reward you £100 to switch online.

Alliance and Leicester (www.alliance-leicester.co.uk) will pay new customers £100 if they switch online to the bank’s Premier Current Account.

Following reports of consumer inertia when it comes to switching current accounts, this offer will encourage people to break free from their poor value accounts and switch to a better deal which offers more incentives.

In addition to the £100 reward for online switchers, the account provides free annual multi-trip European travel insurance, a free agreed overdraft for the first 12 months, a linked PlusSaver account paying 5.25% AER and a fuss-free switching service to transfer your salary, Direct Debits and standing orders.

"Eight in ten people haven't switched current accounts in the last five years, and over half have never switched"

Andy Muddimer, Current Account Manager at Alliance and Leicester, had the following comment on this offer:

“With this £100 reward for switching to Alliance & Leicester, 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 continues:

“Eight in ten people haven't switched current accounts in the last five years, and over half have never switched. We would urge all those who haven't switched to have a good look at the account they currently have and see whether they are getting good value.”

Of those who do change current account provider, some of the reasons for switching include a better overdraft deal than their previous bank or added benefits such as travel insurance.

Chris Eagle, Commercial Manager at Credit Choices, foresees current account switching to become a new trend:

“In a bid to liven up the market, banks will begin campaigns to get you to switch current accounts and hopefully make it easier for you to do so”

He continues:

“This could be a positive move for consumers, many of whom seem apprehensive when it comes to current account switching probably due to the associated complications. The time has come to review your current account and ask whether you’re getting the service you deserve.”

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Comments

I too was told I would receive £100 for switching my account, but now I have been told that the £100 cash back did not apply during the period I applied which was the 26 November 2010 and the £100 cash back was only available until 8 November 2010, but apparanetly restared again on 30 November 2010!!! Alliance and Leicester have clearly misrepresented their account or are in breach...I have no choice but to lodge a complaint to their head office or report this. - Mar 16 2010 11:28AM
I switched my account in October - I filled and send all forms to transfer my salary and direct debits, also my account has been funded with at least £500, couse it took transfer the BACS three months time. I did not have any direct debit or standing order to transfer. On 7th December I received letter to confirm that all my direct debit have been transfered. I have now been told (3 month later) that I'm not eligible for the £100 because I hadn't switched a Direct Debit have applied at branch and was not advised, on infoline 08445619604 mon-fri 9-5 some smart guy says that all info can be find onlie. I do not recommend this customer service. Waste of time. Now they have my money with no intrest at all!!! Now I have to chase to make them to close this rubbish service. - Jan 15 2010 5:27PM
i have switched from nationwide this month and could you tell me when i will recieve the £100 for using this method please. many thanks - Jul 3 2009 9:43AM
jackie rawson, basildon essex

I switched my account in March - my account has been funded with at least £500 per month and the one standing order I had was also switched. I have now been told (3 months later) that I'm not eligible for the £100 because I hadn't switched a Direct Debit - the small print did not say one of each was required but there was a clever use of words. Indeed a crafty use of words to con people into opening accounts, - Jun 20 2009 10:54AM
E M Blakemore, UK

I switched my account at the end of August 2008 after seeing this offer advertised. I have made several phone calls to Alliance and Leicester over a period of nine months in order to receive the £100 being offered. I have been told that the money will be paid into my account but it never happens! I feel that it is hoped that you will just get fed up chasing for this money and give up. It is a scam. I feel people should be made aware of this and will be interested to hear from others who have had a similar experience. - Apr 21 2009 10:43AM
Evelyn Henderson, UK

You can have as many accounts as you like, but incentives only apply when you switch your account as opposed to opening a new one. - Jul 25 2008 9:45AM
Am I right in assuming from all this "switching" nonsense that you can only have 1 current account? - Jul 25 2008 9:36AM