Abbey and Alliance & Leicester current account interest rates up by 1%

Abbey and Alliance & Leicester (soon to be known as Santander) current account interest rates are being raised by a full 1% from today, 8 June.

Abbey’s Preferred In-Credit Rate and Alliance & Leicester’s Premier Direct and Premier 50 current accounts will now have a credit interest rate of 6.00% AER.

The 6.00% rate will be fixed for a year and is available on balances up to £2,500.

Manager for Abbey and Alliance & Leicester Current Accounts, Gillian Almond, said ‘With the Bank of England base rate being at an all time low, we know consumers are increasingly shopping around to make the most of their money. By switching to a (Santander) current account customers could earn 60 times more than the interest they can get from other high street banks.’

As other examples show this current account new rate is excellent – Lloyds TSB Classic Plus at 2.50% and NatWest Current Plus at 0.10%

And others, such as the FlexAccount from Nationwide and the Current Account Advance from HSBC don’t pay any interest at all.

As many providers of current accounts now do, both Alliance & Leicester and Abbey offer a switching service which makes moving an account easy. Their dedicated team move your existing direct debits, standing orders and salary to the new account.