New current account from Alliance & Leicester receives the thumbs up from Moneyfacts.co.uk
Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk - the leading independent financial comparison site, comments on the launch of the new Premier 50 Current Account from Alliance & Leicester:
“It’s an all round impressive account, suited to its market and unrivalled in many of its features.
“Paying a market leading credit interest rate for the first year, and sustaining a competitive rate thereafter makes this a great account for the longer term too. 7% AER (up to £2.5K) is better than any standard variable savings rate in the market today. But for those who do slip into the red, the same market leading overdraft structure also applies.
“By not imposing a minimum funding requirement these top rates are available to everyone over 50 regardless of their income levels.
“It’s pleasing to see that Alliance & Leicester has not entered into this packed market gun ho, offering every benefit under the sun just to bulk out the value of the account. This is a packaged account with benefits targeted to meet its customer’s needs. Even by just making use of the travel insurance, the account pays for itself.
“The additional beauty of this account, other than being available through the telephone, online and in branches, is that you can pay in and withdraw from your local post office. An overwhelming benefit for those living away from town centres or where a local post office is simply more convenient.
“It’s a deal good enough to be sure to tempt many customers away from their existing provider. The only downside is you have to be over 50 to qualify.
“As with any packaged account, the benefits are only worth any value if you make use of them; otherwise you will be paying something for nothing.”
Here is what some of the competition looks like:
Provider / Account |
Credit Interest @ £1 |
Authorised Overdraft EAR |
Benefits |
Fee pm |
Alliance & Leicester |
7% |
0% |
Available to those aged over 50 |
£10 |
Barclays Additions |
0.10% |
9.9% |
Will writing service, |
£11.50 |
Halifax Ultimate Reward Current Account |
6.00% |
13.35% |
Worldwide multi trip family travel insurance including winter sports and golf cover (oldest member of party - 40) |
£10 |
HSBC Bank Account Plus |
2.47% |
16.10% |
Extra 0.15% interest on standard Cash Mini ISA rate, |
£12.95 |
NatWest Advantage Gold |
0.25% |
18.59% - up to £9999 |
Discounted rates, optional personal/managed loan protection insurance, |
£12 |
Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry.
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.
Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349