Following Nationwide's changes to its FlexAccount current account, Alliance & Leicester has warned banking customers to "not be fooled into thinking that one size fits all" when it comes to current accounts.
"It is easy to shop around and compare the current accounts available and choose one that suits your needs, whether they are high credit interest, good overdraft rate or benefits such as free travel insurance," says the current account manager at Alliance & Leicester, Simon Ripton.
Nationwide will offer its "best ever" credit interest rate of 4.25 per cent on its FlexAccount from April 1st, claiming it will result in big savings for current account holders.
Mr Ripton welcomes this initiative by Nationwide, because it highlights "the poor value offered by the big four banks".
He continues to explain that Alliance & Leicester does not believe that one current account will fit the needs of all banking customers.
The Alliance & Leicester Premier current account pays 15 times more credit interest than those offered by the big four banks, he says, making it "extremely competitive".
Furthermore, the current account is the only fee-free current account that offers free travel insurance.
Mr Ripton concludes by saying that even though the current account is styled as the branch-based account, most Premier current account customers are registered for internet banking.
Bank warns about current accounts
Bank warns about current accounts
Wed, 18 Jan 2006
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