Abbey National and Alliance and Leicester are offering consumers a £100 cash incentive to switch their accounts from other banks. Not only that, but those who take up the special deal will also get a 12 month interest-free overdraft, subject to credit checks.
Abbey National are trying to encourage people to switch over to the Abbey Preferred Overdraft Rate account, a free overdraft account that’s already highly recommended by industry experts. Alliance & Leicester are also keen to promote a specific account, their Premier Current Account, which offers a free overdraft, 0.5% interest on credit balances and free European Travel Insurance for a year.
The special offer is only available for a limited time, so if savvy shoppers are looking to switch accounts, now’s the time to apply. Those who sign up will receive the cash incentive within 11 weeks. The accounts do have a minimum cash flow requirement, with applicants having to deposit at least £500 each month for the Alliance and Leicester Premier Account, and £1000 for the Abbey National alternative.
Despite the doom and gloom of the credit crunch, the recession has caused banks to get more creative when it comes to enticing new customers, so now is definitely a good time to shop around for account switch overs or balance transfers.