Alliance & Leicester's Premier and Premier Direct current accounts offer £2,000 interest & fee free overdrafts for 12 months.
Product Details
Alliance and Leicester - Premier Current Account
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What's the deal?
Alliance & Leicester offer an interest and fee free overdraft facility of up to £2,000 for 12 months with both their Premier and Premier Direct Current Accounts.
The Premier Current Account pays 0.5% AER on in-credit balances up to £2,500 (the rate drops to 0.1% AER on amounts greater than this) and comes with free European annual multi-trip travel insurance worth £60.
While the Premier Direct Current Account pays 6% AER on in-credit balances up to £2,500 and 0.1% AER on amounts greater than this.
To be eligible for the interest free overdraft offered on either account you will need to use the Alliance & Leicester Premier Switching Service to transfer all of the direct debits, standing orders and other payments set up on your existing current account to your new account.
What makes it great?
Generally speaking overdrafts tend to be a very expensive means of borrowing with the rate of interest applied by many providers set well above the standard rate charged on most credit cards. By the time you factor in overdraft set up and management fees, not to mention the hideous rates applied should you stray into your unauthorised overdrafts, you can find yourself paying over the odds for a little leeway on your finances.
However, this is where the current accounts offered by Alliance & Leicester differ. By offering a 12 month interest and fee free overdraft facility of up to £2,000 - the most generous currently on offer - they provide an affordable short-term borrowing solution for those who need a little extra flexibility from month to month.
What's more, both the Premier and Premier Direct current accounts are fee-free - unlike many of the others with decent overdraft offerings that charge a monthly fee.
The Alliance & Leicester overdraft offering remains competitive even after the introductory offer ends when you're simply charged 50p a day - up to a maximum of £5 a month - whenever your account dips below £0.
What's the catch?
Bear in mind that you will need to pay at least £500 a month into your Alliance & Leicester current account or a fee may be applied.
Additionally, as the overdraft facility is only free for the first 12 months it's worth making a note to look around to see if it's still the most competitively priced borrowing facility for you after this time.
We have done our very best to make sure that the information included in this Deal is accurate. However, sometimes offers can be withdrawn or changed at the last minute so please do check that you're able to redeem this Deal before parting with any money, or going out of your way to take advantage of the offer.
