Alliance & Leicester has launched a range of incentives for customers who are dissatisfied with their current account and looking to switch.

The offer comes in the wake of a report from the Office of Fair Trading (OFT) that criticised banks stating that personal current accounts are not working well for customers.

For those customers that are dissatisfied with their current account provider, Alliance & Leicester is offering a £100 reward for switching to its Premier Current Account online.

The offer is described as, “one of a range of incentives to encourage people to break free from their poor value current bank and switch to a better deal.”

One of the key reasons given by the OFT for current accounts not serving their customers well is the fact that switching between current accounts is not made easy.

According to Alliance & Leicester research, 58 per cent of people said they have never switched current accounts, some of which (17 per cent) have held their current account for more than 30 years.

Current account manager at Alliance & Leicester, Andy Muddimer, said: “Eight in ten people haven’t switched current accounts in the last five years, and over half have never switched. We would urge all those who haven’t switched to have a good look at the account they currently have and see whether they are getting good value.

“Researching the market to check how competitive your bank is should be routine for everyone, especially given how people need to make their money stretch further and work harder for them these days.”

Other incentives offered by the Alliance & Leicester current accounts include free European annual multi-trip travel insurance, a free agreed overdraft for the first 12 months and a hassle free switching service.

Commenting on the service, Mr Muddimer added: “Many people have a fear of change, or the unknown, and this equally applies when switching current accounts. Some people think switching will be time consuming for them, fraught with difficulties and probably more hassle than it is worth.”

Speaking of the Alliance & Leicester switching service, he concluded: “(it) makes the process seamless by transferring existing direct debits and standing orders from a customer’s current bank, transferring their main salary or income from their old bank and matching the overdraft limit they had with their old bank.”

© Fair Investment Company Ltd