Refer a Friend

There are £100s in free cash available in the current account world, as providers try to burn each other with the white-heat of competition. One of the main players is Alliance & Leicester and thankfully it's also one of the most competitive current accounts on the market.

• The top product, plus free cash
• Grab the free cash
• Any catches?
• Other Articles/Discuss

Get the top product, and free cash!

Loopholes and playing the system are all very well, but if you end up with pants products because of it, it's pointless. Here, the product is a market leader, so its actually a postive incentive to switch to something good!

Alliance and Leicester Premier* account gives a 0% overdraft for the first year, pays 0.5% on any in-credit balance up to £2,500 (as long as you pay in £500 per month) plus it gives free annual multi-trip European travel insurance for the account holder(s) (see Travel Insurance guide for how this compares).

In this article I'm simply focusing on how to grab the cash; if you're looking for a full comparison and assessment of the account please read the Best Current Accounts article.

Grab the free cash

Alliance & Leicester is running a 'refer a friend' promotion to try to encourage more people to sign up to its current account. This really is as simple as it sounds.

Any account holders get £25 if someone they refer joins up, whether it's a friend, partner, spouse, colleague or family member. Better still the person who joins up also gets £25. All you need to do is tell the bank you suggested your pal sign up, and each of you receive a tidy cash reward.

What if you don't already have one of these accounts?

Potentially, this is even better. Any non-A&L customers should team up; one of you can join up, then refer your friend. There's no limit to how much you can earn. Both accounts allow you to refer as many friends as you have. This means that there are possibly £100s available here.

To see this offer, go to Alliance and Leicester* and then look to the middle right of the page for ‘Recommend a friend'

Any catches?

To qualify for the bonuses, you and your friend will have to meet the pay-in criteria that this account has, at least for a couple of months. Technically the requirement is that you need to deposit £500 in each month. Don't worry though, that doesn't mean you need to be in credit or keep the cash there. This is a standard method current accounts use to effectively operate a minimum salary criteria.

In effect anyone who earns over £6,050 a year, and has their salary paid into this account, will qualify. However, as I said this is a very competitive account, so that isn't too much of a hardship.