The top product, plus free cash Grab the free cash Any catches? Related Articles / Discuss Contacts
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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's current account* pays 8.5% on any in-credit balance up to £2,500 (as long as you pay in £500 per month) and if you're overdrawn, it's even more competitive, offering a 0% overdraft for the first year.
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.
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Alliance & Leicester is running a 'recommend 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 recommend 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 do is inform the bank that you instigated your pal to sign up, and each 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 recommend your friend. There's no limit to how much you can earn. Both accounts allow you to recommend as many friends as you have. This means that there's 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'
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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 deposit £500 of funding in each month. Don't worry though that doesn't mean you need be in credit or keep the cash there. This is a standard way that all current accounts effectively operate a minimum salary criteria.
In effect anyone who earns over £6,300 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.
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