First Direct and Halifax today became the two top pick current accounts for new customers in credit, after Alliance & Leicester (A&L) withdrew the £100 bonus at 3pm this afternoon, paid to switchers to its Premier account.

However, A&L is still the top pick for those who regularly go overdrawn.

First Direct, which pays switchers £100, is now the most lucrative account for anyone who can pay in £1,500 every month. This is equivalent to paying in a £23,500 or more annual salary. However, in any month you fail to meet the pay-in criteria, you may be charged a £10 fee.

Halifax and Bank of Scotland offer an alternative for anyone who can’t pay £1,500 every month. With the pair's Reward accounts, you get £5 after basic rate savings tax every month you deposit £1,000. If you miss any monthly pay-in, all you lose is that month's reward

A&L still has the best overdraft offering. You can get a 0% overdraft for a year in either its Premier Direct or Premier accounts, both of which require a £500 monthly deposit.

Full details on all these accounts: Best Bank Accounts
Discuss this story: New Top Current Account
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