Alliance & Leicester packaged account promoted

Alliance & Leicester has found that Britons are wasting as much as £970 million annually on packaged accounts with the Big Four banks.

Alliance & Leicester provide package accounts that offer customers to switch to the Premier or Premier Plus account for free and also give them a £150 holiday voucher upon signing up.

They will also be entered into a prized draw where a number of holiday related prizes could be won.

Simon Ripton, current accounts manager at Alliance & Leicester said: "We urge packaged account holders to check whether they are getting the full benefit of the fees they pay, and whether they could be getting similar benefits for free elsewhere."

Since 2003, the number of people holding packaged accounts has increased by almost ten per cent to 7.7 million but over the same time the average monthly fee has rise from £9 to £15.