A new five year contract has been agreed between the Alliance and Leicester and Payzone, a 17,000 site network where consumers can pay water bills.
Estimated figures for the year are that around 6 million transactions will be processed by the Alliance and Leicester on behalf of Payzone, consumers using either a booklet or credit card style payment card. The relationship between the two companies began in 2007 so this five year deal shows the belief they have in each other now.
The commercial side of Alliance and Leicester works with around 1,500 businesses to collect payments from consumers, with most utility companies signed up as well as 8 out of 10 local authorities.
The Legal and General is reporting that economic indicators are flagging up a 95 percent chance of economic slowdown and subsequent recession.
According to an analyst at the company these indicators are even more pronounced than in 2001, the last time the UK economy fell upon hard times. This time the country is even more reliant on borrowing and the criteria for lending money is tighter than before. It has also been said that, even if access to credit becomes easier the startlingly fast rise in the price of fuel will keep the pressure on consumers and the economy.
The Legal and General analysts are factoring in the global slowdown that is needed, saying that countries such as the UK and USA will be hardest hit. All in all these look like trying times for the economy and consumers.
The 8.5 percent interest rate offer on the Alliance and Leicester Premier 50 and Premier Direct current accounts is being extended for a further 3 months such has been its popularity.
The high interest rate is guaranteed for the first year of having the account, which also provides a 0 percent overdraft option, again for twelve months. An Alliance and Leicester spokesperson suggested that people could earn a significant amount of extra interest by swapping to these current accounts as well as saving on overdraft charges.
As a nation we tend to stick with the same accounts, with 80 percent of current account holders having been with the same one for five years or more so perhaps this Alliance and Leicester offer can change that, for the benefit of the customer.