Alliance & Leicester offers free business banking

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A new business banking service from Alliance & Leicester promises free and unlimited day-to-day access.

The account does not levy charges against standing orders, direct debits, withdrawals or electronic transfers, the provider advises.

Meanwhile, charges for deposits are said to be lower than any of the big four high street banks.

While no cost is associated with monthly deposits of up to £4,000, each additional £100 incurs a 35p fee, which Alliance & Leicester states is a third less on average than its main competitors.

Steve Jennings, director of business banking at Alliance & Leicester Commercial Bank, said: "Research carried out last year by the bank found that in total, small businesses in the UK are missing out on over £500 million a year by not shopping around for the best account for their business."

"Our new account highlights the great value that is available to small business owners," he added.

The financial services provider last week increased the interest rate on its premier direct current account by 0.4 per cent to 6.5 per cent overall.

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