Currently studying Philosophy BA at the University of Bristol
Currently studying Philosophy BA at the University of Bristol
Member since:13.09.2002
Reviews:63
Members who trust:60
I daresay that by now, the vast majority of you will have realized that money plays a huge role in this world. Whether we like it or not, the world we live in is quite often dominated by the stuff. I began to grasp this a few years back when I opened my very first bank account.
My first account was opened with Barclays, the somewhat classic bank. Known worldwide, it’s normally the first bank people think of, therefore they settle for pitiful interest rates, rubbish customer service, and don’t bother to change banks.
It was before Christmas when I realized that the only thing keeping me with Barclays was their visa electron card; offered to under 16’s, this card gave me freedom with my money, and allowed me to spend cash in shops by paying with my card. I felt so grown
up!!
After checking out interest rates online, I realized that Barclays has one of the least competitive rates in the country. So I did some more research, and figured out that the best interest rates at a bank near me were with Alliance Leicester (technically not a bank, but a building society). I’d also been thinking about opening a savings account to stash away some of my Christmas money (I sound so sensible!), and AL had both of these, and the savings account had a really good interest rate (4.40%).
I went to my nearest branch, complete with passport and proof of address, and opened both accounts at the same time. I chose the U18 cashcard account, and the Firstsave account. The staff were very helpful, and I was given a specific time to come and open my account with someone who was experienced and could cater for my needs (although he did have rather terrible odours arising from the underarm area!). It took me around 20 minutes to open both accounts, and was a quick and painless process. What I didn’t like about the accounts was that I couldn’t put money in straight away, I had to wait for paying in books etc to be sent to me through the post, and then go back down to the branch (what a fart about!). All of my details arrived within a week, and I went down and put in my cash.
Everything’s been running smoothly since then, and I’ve had no trouble at all in using both accounts. I was also rather chuffed to discover that I could bank online, which surprised me, because most banks won’t allow you to until you’re 18 or over. This feature allows me to move money between my accounts, check my balance and view statements etc. Registering for online banking is quite simple, and doesn’t take long and you are sent a pass number and passcode separately in the post.
Good news: My Ciao payments went in there just fine too, hehe.
U18 Cashcard account offers: • Access to your cash at all 41,000 cash machines in the UK1 and over 300 branches • VISA Electron debit card for over 16's - use it wherever you see the VISA Electron symbol • Earn interest on every penny in your account • Withdraw up to £250 a day (subject to available funds) • 24 hour telephone banking - check your balance whenever you like • Access to your money abroad wherever you see the PLUS symbol3 • Set up Direct Debits and standing orders for regular monthly payments
Firstsave account offers: • Children as young as 7 years can open an account with just £1 • Competitive rates of interest mean you can watch your savings grow • Children receive a passbook in their own name (whoopdeedoo) • Minimum opening balance of £1
Interest rates - £1+ = 4.40%
WOULD I RECOMMEND THEM? Yes I certainly would. Service was very fast, and staff are incredibly helpful. A telephone helpline is always there ready to help you if you need it, and I’ve only ever been on hold for about two minutes, although in that time they did play this really annoying Alliance Leicester song over and over until I was ready to throw the phone at the wall. On the positive side, the interest rates are pretty competitive, and the online banking facility is kinda cool (I’m only little, leave me be).
Alliance Leicester do a huge range of different accounts, as well as mortgages, personal loans, credit cards and motor finance.
I've got an Express Cash (Halifax U16s) account and the interest rate is v.low compared to that and seeing as though I save most of my money...maybe I should change banks...good op v.informative welldone :)
ariadne 27.03.2003 01:25
Your local branch sounds nice. The children's accounts look reasonable too! x
Feb 18th, 2003
very helpful by (98%):
helpful by (2%):
