Alliance & Leicester Accounts

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Alliance & Leicester Accounts

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Premier Current Account

Alliance & Leicester Accounts - rated by marko100 Jun 20th, 2003 (Jan 6th, 2004)

Advantages:
Good interest rate

Disadvantages:
No personal banker  -  many banking services can only be done over the phone/Internet

Recommendable: Yes 

Detailed rating:

Efficiency of service

Competitiveness of charges/rates

Online - Content/organization of site

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marko100

About me:

Member since:11.06.2003

Reviews:5

Review rated by 11 Ciao members on average: very helpful

I opened Premier Current Account with Alliance & Leicester because like many others, I was disappointed with the interest rate with many high street banks. For example, Barclays/HSBC interest rate on the current account is a pathetic 0.1%, whereas A & L Premier Current Account (PCA) is 2.12%AER. Interest is paid on a monthly basis. The only catch is that you must pay a minimum of £500 per month if you wish to continue to receive 2.12%AER. This suited me fine as I had my salary paid into this account.

The opening of this account was straightforward. I visited a local branch filled in simple application form. The staff was friendly, helpful and told me that they required to carry out a credit reference check and will inform by phone me of the outcome.

Later that day, I received a call informing me I have passed the credit reference check. A few days later, I received a formal application form which I signed and returned. Soon enough, my account was officially opened and received my cheque book and debit card. All direct debit detail from my old account were transferred to my new PCA in around a month.

The PCA automatically comes with a PlusSaver (PS) account if you wish to use it. The PS is just another account where you can transfer you money to and from and to your PCA. The difference are, The PP is a saving account and offer higher interest rate paid annually, 3.75%AER.

There is also an optional Internet banking. Again, the registration was simple. You can make phone call or apply for Internet banking on A & L home web site. After a few days, you will receive separately a login ID (a long combination numbers) and a pin number. Once you logged on, you can view you statements, standing orders, direct debits, able to transfer money, change security information and you can send emails for help, advice or just ask about other A & L products. What is impressive, Internet banking web site is not slow like Egg, just like browsing through any other web site. However, A & L interface is not as user friendly as Egg, but if you are not too fussy, then who cares.

If during registration for Internet banking you did not specify you your saving accounts, once you Internet banking is set up, you will only see PCA details. But you can always add your saving accounts to Internet banking on the web or call the help-line. It will take around 2-3 days for your saving account to appear on your Internet banking account.

The general service is professional and helpful. The disadvantages with A & L is they push customers to use their help-line and Internet for banking services rather than providing a more face-to-face services. Yes, the best customer service is still HSBC, but in the end of the day, a reasonable interest rate is far more important to me. Seeing pounds of interest added every month give me more incentive to save than seeing pennies added annually.

My advice would be, there are many good deals out there, go for a good interest rate account, A & L is just one of them.

http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=prem-credit-interest&ct=secondaryprem20timescredit

 


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Comments about this review
Lil_Miss_Pink

Lil_Miss_Pink

09.02.2004 11:22

Good op... I can't get by without my internet banking!

ICECOLD

ICECOLD

09.01.2004 14:41

I moved recently and had terrible trouble opening an account with HSBC, as i have neither a passport or driving licence!! I am v.tempted by your review on the Alliance and Leicester, as there is no Abbey within 5 miles of where I live. Its just all the hassle of moving all the direct debits and stuff that puts me off. I am glad you have found a decent bank though. Nice review

Flissy

Flissy

21.06.2003 00:04

hey what a great first op. Well done and welcome. Fliss xx

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Review Ratings
This review of Alliance & Leicester Accounts has been rated:

"very helpful" by (91%):
  1. Lil_Miss_Pink
  2. suedehead
  3. ICECOLD
and 7 other members

"helpful" by (9%):
  1. Tickly

The overall rating of a review is different from a simple average of all individual ratings.
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