UPDATE as at 02/05/03
** The customer service at the Alliance and leicester branch did not improve and if anything became worse, I closed my mini isa with them yesterday as did my mum and they didn't even ask why we were closing it.***
Before I go into the product itself which in case ... Read review
...The customer service at the Alliance and leicester branch did not improve and if anything became worse, I closed my mini isa with them yesterday as did my mum and they didn't even ask why we were closing it.***
Before I go into the product itself which in case you were wondering is a mini cash ISA let me tell you how I came to decide it was the best option for me. I have decided to go to Australia on holiday next February so ... ...you say but why the Alliance and LEicester.
WHY THE ALLIANCE AND LEICESTER
********************************
Having decided to take out a mini Cash Isa I wanted to be sure I got one with the best interest rate, so I checked various institutions, Lloyds TSB, Halifax, Bradford and Bingley, RBOS etc and most of the interest rates were 3% or just over. However with the Alliance and Leicester it was 4% the highest I ... more
UPDATE as at 02/05/03 ** The customer service at the Alliance and leicester branch did not improve and if anything became worse, I closed my mini isa with them yesterday as did my mum and they didn't even ask why we were closing it.***
Before I go into the product itself which in case you were wondering is a mini cash ISA let me tell you how I came to decide it was the best option for me. I have decided to go to Australia on holiday next February so in order to save for it I came to the conclusion I needed a savings account separate to the one I have with my bank (small matter of tending to dip into it).
PLANNING ********
Before I began to look for an additional savings account I had to decide what did I want from it, I would recommend the following exercise to anyone looking into taking out a savings account it will help when you go looking for information. So I sat down with a pen and paper and wrote out what I wanted from the savings account, the list looked something like this.
1) Accessibility - Although I am not planning on making regular withdrawals, it was important to me that the account was fairly instant access, I didn't want to have to give 60 odd days notice to be able to take out my money. Who knows when emergencies will crop up.
2) High Interest - I wanted the account to have a high interest rate although I realised I was limiting my options by also wanting it to be instant access.
3) A Local Branch - I didn't want the account to be from an online only bank as I wanted to make regular payments in person to a branch rather than have a standing order set up.
These were my three main criteria , at the time I was sure that I didn't want to venture into ISA's etc partly because I didn't understand them . So off I trotted into town picking up leaflets on savings accounts, now I have a theroy that banks do not have these leaflets out on display (well nearly every branch I went into didn't) because it forces you to talk to someone. As a result in the Bradford and Bingley I ended up talking to a lady who explained a wee bit about mini cash isa's mmmmmmmmm thought I this may be worth taking a gander at, so I retraced my steps picking up info as best I could on the mini cash isa. Let me explain what swayed me:
MINI CASH ISA **************
With a normal full ISA the most you can save/invest in one year is £7000, however with a mini isa this is broke down into 3 seperate areas a mini cash Isa in which you can save a maximum of £3000 in one year. The other two mini isas are one which is related to the stock market and one which is related to life insurance.
The best thing about an Isa is it is TAX FREE for those who don't know ISA stands for Individual Savings Account. The interest on any money saved is paid out yearly on the 1st April.
My sole reason for picking an ISA over a standard savings account was the fact it is TAX FREE. yes yes I hear you say but why the Alliance and LEicester.
WHY THE ALLIANCE AND LEICESTER ********************************
Having decided to take out a mini Cash Isa I wanted to be sure I got one with the best interest rate, so I checked various institutions, Lloyds TSB, Halifax, Bradford and Bingley, RBOS etc and most of the interest rates were 3% or just over. However with the Alliance and Leicester it was 4% the highest I had found anywhere, this was my sole reason for going there.
OPENING MY ISA **************
How easy was it to open an account I hear you ask, well this is where the Alliance and Leicester in my experience fail and also succeed.
You can go into any branch and pick up a pack containing any information you need, the application form is easy to understand and you also get the option of having either a passbook or an ATM card, it is explained quite clearly that you must be over 16 to open the ISA and that the minimum opening balance is £1.00, it is also clearly explained that you need 2 forms of ID to open the account and just in case you are confused it lists the acceptable forms of ID.
So with application form completed, openening balance and ID in hand I headed to the Alliance and Leicester to open my ISA. But once there I am told that I must make an appointment to open it and there is no way it can be opened over the counter, well "ok can I make an appointment then", to which i'm replied "would you like to make an appointment" hold on a mo isn't that what I just said, so I make an appointment for a Friday at 2pm. Have to admit the staff were not what I would describe as the most helpful but maybe they are having a bad day.
On Thursday afternoon I recieve a call from the Alliance and Leicester person I have the appointment with to check that I understand the ID I need she seems pleased when I say that I do and that i've even completed the application form.
So it is now 1.45pm on Friday and I arrive at the Alliance and Leicester for my appointment to be told by sullen member of staff that the person I have the appointment is running late am I ok to wait. "Yes, fine" says I (I am on a phased return to work at the mo so only working 1/2 days). Then at 1.55pm the same sullen member of staff returns to say "She's running a lot later than expected is it ok to be opened over the counter", with that statement I am slightly peeved especially after being told previously that there is no way that it can be opened over the counter, so I mention this to which I just get a slight shrug, so I proceed to the counter to open the ISA where the girl concerned gives me a reciept for £10 less than I had given her, when pointed out she sighs and recounts to find that surprise, surprise I the customer am correct.
So ISA opened I go home about a week later I recieved my passbook.
PROS AND CONS *************
In conclusion I think the pros and cons of opening an ISA with the Alliance and Leicester are:
Pros:
High Interest
Instant Access
Easy and Well Explained Application Form
Local Branch
As you can see my essentials are met.
Cons * Customer Service (the service I recieved at the branch would not encourange me to open more than a savings account)
Thanks for the read, any comments greatfully received been a while since i've wrote an op.
Advantages: On-line Saver a/c easy to open; high rate Disadvantages: As always, dont put all your eggs in 1 basket
I recently had reason to open a few new savings accounts, and this one was the easiest documentation and speediest process. I registerd online on the 10th June; received confirmation on the 11th; had the account activated and new PIN by the 15th. By comparison, with an other bank (which will remain nameless...for the moment) the whole process (for a joint a/c) was so user unfriedly that I am still not invested after 5 weeks!
Unlike many other on-line ... ...to make an initial deposit by cheque. You can designate a "linked account" whilst on line - typically the current account you already have (at an other bank). Then, once the account is confirmed as activated and you have received your Customer PIN, you can instruct your (existing) bank to transfer money over to the A&L account by direct bank transfer. This makes the whole process faster, safer, and cheaper (no "dead" money lying around on a cheque ...
johnge 02.07.2004
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Ciao members have rated this review on average: very helpful Review of Alliance & Leicester
Advantages: Easy to open as you can open online without having to go into a branch. Disadvantages: I have not received regular notification of the state of my finances without going online
I have found the Alliance & Leicester online savings account incredibly useful and convenient. You can open it online by filling out some details, then you'll need to send them some prove of ID. I received this back within just a few days along with confirmation that I could open the account.
Following this I promptly received my log in details, password etc which were easy to use. I was then able to activate the account from home online and set ... ...my other accounts are with Alliance & Leicester I was still able to move money between these accounts with no charge.
Of course the biggest bonus for me was the good interest rates available, along with the convenience of being able to access the account and move money online without having ever had to go into the bank. However, due to this I am unable to comment on their customer service. ...
bonkerskirsty 09.11.2004
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Ciao members have rated this review on average: helpful Review of Alliance & Leicester
Advantages: high interest and easy access Disadvantages: none
...other banks that may offer slightly higher interest rates but these are usually online banks. With an account from the Alliance & Leicester you have instant access to your cash whenever you need it via a handy cash card. It is also easy to lodge money in your local branch. ...
val18229 18.09.2000
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Ciao members have rated this review on average: helpful Review of Alliance & Leicester
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