We have all heard how banks want to make you more money well this one does no truly they do.
IF, as they like to be called have came up with a revolutionary way to make customers better off, they could easily give customers money if they want it to be that simple, but no they have made it simple so as the customer can do it themselves.
They have 5 main products that are all held within in a plan, these are the main ones we all know and love for every day living
1 Mortgage 2 Savings 3 Credit Card 4 Current Account 5 Personal Loan
This alone is an indication a to just how simple they are trying to make it, no high interest savings accounts, no confusing insurance or premium bonds just simple every day life...
One thing to remember though when thinking about earning your IF cash is, you must have a Credit product and a Debit product i.e.
A Savings Account with a Mortgage
You need this for the revolution to commence, so what is this revolution I hear you all cry:- Ok I will not keep you in suspense any longer:
OFFSETTING ----------
What on earth dooyoo mean?
You can pay your debt off with them quicker, by reducing the interest that you pay on your debit products. (Remember your debits = loan, mortgage or credit card) How does this work? Well easy you have a grand in your savings, a grand on your credit card off set one against the other, and receive no interest with either. Fair deal me thinks especially as debt is going down quicker, this is just to make it easy to understand but it really has more benefits especially the more credit you have (Remember credits = Savings, Current Account)! Technically if you has enough savings you could get an interest free mortgage, is that not revolutionary?
CAPITALISING ------------
Whooo there you go again with these big words! What is this?
You can gain the same interest that you get on your debits (you know what these are now yeah?) and apply them to your credits!! This is the easy one to follow and get the grasp off. If you have a credit card with a limit of £3000 and it has an interest rate of 12.9%! If you have spent £2000 on that card and you have £2000 in your savings you can capitalise and also gain 12.9% interest on your savings, now again this is a simple example, there are many more benefits the more cash you have etc...
Can you imagine how good it would be to have a savings account of £2000 with a monthly interest rate 12.9%, I sure would not mind.
So there we are just a few of the benefits of banking with Intelligent Finance, a bank at last that wants to help you and not themselves!!
How helpful would this review be to a person making a buying decision? Rating guidelines
Advantages: Good interest rates for both borrowing and saving. Disadvantages: Slow international incoming transfers. Credit card account now outside of IF plan.
sexyjw 28.07.2005 ·
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Ciao members have rated this review on average: very helpful
Review of Intelligent Finance
Advantages: Low interest rates and besides you don't lose anything just by looking!! Disadvantages: Obviously you are borrowing money which means debt but other than that - none really!!
Paula_23_uk 07.05.2001 ·
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Ciao members have rated this review on average: very helpful
Review of Intelligent Finance
Jan 2nd, 2001
very helpful by (79%):
helpful by (21%):
