Having had a normal current account with the Woolwich for a few years I found myself in the position to upgrade to their new Open Plan Account. I thought originally that I could tie it in with my Woolwich mortgage, but that was not possible at the time.
The upgrade itself is free from an existing current account. I chose to open a completely new one for personal reasons, and found the application form relatively simple to complete.
They did take quite a while to send the information through when the account was opened, but that was only to be expected with the high levels of demand from their advertising.
I find it has some very useful features. I personally love the internet and telephonebanking elements, where I can pay bills without even leaving the office! It's really easy to manage, if you can remember the password they give you (you can't change it unfortunately!).
I hope to take advantage of the WAP phone banking in the future, but for the time being I'm enjoying the freedom the account provides. I spend hardly any time in the branch any more, and I can even get cash back at the supermarket which saves the trip to the cash machine!
If you do a lot of transactions that involve bill payments, standing orders, etc, and have difficulty getting to the branch, this account is for you, I would say! I would recommend it.
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Advantages: Quite a few branches and a couple of good accounts Disadvantages: You need to actively moitor your accounts - they will NOT do it for you. They are only out to make a PROFIT
CareBear 02.03.2001 (05.03.2001)
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Review of Woolwich Accounts
Advantages: Flexible Open Plan Mortgage can earn good interest which can reduce the mortage. Disadvantages: Setting up the account took forever to the point of getting close to loosing the property. Got some compensation though.
bunicadoca 01.09.2006 ·
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Ciao members have rated this review on average: somewhat helpful
Review of Woolwich Mortgages
Advantages: Payoff chunks of mortgage whenever you want. Offsetting saving accounts, interest calaculated daily Disadvantages: Can be tempted to borrow to the max
odtaa 07.11.2008 (07.11.2008)
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Review of Woolwich Mortgages
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Nov 4th, 2000
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