Name and Shame: Alliance & Leicester

MSE_Martin · 10 May 2005 at 11:59AM

For kicking children where it hurts. A&L is dropping the interest rate on its Firstsaver childrens account from a market leading 5.25% to a pitiful 3.65%! Parents have been filling my inbox on this. To suck kids in in this way with high interest then ditch it is horrendous. An absolute disgrace. Shame on you.

twins_2_Be · 10 May 2005 at 1:09PM

Saffron Walden appear to offer 5.35% for kids. Not happy with A&L so I thought I would go with this one unless someone can offer a better suggestion. Application is on website. Here is the link.... http://www.swhebs.co.uk/accounts.shtml

derrick · 10 May 2005 at 4:13PM

MSE_Martin wrote:

For kicking children where it hurts. A&L is dropping the interest rate on its Firstsaver childrens account from a market leading 5.25% to a pitiful 3.65%! Parents have been filling my inbox on this. To suck kids in in this way with high interest then ditch it is horrendous. An absolute disgrace. Shame on you.

Surely most financial institutions do similar things, i.e suck people in then reduce their rates,I would think they are all guilty of this at some time in their existance,just change accounts like we all have to do at some time or other, as for sucking the kids in? it is the parents who opened the accounts not the kids (young goats

)

Paul_Varjak · 10 May 2005 at 4:50PM

I exepct that will happen to their top-paying current and savings accounts as well!

isasmurf · 10 May 2005 at 9:22PM

I'm sure Martin has his reasons for starting another thread on this but you may also like to read the other thread on this subject.

timeport4 · 11 May 2005 at 6:04PM

a & l are really gettin bad what with the isa charge to transfer out and now this maybe they should get the sneaky bankers award !

Rik_S · 11 May 2005 at 9:34PM

timeport4 wrote:

a & l are really gettin bad what with the isa charge to transfer out and now this maybe they should get the sneaky bankers award !

Hear hear!!

What about the under hand `increased to £295`exit charge imposed on their mortgages?

A&L are rapidly becoming a disgrace. I`ve had mortgages with them in the past & I will no longer have any kind of account with them as they can`t be trusted to give a honest & fair deal.

Guess what ??? My two children have their pocket money accounts (firstsavers) with A&L...but not for much longer.

Goodbye A&L.

starmist_2 · 12 May 2005 at 8:28AM

Problem with the other Children's Accounts that offer over 5% is that you are limited to the amount thatcan be invested - my daughter has £16k currently with A/L - not sure where this can now be invested due to the limits and I don't want to split the amount!

jimjoeray · 12 May 2005 at 9:26AM

I have had my current account, ISA and daughters account with A&L for the last four years. I have been attracted by the interest rates but have always found the customer service to be awful.

After this kick in the teeth I an now actively looking to relocate all my accounts. I would prefer to keep them with one bank. Any suggestions?

maybird_2 · 12 May 2005 at 10:51AM

I changed our current account to the A&L one last summer and boy do I regret it. Nothing ever seems to be straightforward. I ended up doing my own direct debits and standing orders in the end and even then they still messed up. Even when you try the 'contact us' button, the result is patchy to say the least (10 days for a proper reply?!!!!)

The kids have been with Yorks bsoc for years but a few months back I saw the A&L kids rate and (despite poor service on c/a) thought I'd transfer. I clicked for more info and ac opening pack. Surprise surprise. Nothing arrived. Says it all really. Now I am exceeding glad.

Will be jumping ship as soon as I can remuster the energy to set up a score of direct debits again. It seems to me that A&L lack the infrastructure and service to deal with the demand that their 'high upfront rate' offers generate. Possibly they are making this cut to sort it out??? ie invest in staff. Whatever. The frustration levels are just not worth the few quid interest I get each month.

cbeebies_2 · 12 May 2005 at 4:14PM

I am in a bit of a sticky situation regarding the A+L FirstSaver account interest rate drop....

I am 18 now but have had money in this savings account for a long long time and recently received a letter from them regarding the change. Obviously i'm not keep my money in here because of this so i'm at a lost end as to where to take my money?

Any ideas?

Name and Shame: Alliance & Leicester

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