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  • ukdutypaid
    • #2
    • 17th Oct 07, 10:37 AM
    • #2
    • 17th Oct 07, 10:37 AM
    Forgive me if this has been covered elsewhere, but does anybody have any experience of opening and operating the Abbey 8% C/A.

    I also mean how is their switching service, etc, for there were many people with teething problems with the HBOS offers...

    Does it run smoothly, for the idea of just paying the money in and having the interest automatically swept out every month to their 7%, sounds very convenient..

    Any takers for this one?
    • gt94sss2
    • By gt94sss2 17th Oct 07, 1:26 PM
    • 3,954 Posts
    • 1,829 Thanks
    gt94sss2
    • #3
    • 17th Oct 07, 1:26 PM
    • #3
    • 17th Oct 07, 1:26 PM
    Some Feedback:

    The article should have a couple of additional categories which are not purely based on how much interest one gets or would save..

    For instance:

    First Direct: for 'best customer service' and/or if you don't keep much money in your current account

    Nationwide: if you travel abroad a lot..

    It may also be a good idea if you link to the FSA booklet on Basic Bank accounts..

    Regards
    Sunil
  • foreversomeday
    • #4
    • 17th Oct 07, 4:50 PM
    • #4
    • 17th Oct 07, 4:50 PM
    I agree with the above poster.

    Also, just a little niggle, I read this article thinking, oh good, it's been updated, perhaps I will be able to find out the best bank account for me.

    Unfortunately not. I'm under 21 and so can't get the Alliance and Leicester account. I'm not a student, so I can't get a student account, and I'm overdrawn too much for the other accounts to be useful.

    Could we have a bit more of a league table, perhaps not every account on the market but at least mention the top two or three?
    I don't believe and I never did that two wrongs make a right
    • Heng Leng
    • By Heng Leng 17th Oct 07, 7:36 PM
    • 3,867 Posts
    • 1,179 Thanks
    Heng Leng
    • #5
    • 17th Oct 07, 7:36 PM
    • #5
    • 17th Oct 07, 7:36 PM
    I agree with the above poster.

    Also, just a little niggle, I read this article thinking, oh good, it's been updated, perhaps I will be able to find out the best bank account for me.

    Unfortunately not. I'm under 21 and so can't get the Alliance and Leicester account. I'm not a student, so I can't get a student account, and I'm overdrawn too much for the other accounts to be useful.

    Could we have a bit more of a league table, perhaps not every account on the market but at least mention the top two or three?
    Originally posted by foreversomeday
    Can you not get their under 21 account?

    I believe you have to pay in £250 per month, but it has 10% credit interest on the first £1000 in credit.
  • deano8000
    • #6
    • 17th Oct 07, 8:16 PM
    • #6
    • 17th Oct 07, 8:16 PM
    Some Feedback:

    The article should have a couple of additional categories which are not purely based on how much interest one gets or would save..

    For instance:

    First Direct: for 'best customer service' and/or if you don't keep much money in your current account

    Nationwide: if you travel abroad a lot..

    It may also be a good idea if you link to the FSA booklet on Basic Bank accounts..

    Regards
    Sunil
    Originally posted by gt94sss2
    cant comment on nationwide but thumbs up for first direct for being different to the normal banks and excellent customer service.
  • Former MSE Dan
    • #7
    • 18th Oct 07, 10:37 AM
    • #7
    • 18th Oct 07, 10:37 AM
    Hi folks,

    Thanks for the feedback. An article about accounts for 16-21 year olds is something we are looking to do, so watch this space!

    Dan
    • koru
    • By koru 19th Oct 07, 12:50 PM
    • 1,232 Posts
    • 620 Thanks
    koru
    • #8
    • 19th Oct 07, 12:50 PM
    • #8
    • 19th Oct 07, 12:50 PM
    Glad to see Coventry First gets a mention, though I do think that for some people it has more going for it than the article suggests.

    The article recommends it only if you are "consistently" more than £2,500 in credit. I think that many people will earn more interest on this account even if they are only above £2,500 for part of the month. Abbey pays 1.65% higher interest on up to £2,500, but Cov First pays 6.35% higher interest on anything over £2,500. It depends how much above £2500 you are, and for how long, and how much below £2500 you are, and for how long.

    For instance, assume you spend only half each month with a balance of £3,500 and the other half at £500. (Obviously a very simplified scenario, but it illustrates the principle.) With Abbey, you earn £120 interest in your first year. With Cov First, you earn £127.

    You need to work out your own likely situation.

    The other quibble I would have is the recommendation to sweep excess savings into a Best Buy savings account, rather than using Cov First as a savings account. The Best Buy savings account pays 6.41%, which is so close to the Coventry First rate that it makes no realistic difference unless you have a very large savings balance. For instance, on £10,000, you would earn an extra £6 if it sat in ICICI for the whole year. But to transfer it there you would lose 3 days interest, and another 3 days when you transfer it back to your current account. On £10,000 you would lose about £12 of interest during these transfers. Unless you leave the money in ICICI untouched for a very long time, you would have been better to leave it in Cov First.

    Personally, I think Cov First is great, because I don't have to keep monitoring my balance to make sure I sweep anything over £2500 into a savings account.

    The 0.85% bonus is a bit misleading, because you would assume the rate falls by 0.85% after the first year. It does, but only on balances below £10,000.

    To me, the real drawback of Cov First is there is no chequebook. But I just keep a small balance in my Lloyds current account to cover cheques I write.
    koru
    • Zork
    • By Zork 19th Oct 07, 2:16 PM
    • 33 Posts
    • 5 Thanks
    Zork
    • #9
    • 19th Oct 07, 2:16 PM
    Halifax £100 deal.
    • #9
    • 19th Oct 07, 2:16 PM
    Hello.

    A few months back I saw on this site that Halifax were offering £100 if you moved your current account to them, provided you paid in £1000 per month and used their transfer system.

    Thinking this was a good idea I applied for this and awaited their reply.
    I received a letter asking for my transfer details which I supplied. I also informed my employer and cancelled an outgoing payment from my account. ( I only had one payment in, my wages, and one payment out to another account).

    I received a letter back from Halifax stating they couldn't complete the transfer. I replied telling them I only had two items to transfer and had now done this myself. ( The end of the offer was drawing near).

    It now turns out three months down the road that although they have been happy to take my business they will not pay me the £100 because I did the work for them. So please be warned, DO read the small print and DON'T try to be helpful to speed things up. I phoned their customer relations Dept and asked for a copy of the 'small print' which she couldn't supply.

    The offer on the web site is now closed.

    So a word of warning. DO read the small print and DON'T try to be helpful to speed things up.

    Zork.
    • Zork
    • By Zork 19th Oct 07, 2:18 PM
    • 33 Posts
    • 5 Thanks
    Zork
    I didn't mean to say the last bit twice. I must've meant it!

    Zork.
    • hollydays
    • By hollydays 24th Oct 07, 8:55 AM
    • 15,010 Posts
    • 10,790 Thanks
    hollydays
    lloyds account
    my daughter has been persuaded to upgrade her lloyds account to use the free travel insurance,then told she can cancell the upgrade after.I am wondering if this is true,and if anyone has any experience of this insurance.Not sure she couldnt just have got basic -one trip insurance anyway-but its too late now,Also bit worried cos she is not going to europe.
  • BenL
    Forgive me if this has been covered elsewhere, but does anybody have any experience of opening and operating the Abbey 8% C/A.

    I also mean how is their switching service, etc, for there were many people with teething problems with the HBOS offers...

    Does it run smoothly, for the idea of just paying the money in and having the interest automatically swept out every month to their 7%, sounds very convenient..

    Any takers for this one?
    Originally posted by ukdutypaid

    I opened an Abbey 8% account and filled in the switcher pack form.

    The account was opened very slowly, details incorrectly copied from my app form for job etc.

    The switcher pack was lost, o/d therefore not matched and nothing moved across from A&L.

    I chased and was passed from pillar to post and ended up speaking to the receptionist at Abbey house in Bradford.

    Never chased since and I have now started to move to Norwich & Peterborough gold account - they promise to do it within 10 days or give £50.

    I was going to Coventry but there was a bad post or 2 in the forum so have tried N&P.

    I am moving from A&L due to the new overdraft fees.
    I beep for Robins - Beep Beep
    & Choo Choo for trains!!
  • saxmund
    As MSE Dan is hopefully reading this thread, having started it, I'll repeat a couple of comments I have made elsewhere.

    (1) Customer service. For example, you recommend Abbey on the basis of their 8% interest offer. I would not recommend Abbey to anyone. They have had a string of problems recently, including major ebanking outages in May and the inability to send out debit cards on time. There is a post on this board about them being unable to pay interest, and I had a problem last Wednesday when their systems were down and they couldn't give me a banker's draft. Their complaints procedure is in meltdown and they are offering money to people not to take their complaint to the Ombudsman. I know all banks get it wrong sometimes but if you read this board they are getting far more than their fair share. So - if you are going to recommend Abbey's 8% offer, why not add a caveat to say that many customers report appalling service and direct people to this forum?

    (2) What's the deal like permanently? Again, you recommend Abbey because they offer 8% for a year. But other banks offer a slightly lower rate permanently. People are not going to change their bank accounts every year because it's too much trouble, whereas they will with credit cards and savings accounts. So please can we have some analysis of what the best buy is once the initial offer runs out.
  • benreade
    Full story
    I have just opened an A&L account using in part the advice given on money saver.

    0% for twelve months is clearly a good deal, but the other charges they apply would seemingly make this a bad deal. For example they charge 50p (up to max £5) for using the overdraft and £25 each time you go over the agreed limit. So if you use the account partially in debt it won't be such a good deal.
  • mal79
    Can someone clarify how these current accounts (specifically Abbey and A&L) work? Are you able to keep a balance of over £2500 in the account and still receive the advertised rate on the first £2500, nominal on the rest or does it revert to a poor rate on the entire balance if £2500 is exceeded?
    • TomJ
    • By TomJ 5th Nov 07, 4:27 PM
    • 199 Posts
    • 89 Thanks
    TomJ
    I have just opened an A&L account using in part the advice given on money saver.

    0% for twelve months is clearly a good deal, but the other charges they apply would seemingly make this a bad deal. For example they charge 50p (up to max £5) for using the overdraft and £25 each time you go over the agreed limit. So if you use the account partially in debt it won't be such a good deal.
    Originally posted by benreade

    Those fees only apply after the year's introductory period...
  • christineedge
    A&L Overdraft Matching on Premier Direct
    After having a lot of unnecessary and unfair charges from HSBC, my partner and I decided to switch to A&L under recommendation from this site. It seemed almost too good to be true and it was... We were told our overdrafts would be matched if we allowed them to do our direct debit/standing order switching. I found out today, after spending an hour on the phone to the Liverpool call centre, that in fact they can't match my overdraft BECAUSE the A&L branch didn't fax our bank statements over to head office. In addition, I was also told that they would NOT match my overdraft unless I could show that I've been in credit with my HSBC account for 2 days or more in the last 3 months. (No one had previously told me this?!?!) As it's a graduate account I have not been in credit for 4 years and the whole point of switching to A&L was for the interest free overdraft.
    The overdraft matching criteria is fair enough but we were not informed of it as the branch were too busy trying to sell us loans and life insurance and trying to get us to remortgage whilst opening the current accounts for us. I'm not very impressed.
  • lukemarson
    Does anyone know of a bank where their current account allows you to draw against a cheque the moment it is put on your account (as oppose to waiting for it to clear)?

    I bank with Barclays who allow this but I want to change now they've introduced a device to log into online banking. I use my bank in a number of locations and I really don't want to have to carry it around everywhere.

    Also, importantly, I get paid by cheque on or around the 15th of each money and some payments need to be paid around that date.
    • Milarky
    • By Milarky 3rd Dec 07, 7:01 PM
    • 6,256 Posts
    • 2,202 Thanks
    Milarky
    I bank with Barclays who allow this but I want to change now they've introduced a device to log into online banking. I use my bank in a number of locations and I really don't want to have to carry it around everywhere.
    Originally posted by lukemarson
    AFAIK Barclays are the only bank to offer this facility with cashing cheques. I tried it a few times but was put off by the words of the manager to the effect that it's always at their discretion (sort of like: "It's not broken, so don't go using it too often"). I now 'shop' at Lloyds instead who pay in-credit interest against cheques up to £1000 per day immediately. However their interest rate of 4.25% only goes up to balance of £2500, so it is awkward to have the cheques sat there for 4 clear working days (taking up the £2.5k balance as it were)

    I'm glad you get the use out of Barclay's online banking facilities as I find their site pretty awful for the way you have to keeping submitting and calling up new screens (and read all the prompts plastered over everything) to do a simple task like set up a standing order - about four different screens if I recall. Surely if you can take that you can put up with the minor addition of a calculator pad no?

    The article is not up to date as regards Nationwide. The authorised overdraft rate went up from 7.75 to 9.9 EAR on 1st November. A better account than them appears to be N&P Gold (mentioned above) which pays 4.75 gross (4.85 AER) on balances up to £5000 not £3000 if you pay in £1500 per month - and at that level of funding the overdraft costs what NW used to - 7.74 EAR. The other thing I would complain about the Nationwide account (even though I have it for 20 years!) is that credit interest is not added monthly - only on 31 December. [I got £50 net one Christmas!! - that was a few years ago mind!] Maybe they will introduce this as they must be the only current account like this....
    Last edited by Milarky; 03-12-2007 at 7:03 PM.
    .....under construction....
  • lukemarson
    Thanks Milarky. My girlfriend thinks that Lloyds TSB might do it so I'll ask them.

    I'm not a big fan of Barclays full stop and their online service is irritating. The calculator thing is just the last straw really. I had to pay someone today for the first time and it was so much hassle. They might as well just get rid of online banking if they don't want people to use it!!
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