Co-Operative or Alliance & Leicester !

GILL635

Hi All,

I am wanting to switch bank's this weekend, and I cant decide between the 2 above.

I am currently with Halifax, and I have been for 15 years but I have not been happy for a long time with their service.

Can anyone give me any information on the Credit Ratings these banks require ? Does one have a lower one than the other ?

I want a current account, that my wages can go into and all my direct debits can come out of. I also want a Debit card and if possible a very small overdraft.

Thanks in advance,

Gill xxxx

Cranston_2

A&L may be taken over by Bco Santander who own Abbey. Santander are in the top 10 list of strong bank balance sheets and thus are very safe.

If this deal proceeds, it will probably cause all sorts of problems as they sort out computer systems, staff etc etc. Plus the Abbey's customer service is not good.


I know nothing about the Co-op bank.

GILL635

Thanks,

Does anyone actually know anything about these banks for me ?????

Gill x

razor25

Hi,

I have just switched my current account to the coop from Natwest. Have been very pleased with the service so far and have had no problems with them switching my direct debits & standing orders. The staff in the branches and the call centre are very helpful and friendly.

I also have a current account with A&L - a joint account which we have held for about 4 years. We haven't had any problems with this either, all through the staff at the call centre don't seem quite as helpful as the coop. Also the coop have an ethical policy which might be of interest?

GILL635

Hi Honey,

Thanks a million for that !

I dont suppose you know anything about the credit scoring on the accounts do you (or where I can find the information)

Gill x

System

Co-op are a plain & simple kinda bank, but that might be what your looking for. They were doing an offer of £100 to switch to them recently in branch. Their online wing is supposed to be good also - Smile. The Co-op don't pay interest on their current accounts, whilst Smile do.

A&L are ok customer service wise, but I would not attempt anything too complicated. But when/if they integrate with Santander/Abbey, I would recommend you ditch them pronto. So if your looking for long term, I would suggest you avoid them.

I find Nationwide to be good also.

razor25

Hi,

No sorry no idea about the credit scoring for either banks. I didn't have any problems getting either account. The £100 offer for the CO-OP is still available, but you have to apply via the branch, or over the phone to your local branch.

YorkshireBoy

Why these two providers? Wouldn't have anything to do with £100 incentives would it?

That shouldn't be your main reason for selecting them though. What else do you want from a current account?

A word of warning on A&L 'switching'...they seem (to me anyway) to get more bad press than the others on here. That's either because they switch more people...or get more people's switching wrong. You choose!

The Co-op Plus account has an automatic £200 overdraft facility. A&L's is not 'guaranteed'.

Finally, 15 years is a long time with Halifax and WILL increase your credit rating when lenders score you. Consider keeping the account open and ticking over, rather than closing it.

GILL635

My friend recommended those 2 banks to me, although I did know about A&L offering the £100, I didnt know CO-OP were.

The Halifax will only allow me to have an Electron card on my account, which now makes me somewhat of a leper. I am no longer allowed counter service at my bank. Whether I want to pay something in, take something out, add a direct debit, cancel a standing order - I have to use a machine or the call centre.

Recently, they bounced back a direct debit which there were funds for in the account. I have quieried this, and a lady promised me that there would be no charges or adverse information, but guess what - I have 2 sets of bank charges on there this week, which has taken me overdrawn. Even better, they wont let me have an overdraft, so I will be getting MORE bank charges to cover the ones they have already taken making me overdrawn !

These are just some of the reasons that I dont want to bank with Halifax anymore.

Gill x

Capricorn_One

I have a current a/c with Smile (Co-op's online banking). They've been excellent.

What's good about them is that they invest money ethically.

dragonsoup

I rue the day that I switched to Alliance & Leicester. I've just down graded the a/c to an ordinary one whilst I switch it away to stop them charging me for not making a monthly £500 deposit now my salary is going to a "proper" bank.

Sometimes the monthly interest just isn't worth the hassle.