A&L Current Account Query

cadboll

Hi. I have been with A&L for about 2-3 years. Recently I have been contemplating switching to an account with a better rate of interest. I haven't been able to find the current rate of interest on my current account - though judging by the current offer to new customers at A&L after one year it switches back to BoE Rate minus 1% - so its likely that is what I am on at present.

I'm reluctant to switch from A&L due to being very happy with their level of customer service etc. After doing a bit of research, Abbey seem to offer a good deal, but from reading other peoples experiences to-date on this site, I'm not sure if I want to make that move.

Can anyone advise as to the best way forward? Are there any other accounts I should be thinking off?

Many thanks.

YorkshireBoy

cadboll wrote: »

Can anyone advise as to the best way forward?

If you're happy with the customer service (and 2% AER isn't bad in the current climate for a current account), why not stay where you are?

Alternatively, Halifax pay 5.12% AER (on the first £2.5K, and providing you can pay in £1K per month). You'd get £1 per week more interest if you kept the balance at £2.5K...worth it? However, it's highly likely that they'll cut their rate soon following the recent (2%) cuts in base rates.

Are there any other accounts I should be thinking off?

How about savings accounts?...perhaps linked to your A&L account.

apt

Do you have free European Travel Insurance with your A&L account? That would be another reason, as well your satisfaction, for staying with them. If not you could switch from the Premier Direct Account to the Premier Account as this perk is worth more than a further drop in interest to 1.5%. The Halifax account YorkshireBoy refers to is certainly better for interest in the long term, but I suspect they will lower the 5.12% next month.