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LiamWynne

Any ideas on why you have to be over 21 to open an A&L account?

I'm 20, but with 8% interest on their current account and various other nice features it's frustrating that I'm missing out because of something that I see as being pretty irrelevant

ShelfStacker_3

LiamWynne wrote: »

Any ideas on why you have to be over 21 to open an A&L account?

I'm 20, but with 8% interest on their current account and various other nice features it's frustrating that I'm missing out because of something that I see as being pretty irrelevant

Premier 21 has a 10% rate and is open to under 21s.

smiff2509

I tried to open a Halifax account at the weekend only to be told that I would have to pay in £750 per month to keep the account open, which they don't seem to mention anywhere? Has anyone else found this? I'm looking to open an account to use whist I'm travelling, and don't want to go around with large wads of cash.

maryweir

Which one account gives best value
Perhaps i didnt make myself clear.......the account i am talking about takes mortgages debts creditcards and savings into account!

Cloudane

Hmmmm, I was highly tempted to switch to A&L (from HSBC), but I'm not so sure now after all the reports of poor customer service. I'm fed up enough of poor customer service in this country (for the sake of having the "best deal" which means this is where they cut the corners) without essentially advocating it by opening an account...

It's a toughie. I'm currently with HSBC, and their customer service is excellent. Whenever I've needed to phone them it's been answered straight away by a proper English speaking person who knew what they were talking about and resolved the matter straight away. A few years ago they did shift their call centres to India - even then they were well-trained and helpful, which I find to be an absolute rarity with overseas call centres. However they seem to have moved them back.

Their online service is also excellent, and any transfers between HSBC related accounts are instant, as are payments out (I prefer it that way - it's confusing having money sat in the bank for a day or two that doesn't belong to me).

The negative side is that HSBC have very poor interest rates. However I have to wonder if the improved interest rate with A&L is really worth it for the poor CS and other possible disadvantages.

From what I've gathered so far, A&L pros and cons are:

Pros: Excellent interest rate and overdraft facility (though I've only ever used an OD once, and paid it straight back the next month anyway). They also own an ATM just around the corner from our house, by the pub, which is very convenient... but it charges. However as an A&L customer I wouldn't get charged by it - it'd be so nice to have the use of that ATM!

Cons: Reports of terrible customer service; someone said transfers happen overnight, which would be inconvenient; charges for non-Link ATMs (though I'm not sure how many there are anyway); reports of poor internet banking system (HSBCs is excellent, IMO).

Quite a dilemma.

What are they like for clearing cheques etc? I realise they're not a building society any more so does that mean they won't take forever to clear cheques like BS's often do?

Cloudane

Well, I've decided to take the plunge with A&L. Having done a fair amount of research, most people's complaints seem to stem from not reading the Ts&Cs and/or sailing too close to the wind, which I don't tend to do anyway - paying in and paying out on a 0 balance on the same day and then complaining when it takes the "out" before the "in" and incurs a fee etc. I always assume this is going to happen regardless of the bank! It's asking for trouble!

Everything taking 1 day longer sounds a bit of a pain, but I think this will be alleviated somewhat with the new instant payments system. And on average I pay in 1 cheque per year, so clearing time is not that much of an issue. Tried the online banking demo and it seemed on par with HSBC's (not sure what people are expecting). I haven't seen a non-Link ATM for ages, and that seems to go for most of the people here too. No nearby branches, but really who cares, as there is a nearby Post Office.

The higher rate and the free use of the normally-chargeable ATM around the corner (trivial as it may sound) were too good to pass up really, and it's voting with feet over bank interest rates. Hope they're worth the effort!

theloft

Having read most of these posts, it seems that there are good and bad reports about most of the banks. I switched from NatWest to Lloyds TSB about 2 years ago. The changeover went smoothly and at last I was getting interest on money in my current a/c. Added to that there were other benefits. I was later persuaded to change to Platinum Plus for additonal benefits, AA cover (almost top level), Travel Insurance with AXA (couldn't fault it), Credit Card loss cancellation system, Monthly Saver Account paying 8% (great). So I was very happy (good Customer Relations)and did not regret for one minute moving from NatWest. However, things have changed, the interest on the current a/c has gone down, monthly saver has stopped. The charge for Platinum Plus has gone up to £17 per month. OK, still getting the other benefits (the £17 charge is covered by the AA & travel insurance easily as it covers both my wife and myself and at our age cover is expensive). So should I stay with them? A & L looks better but there is no branch locally, plus some bad posts. Any recommmendations please ?

Cloudane

Still awaiting my welcome pack for A&L. I only applied last Wednesday, but it'd be nice if it'd arrive soon. Then I'll give initial impressions

From what I've read in the forums, most people's complaints about A&L stem from:
a) Walking into a branch and finding that they can't help because it's an online account (or the staff sometimes being a bit iffy)
b) Doing things far too close to their overdraft limit - or lack of overdraft - and finding that A&L have a bit of a zero tolerance policy and aren't shy about imposing fees.

If you look after your account online, and look after it carefully (no risk-taking - if you have to ask yourself "will I go under and get charged" - assume the answer's yes!) I doubt it'd be a problem. That's how I'm approaching it anyway; the jury will be out for a little while with the direct debit transfer and such like.

Most people never read fine print, but it's always wise with something as important as a bank account, and that's when you'll find out the little things that people complain about beforehand and can make an informed decision whether or not to accept the terms. Different banks suit different people, and from what I gather it's not really the bank to go for if you like the old fashioned face-to-face banking or if you tend to sail very close to the wind with your account management.

Cloudane

No "official confirmation letter" has arrived yet but the PIN is here! Good to know it's progressed past the electronic part, at least. Debit card to follow within the next 7 working days.

Don't know any of the account details yet such as customer number, sort code, account number etc. Hopefully they will follow through soon.

The speed is about what I was expecting... banks have never really been known for moving at anything but crawling pace. The wait continues!

NikkyWikky

Does any1 know if they have to switch all there direct debits over to FirstDirect in order to get the £100 cashback. Was thinking of leaving my existing current account open and open the First Direct for the cashback, hence dont want to move all my direct debits over.