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  • TomJ
    TomJ Posts: 224
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    bferg wrote: »
    Just a thought with the A&L account,and please forgive me if I'm incorrect, but even after the 0% is finished after 12 months, I make it that 50p per day up to a maximum charge of £5 per month works out at £60/year maximum. If my assumptions are correct, then the interest per year is 2.4%....less than a balance transfer fee on most credit cards.

    Therefore, why not keep the £2500 overdrawn, obviously paying in £500 at the end of the month, then removing it at the beginning of the next month. Meanwhile, keep the £2000 in a high interest savings account/ISA and receive the additional interest. Could make upwards of £50/year if savings is above 5% (after tax).


    In my case it's because I intend to close the account, then apply for a new one 3 monrhs thereafter to get the Refer a Friend sign-up bonus, the 0% deal again and open a Regular Saver at 12%. I realise that by then they may have changed their offers, but I think it's worth the reisk.
    I am not a financial advisor or other expert. All posts are purely my thoughts at the time for discussion, not advice. Bear in mind, even most of this disclaimer is ripped off another forum user. Please check out the facts first before doing anything.
  • Hi,

    Im just about to start up a small part-time business and would like to separate out the finances of it from my personal bank account.

    The business involves making and selling things at craft fairs etc so I need to be able to pay-in wads (hopefully!) of cash as well as pay for materials online and by cheque.

    Ive looked into business account options and most seem to provide free banking services for year one, but after that start charging for every transaction.

    The personal accounts Ive looked at state they are not be used for business purposes.

    One other thing, I would like the account to be as `green & ethical' as possible.

    Any suggestions?

    Heres hoping
  • tradetime
    tradetime Posts: 3,200 Forumite
    Creations wrote: »
    Alliance and Leicester may be recommended as a top account for their interest, but they really have the worst customer service record ever. ..........<snip>

    Thanx for that, I am looking to change current accounts at the moment, and they were top of my list, however I will reconsider the options.
    Customer service has pretty much died in this country due to several years of boom and spend spend spend. Nobody really feels the need to court the customer anymore. Roll on several years of recession to inject some re-evaluation intoa lot of these companies. A few years of scrabbling around in the dirt for any and every customer they can find may bring them back down to earth. You are quite right in that the consumer should vote with their feet, people only get away with bad service if they are allowed to.
    Hope for the best.....Plan for the worst!

    "Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown
  • TomJ
    TomJ Posts: 224
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    I've just swung by the A&L site and notice they've upped their Prem Direct rate to 8.5% fixed till Apr 09. I hope no-one opened an account yesterday, that would be particularly galling...
    I am not a financial advisor or other expert. All posts are purely my thoughts at the time for discussion, not advice. Bear in mind, even most of this disclaimer is ripped off another forum user. Please check out the facts first before doing anything.
  • I already have an account with A & L so am barred from opening another with them for better rates. However I do not want to switch as I have linked this a/c to a number of other savings accounts and, unlike many people I have no problems with either their website or customer service! Any suggestions for a second current account with a decent rate of interest, good online service etc. Overdraft not an issue. Could pay in a set amount ( not salary ) if necessary.
    Oh , and an attached Regular Saver with good rates too, please!
  • ukdutypaid wrote: »
    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?

    My advice is NOT to switch to Abbey. I have just done that and the service was appalling. I've asked the account switcher team to book me a call from customer service so I can tell them how bad it is.They haven't rang yet

    They completely messed up half of my direct debits, some still haven't been set up - set up a standing order to be debited every week instead of every four ( they couldn't do 4 weekly - only monthly), promised that I'd get internet banking set up - I had to pursue that my self, the internet banking service is soooooo slow - it takes days and days for debits to appear so isn't as helpful as it could be when you want to keep track of your money.

    I was totally unimpressed - the branch promised the earth but the service from the contact centre has been rubbish in my view.

    Don't know if other banks are as bad - I want to change but frankly can't bear the thought of all the hassle again. The promise of only having to sign a form and we'l take care of everything was completey bogus.
  • TomJ
    TomJ Posts: 224
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    I must say, I'm not terribly impressed with abbey's service either; they've not paid me any interest for Jan and the chap at the call centre hasn't exactly filled me with confidence.
    I am not a financial advisor or other expert. All posts are purely my thoughts at the time for discussion, not advice. Bear in mind, even most of this disclaimer is ripped off another forum user. Please check out the facts first before doing anything.
  • I applied for the abbey 8% account on 16th December, it was approved on the 11th Jan but I am still waiting to hear from them. I have phoned three times over the last three weeks and on each occassion been told that they are waiting for an account number and they will email the department and get back to me. I am still waiting to hear from them and am seriously considering telling them to forget it if this is the best they can do.:mad:
  • I am thinking of opening an Alliance and Leicester current account.

    But use it like a stooze account ie take out £2500 and put it in Isa for a year

    As long has i transfer £500 per month from my Abbey into Alliance i will be fine?

    Then use the £500 has day to day spending thru my Alliance account

    Can somebody confirm that i woundnt be charged anything the first year aslong has i dont go over my authorised overdraft?

    The 2nd year i will be charged £5 per month?

    with a bit of luck i will get £152 interest plus £50 Quidco(opening account)

    Has anybody done this? worked ok ?
  • koru
    koru Posts: 1,482
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    Excuse my ignorance in advance, if there is any to excuse. Lets say i opened up a Cov Bs Account, abd then 2 A & L for both me and my partner. Could i then technically set up a direct debit from Cov to both A& L accounts and then direct debit from thse 2 bank accounts back to Cov.?

    Is this possible? or have the hen's hatched in my head a few years to early?:o
    Yes this is possible, by setting up regular monthly transfers. I did mine using online banking for each service.
    koru
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