Alliance & Leicester advice/recommendations needed please

blizeH

I'm currently looking for a new savings account, but to help me organise my finances I'm also after a new current account too, to run alongside my Lloyds TSB Classic Plus.

As far as I can tell, I have two options:
a) Premier Direct Current Account, with an eSaver to complement it.
b) Premier Current Account, with a regular saver account to complement it.

With option a, I would get 6.5% on any balances up to £2,500, any if my balance looked like it was going to increase past this amount I can move it into the eSaver to get 6.5% on that too.

With option b, I would only get 1.5% on my balance up to £2,500, but I would then have the option to invest £250 a month over three years at a whopping 12% interest, which is very tempting I must say.

My main concern is that the account is going to have a lot of incomings and outgoings and it may be hard to keep a firm track on the balance, and I've no idea if A&L would drop my interest to 0.10% for the month if I went over the £2,500 limit, or if it's just calculated daily?

If it's not calculated daily, I may just try to keep more money in my Lloyds account (with a super low interest rate) and just use that - but then get a A&L account just for the 12% saver - is it okay to do this without depositing much into the Premier Current Account?

Many thanks

ScratchandSniff-->[X]

blizeH wrote: »

If it's not calculated daily, I may just try to keep more money in my Lloyds account (with a super low interest rate) and just use that - but then get a A&L account just for the 12% saver - is it okay to do this without depositing much into the Premier Current Account?

Yes - you need to transfer £500 in a month to the current account, have the £250 feed into the RS account then arrange for the remaining £250 to go back or somewhere else. I wouldn't use A&L for a current account due to their overdraft fees. Usual provisos about making sure your transfers don't occur over weekends apply.

As mentioned by another poster, do a Quidco on it.

sloughflint

You can get one of each so £100 free money from quidco and rotate the £500 funding requirement.
Be warned, A&L don't use realtime internet banking. You'll be used to that with your Lloyds account.

maytaurus

I wouldn't touch A&L with a barge pole!!!!!!!!!!!!!!!!!!!!!!!!!
They have just returned 3 of my dd's in the same day (monday)and charged me £25 x3 = £75 + the companies who have got to re submit their dd's will charge me £20 each as well....good isn't it?
All because my money went in the same day as the dd's went out
and there wasn't quite enough to cover them !!
I have had nothing but trouble since I opened the account in september
they didn't do any of the things they should have done and have cost me £100's £'s in 3 months
I am still trying to get them to talk to me...but it's like banging your head against a wall..
they keep saying they will sort it out.....
and then do something else wrong and charge me again!!
THEY ARE A COMPLETE JOKE as far as I am concerned and going in to the branch is useless as they can (quote ''only talk to you or sort things out etc on the phone'')
By the way I forgot to say they told me that the above mentioned dd's would be going out on 12th NOT the 10th
I only put my dd's on the account and thank God I didn't close my original bank account
I will be going to the banking Ombudsman asap in the new year
You might like to look at some of the posts about them in the forums :eek:

:xmassign:

blizeH

Many thanks for the replies, and sorry to hear about those troubles maytaurus, although they shouldn't really apply to me I think.

Just a couple of questions about A&L:
1) Can I do the RAF scheme, and get the £50 Quidco bonus?
2) Can I close the 12% saver at any time, or do I have to do the full course of 3 years?
3) Can I set up three standing orders: one from my Lloyds account to A&L for £500, then later in the month £250 from my A&L current account to saver, and another £250 back to my Lloyds account?

sloughflint

A few things:
The RS is for one year only,not 3.
Check out the referrer's section re quidco. Sometimes it is better to go via quidco, sometimes not.
Nothing wrong with 3 or you could use the Post Office facility (for both A&L and Lloyds)and just rotate cash.
I definitely wouldn't switch completely to A&L.

All because my money went in the same day as the dd's went out
and there wasn't quite enough to cover them !!

Although I'm no fan of A&L, I'm afraid this is standard for many banks. Very annoying when it happens. The money needs to be there the day before.

StevieJ

maytaurus wrote: »

All because my money went in the same day as the dd's went out
and there wasn't quite enough to cover them !!

I thought you received a zero rate overdraft for the first 12 months, does this not happen anymore?

TigersEye

maytaurus wrote: »

I wouldn't touch A&L with a barge pole!!!!!!!!!!!!!!!!!!!!!!!!!
They have just returned 3 of my dd's in the same day (monday)and charged me £25 x3 = £75 + the companies who have got to re submit their dd's will charge me £20 each as well....good isn't it?
All because my money went in the same day as the dd's went out
and there wasn't quite enough to cover them !!
I have had nothing but trouble since I opened the account in september
they didn't do any of the things they should have done and have cost me £100's £'s in 3 months
I am still trying to get them to talk to me...but it's like banging your head against a wall..
they keep saying they will sort it out.....
and then do something else wrong and charge me again!!
THEY ARE A COMPLETE JOKE as far as I am concerned and going in to the branch is useless as they can (quote ''only talk to you or sort things out etc on the phone'')
By the way I forgot to say they told me that the above mentioned dd's would be going out on 12th NOT the 10th
I only put my dd's on the account and thank God I didn't close my original bank account
I will be going to the banking Ombudsman asap in the new year
You might like to look at some of the posts about them in the forums :eek:

:xmassign:

They have cost my mum so much in charges:mad::mad::mad:

Plus they're irish, they do the opposite of what she asks of them, honest:eek::eek::eek:

She rings, emails and writes to them and they just ignore her and I don't know how many times they've promised to do things and then deny it

interest_Ted

I would stay well clear.

My cousin and his wife are having an awful time trying to close their Premier Direct accounts. They tried to close them in November and had a letter saying this could not be done by post, only on the internet. My cousin then pointed out that the terms and conditions state that closure is by post or telephone only. Also he pointed out that it is not even possible to send a secure message to them on the internet, let alone possible to close the account on the internet. Now they have had letters to say that as they have not put in the requisite £500 per month, they will be charged £5. As they already had drawn the accounts down to zero, such a charge would also incurr an unauthorised overdraft charge.

So my advice to you is - before you open any account, consider what happens if your situation changes and you need to close your account. Based on my cousin's experience, I'd say avoid A&L !

Ted

blizeH

Many thanks for the replies, in hindsight I think I may be better off then saving the hassle and just going with a Sainsburys/AA savings account ;o

maytaurus

:mad: groan....
I have sent them a secure message at 3am this morning and told them to close my account!!
(after logging into my account to see what they've done to me now)
It is impossible to speak to a PERSON about accounts in any way shape or form
You have to do it on the phone,the branch say they can only do the same !!
I am trying to keep this short as I could make a website about the problems I have had with them and have posted some on here!
They didn't set up my dd's..I had to do it myself after being contacted by the people who didn't get paid
they didn't match my overdraft (they were supposed to as part of the switching .they didn't give me one at all..of course I thought it had all been done )...
Until the letters for non payment and the letters saying I was no longer on dd with the companies and their info about their charges cos I'd missed the payments ,stopped paying by dd etc etcI only opened the account at the end of august and even then my card and details had to be re-ordered as they didn't arrive
So up and running in sept then (I thought!)
they have cost me nearly £400 in less than 4 mths :mad:
2 weeks ago I went into the branch again and was told it would all be sorted out and they would write to me.......
THEY DID....the letter said
'these facilities are only available for customers using our 'switching service! aarrrgh!!! :mad:
On monday I went into the branch again and was promised someone from the 'switching team ' would phone me tues between 10 and 1 am still waiting....
sat am got a letter saying that 'because I haven't transfered all of my income to be paid into the account (specifys at least £500 when you use the swithching service as I did...
(just the £200 a month for the dd's until they'd sorted it all out )
They will now be charging me the £5 underfunding fee
All round been one big costly and stressful mistake getting involved with them ,thankfully I didn't agree to them automatically closing my old account
Now I just need to redo all my dd's and contact all the companies who need to receive the payments..
oh and then find out how to claim back my money on MSE :money:
:xmassign: