Savings Allience & Leicester

boltonian

I am going to start Stoozing. I want to set up an online savings account.

Allience and Leicester has 5.35% for its online savings account but 5.5% for its online current account.

Am I being silly, or is the current account the better option?

Shinds

I think you should read all the T&C's of the Current account

I think it's something like you have to put ur salary in their every month....

boltonian

Is that a problem?

sergeant121

I think you should read all the T&C's of the Current account

I think it's something like you have to put ur salary in their every month....

5.5% interest on the A&L Premier Plus Current acount is only on the first £2500 of the credit balance.

Above that and then the interest rate reverts to the industry standard (criminal rip-off) 0.1%.

N.B. £1000 @ 5.5% over a year would earn £1.50 gross (£1.20 after 20% tax/£0.90 after 40% tax) more than if it was in a 5.35% account.

boltonian

Thanks, I see that now, not much good for what I want. I presume the savings account it legit? Seems a good offer?

Jethro_2

Hi y'all
I am switching to the Premier Plus Current Account as the rate is sooo good as long as you keep your dosh to under £2500, it also offers 0% overdraft for the first year (this changes to 6.9% after this, still not bad), but note that their telephone number is an 0870 which is premium rate! Also although it offers free travel insurance if you have kids note that they will not be included even on a joint account so this is maybe not quite the good saving you might first think.   Overall, good but watch the small print and be prepared to shop around again when the 5.37% rate is reduced after 31/12/05.

derrick

Jethro
The phone number is 0870, but use this one 01132541566 it takes you tothe same place

sergeant121

Jethro
The phone number is 0870, but use this one 01132541566  it takes you tothe same place

Which, using 18866 from a BT landline would cost you 1p per call.

If you're a real MSE though, try 0500 959595 - and talk your way to where you want (not difficult, even I've managed it).

Jethro_2

Re Premium rate telephone number for Alliance & Leicester - thanks for the alternative numbers - much appreciated!

from_suffolk

Having opened an on line saving account and making my first small deposit transaction a week ago the money still has not cleared.

My account says the money has been authorised and there is a 'running balance ' which is the deposited sum which is not available for withdrawl.

On first impressions it seems that the A&L account is slower than ING and any advantage of a higher savings rate may be lost by the money held in the banking twilight zone!

lynbil

The Alliance and Leicester current account may look attractive but I opened one two months ago and the service has been awful. They have had so many people open accounts they just can't cope with the numbers. I've had a terrible time with them not closing other accounts and not transferring my standing orders. I complained and asked for £25 as compensation and guess what.....they paid up!! Wouldn't recommend them though.

I am going to start Stoozing. I want to set up an online savings account.

Allience and Leicester has 5.35% for its online savings account but 5.5% for its online current account.

Am I being silly, or is the current account the better option?