Alliance and Leicester

superstar_2

HI,

I was browsing through their website and came across the esaver which pays 6.5% yearly gross which cane be linked to premier current account at 8.5% for balances up to 2500 quid. The esaver is almost 2% more than my current Halifax web saver, which is at 4.65%!

Does anyone have this account. Anyone banking with A&L, how is their service, would you recommend it to me? Also, I have recently read that A&L is one of the most 'unstable' bank. Well, lets put it in this way - A&L being not very very stable profit-wise and worst affected by credit crunch etc. What are your thoughts on this.

Thank you in adv!

McSaver

they arent the best bank in the world but they do sometimes launch good new deals that last around a year and then drift away with age. Its worth having if your looking for a better return on your savings and it beats the rubbish 4.65% that your getting from halifax. But halifax have got a websaver that pays around 6% if you cant be done with the hassle of switching bank accounts. Also to add halifax have a current account that pays 6.17% for a £1,000 a month minimum funding. Alliance and Leicesters minimum funding is only £500.

YorkshireBoy

You're not comparing like with like. Have you seen the withdrawal conditions on the e-Saver?

Also, why have money in a 4.65% WebSaver when you can get/could have had 5.75% - 6.00% variable (from Jan-Jul this year) in a 'with card' WebSaver?

You'll find dozens of complaints about A&L on these boards, but I've not had any problems with them.

8.5% (for 14 months?) and 6.5% is a good combination, but as pointed out above, Halifax have a 6.17% HICA and the £1,000 per month can be recycled back and forth from a WebSaver (or even a 6.5% BM account, and possibly instantly once faster payments come on stream?).

chesky369

I've never had any problems with A & L. I opened a current account with them in order to get their regular saver - worked absolutely fine. When the saver finished, I closed the account, as you had to put a minimum of £500 per month in, which I didn't want.
For the past 6 months or so I've had an e-saver (you don't need any other account with them to open one). Again, no problems thus far. BUT I don't withdraw anything from the account, just keep 'topping up' because of the good rate, that way I don't lose the interest.

superstar_2

McSaver wrote: »

they arent the best bank in the world but they do sometimes launch good new deals that last around a year and then drift away with age. Its worth having if your looking for a better return on your savings and it beats the rubbish 4.65% that your getting from halifax. But halifax have got a websaver that pays around 6% if you cant be done with the hassle of switching bank accounts. Also to add halifax have a current account that pays 6.17% for a £1,000 a month minimum funding. Alliance and Leicesters minimum funding is only £500.

Thank you.
I agree that 4.65% is rubbish! Just had a look at the HICA account by Halifax - looks like a good deal. I already have a student current account with HBOS, can i open another current account (HICA)? Is that allowed?

Also, you need to pay in £1,000 per month with HICA. Can this be recycled as said my Yorkshireboy. So, pay in £1,000 and then transfer them back into websaver after a week or so which can be recycled. Is that right?

superstar_2

YorkshireBoy wrote: »

You're not comparing like with like. Have you seen the withdrawal conditions on the e-Saver?

Also, why have money in a 4.65% WebSaver when you can get/could have had 5.75% - 6.00% variable (from Jan-Jul this year) in a 'with card' WebSaver?

You'll find dozens of complaints about A&L on these boards, but I've not had any problems with them.

8.5% (for 14 months?) and 6.5% is a good combination, but as pointed out above, Halifax have a 6.17% HICA and the £1,000 per month can be recycled back and forth from a WebSaver (or even a 6.5% BM account, and possibly instantly once faster payments come on stream?).

Thank you.
I agree, with that cashcard option - I wanted to get that but was too busy and overlooked it and have been losing 1% for nothing! Should have done that but i only have 2.5 months now, is that still worth it? May just get a differet account for a year or so.

What is the BM account?

superstar_2

chesky369 wrote: »

I've never had any problems with A & L. I opened a current account with them in order to get their regular saver - worked absolutely fine. When the saver finished, I closed the account, as you had to put a minimum of £500 per month in, which I didn't want.
For the past 6 months or so I've had an e-saver (you don't need any other account with them to open one). Again, no problems thus far. BUT I don't withdraw anything from the account, just keep 'topping up' because of the good rate, that way I don't lose the interest.

Thank you.
Glad that you're OK with A&L. I might look into this esaver option, and there's one branch close to my place as well, 20 mins walk away.
There's been talks that A&L aren't as stable as other UK banks and building socs; what's your take in this issue?

chesky369

what's your take in this issue?

Well, ducky, I think you only start to worry when you have more than £35k in any one banking institution. If I get near to that amount, doesn't matter who it's with, I go onto the next one. I have ICEsave, A&L (also have a couple of pounds in ING and Sainsburys, in case either of them 'liven up' again; also Northern Rock because I'm too lazy to cancel it), so I've got lots to choose from.

I think the only people who MIGHT have to worry with regard to A&L are their shareholders, not their customers.

YorkshireBoy

superstar wrote: »

I already have a student current account with HBOS, can i open another current account (HICA)? Is that allowed?

Yes, subject to status of course.

Should have done that but i only have 2.5 months now, is that still worth it?

It'll take you all of 30 seconds to open and fund from your other WebSaver. Has to be "worth it", at least until you decide what you're doing.

What is the BM account?

Birmingham Midshires e-Saver. BM are part of Halifax, so transfers *might* be quick, and should be almost instant come 27th May.

superstar_2

chesky369 wrote: »

what's your take in this issue?

Well, ducky, I think you only start to worry when you have more than £35k in any one banking institution. If I get near to that amount, doesn't matter who it's with, I go onto the next one. I have ICEsave, A&L (also have a couple of pounds in ING and Sainsburys, in case either of them 'liven up' again; also Northern Rock because I'm too lazy to cancel it), so I've got lots to choose from.

I think the only people who MIGHT have to worry with regard to A&L are their shareholders, not their customers.

hmm ... I only have an account with oe bank at the moment and its within the £35k limit. I can't afford for it to wind up (i know you will get it back, but when, how long? nobody knows) - What am i going to do till then>? These are the issues i need to think, IMO.

superstar_2

YorkshireBoy wrote: »

Yes, subject to status of course..

Can you explain this more?