Which is better? B&B Internet Saver (issue3) or A&L Esaver?

sharpharp

Any advice on which is the better of the two internet accounts?

Bradford n Bingley offer 6.51 gross (with no penalty on withdrawals)
Alliance n Leicester offer 6.50 gross (with loss of interest on withdrawal for that month)

The B n B one looks better on paper, but with the stability of B N B i'm a bit reluctant to go with them, even though we know the money is safe upto the minimujm threshold.

Any insights before i go for it?

Cheers

Oblivion

sharpharp wrote: »

Any advice on which is the better of the two internet accounts?

Bradford n Bingley offer 6.51 gross (with no penalty on withdrawals)
Alliance n Leicester offer 6.50 gross (with loss of interest on withdrawal for that month)

The B n B one looks better on paper, but with the stability of B N B i'm a bit reluctant to go with them, even though we know the money is safe upto the minimujm threshold.

Any insights before i go for it?

Cheers

Frankly I'd be wary of them both. B&B have a track record of suckering you in and then dropping their interest rate faster than a tart's knickers, and A&L are just plain incompetent in my experience.

Dave.

sharpharp

What about the Abbey? They do an Internet Saver at 6.50 gross also, with no loss as long as you been 1k in?

[Deleted User]

Oblivion wrote: »

B&B have a track record of suckering you in and then dropping their interest rate faster than a tart's knickers

Hahaha. Awesome. :rotfl:

As per:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#topaccounts

I'd go for Kaupthing Edge, 6.5% AER and guarantees to be at least 0.30% higher than the Bank of England base rate until 1 February 2012, min deposit of £100.

Oblivion

sharpharp wrote: »

What about the Abbey? They do an Internet Saver at 6.50 gross also, with no loss as long as you been 1k in?

If that is their eSaver Direct you're referring to, then it looks like an ok deal but be aware that there are strings attached if you want to make withdrawals, either in the first bonus year, or even worse in subsequent years.

I'm not about to do your research for you, but just be aware that a high interest rate isn't the always what it seems to be. Look closely to see if that rate comes with limited bonus clauses and any guarantees of sustainability, and WATCH OUT FOR THE SMALL PRINT ... these are shark-infested waters.

Nod1234

Re Oblivion's tart comment on 21/6, having recently opened a B and B Internet Saver Issue 2 a/c I received an email advising of a rate reduction but no mention of the new Issue 3 which gives a good rate. Thus the unwary remain at a low rate.The B and B site gives no clue to Issue 2 holders that Issue 3 exists nor does it give any help in moving to Issue 3. One has to close account, money back to your ordinary current account, open Issue 3, transfer money from ordinary account to new Issue 3. I think this is sharp practice, agree with the tart comment and plan to close a/c and investigate KE, current best buy of this type. Anyone had bad experience with KE ?

Moggles_2

Nod1234 wrote: »

The B and B site gives no clue to Issue 2 holders that Issue 3 exists nor does it give any help in moving to Issue 3. One has to close account, money back to your ordinary current account, open Issue 3, transfer money from ordinary account to new Issue 3.

Not so. If you apply for Issue 3, which takes a few minutes online, you can transfer the balance from Issue 2 directly to Issue 3 the next working day

Moggles_2

Nod1234 wrote: »

Anyone had bad experience with KE ?

I've been with Kaupthingy almost since launch on 2 Feb 2008. Whole application process was completed online in 7 days from beginning to end. ID is checked electronically provided that you're on the electoral roll. It's still early days of course, but customer service has been good so far and the easy access a/c has a valuable interest rate guarantee

Nod1234

Many thanks Moggles for your two notes yesterday. I've just applied for Issue 3 B and B and it is as you say (although it only tells you at the end of the application that you can transfer directly from Issue 2) so I stand corrected and will just transfer the money to Issue 3 for now. I do think that B and B is remiss though in (a) not notifying Issue 2 customers about Issue 3 which it could easily do via email, as it managed to notify the interest rate change on Issue 2 like that, and (b) not flagging Issue 3's benefits anywhere in the pathway traversed by a customer checking his Issue 2 balance, which would be easy to do. So I will consider Kaupthingy soon if reports remain good.

SBC

I too only noticed this week (ironically whilst idly browsing B&B's interest rates charts to check the rate was competitive) that there even was an Issue 3 with a markedly higher rate.

Narked to say the least that they employ such a sneaky trick, esp as I've only had the account a few months. It really seemed like 'I'd joined, they'd got me in, let's drop the rates down then'.

How often do they issue new account types like this? It can't be every time the base rate changes?


@Sharpharp - btw one downside I noticed about B&B's online account is that all you need to access it is your username and password - AND THAT'S IT!

I think some banks go a bit overkill (Barclays' new "PIN Sentry" anyone??? :doh: _pale_ ) but B&B seem a bit too relaxed/out of touch in this day and age.

SiuLoong

If you keep a lookout on sites like this you are usually aware of any rate changes and new issues before they happen, I changed my B&B Issue 2 to Issue 3 within 3 hours of it being available, I didn't even need to wait 24hrs. Birmingham Midshires also have a similar account (and similar rate dropping ideas) which pays slightly more at 6.52%, if you had £££ and didn't want to put it all in one place this is another option.