Cater Allen Interest

[crack_ho]

How is the tiered Interest on the Cater Allen account calculated?
For example if I have £30k in the account do I get

£5k * 0
£5k * 2.85%
£15K * 4.15%
£5k * 4.35%

or

£30k * 4.35%

[DimPrawn]

The latter, which is nice.

[crack_ho]

That is refreshingly nice.
Is it all online now as well and do they allow you to operate just a reserve account and make bacs transfers and use a visa card against it too?

[Sausage Surprise]

That is refreshingly nice.
Is it all online now as well and do they allow you to operate just a reserve account and make bacs transfers and use a visa card against it too?

Yes

[crack_ho]

ok thanks, might be time for a change of banks.

[dude69]

ok thanks, might be time for a change of banks.

I think you will find

https://www.alliance-leicestercommer...t/SB010002.asp

To be a better deal.

We GUARANTEE that we will beat your existing business banking deal or we'll give you £2,000 after 12 months

6.26% AER on your current account, but only up to £1k, so you take out the deposit account as well, which pays 4.69% up to £50k, and 5.42% on £50-£250k

Most of us don't need a substantial current account balance, so you can basically keep it all in the deposit account and transfer online in the rare event of needing extra cash.

The difference in interest on £30k is £102/year.

It is worth getting a deposit account generally.

If you have £60k in your account average balance, then compared with keeping it in Abbey's popular free current account, you are losing £1,752/year.

Even for us overpaid contractors, that's three days pay, and it can't take that long to set it up. Act now! Move to Alliance and Leicester.....

[VectraMan]

Act now! Move to Alliance and Leicester.....

All very well until they refuse your application for no apparent reason. Which is what they did to me when I applied for a deposit account.

[dude69]

All very well until they refuse your application for no apparent reason. Which is what they did to me when I applied for a deposit account.

Yeah they are a bit weird with ID as well.....

Seems they don't want the customers.

On a related note, would you lend Northern Rock money?

http://www.northernrock.co.uk/saving...ings-accounts/

5.74% AER on £10k and up.

I'm guessing this is best rate around, but is it safe?

[Moscow Mule]

I'm guessing this is best rate around, but is it safe?

Probably not - the taxpayers guarantee (Oh thank you Darling!) doesn't apply to business fund IIRC.

[MickeyP]

Act now! Move to Alliance and Leicester.....

I find Alliance and Leicester useless regarding my personal current account.

Poor online banking:

- transaction details take days longer than my other accounts to appear online. This coupled with a confusing lay out make it constantly difficult to know your actual current balance.

- I also don't like the fact they include the overdraft as part of your "balance". Making you think you have more money than you do. Just plain sneaky.

Not sure why I'm still with them.

Anyway my point is if the Business banking is anyway close to the Personal Banking then steer well clear.