Reply to: Cater Allen Interest

[FiveTimes]

A & L provided a debit card from the start

[too_many_details]

I'm with Cater Allen. Not bad on the whole but i seem to remember getting a card was not easy......

R

[crack_ho]

What about debit cards? Can you get one on this account?

[dude69]

Also notice that the A&L accounts are at issue 4, which means that they will a add new account with better rates and lower the rates on the old issues, meaning you have to keep uptodate and keep changing the account.

On £50k:

Issue 4: 5.42%
Issue 3: 5.42%
Accounts from 13/11/06-31/03/07: 5.78%
Issue 2: 5.37%
Issue 1: 5.11%

All of them are pegged to base plus adjustment. These rates are exactly the same as what was first offered. So if you sign up now, you get base - 0.2%. Base rates have just dropped (today), so the rate will fall.

If you go back to 2006:

http://web.archive.org/web/200602071...t/SB020001.asp

The advertised rate was 4.07%. As base rates have gone up, so have their interest, which is actually a nice deal for existing customers - they got 0.5% b elow base then, and they are still getting 0.5% below base now. No complaints there I would think.

[dude69]

"All we ask is that payments into the account total at least £1,000 per month, otherwise there is a flat charge of just £5 for that month only."

Typical A&L, big headline rate but carp conditions.
So I get penalised for not invoicing monthly or weekly.

Plus I have the two accounts at the moment and I would like the simplicity of one and then not having to monitor your balanaces to get the best rate.

The interest difference can make quite a big difference. Over a day's pay.

Plus if you can just transfer £1000 from deposit account on 1st of each month and schedule payment back on 2nd.

And on a point of fact, £5/month is only 0.1% of a £60k balance, so even if you are lazy and have to pay it every month, you'd still be far better off.

Personally I'd much rather a high street bank than Cater Allen, who are only pushed because of their commission payments to accountants etc.

[FiveTimes]

I'm with A&L for business and its spot on. No problems with navigation, and usage.

The deposit account interest was one of the reasons I joined them

[crack_ho]

"All we ask is that payments into the account total at least £1,000 per month, otherwise there is a flat charge of just £5 for that month only."

Typical A&L, big headline rate but crap conditions.
So I get penalised for not invoicing monthly or weekly.

Plus I have the two accounts at the moment and I would like the simplicity of one and then not having to monitor your balanaces to get the best rate.

Also notice that the A&L accounts are at issue 4, which means that they will a add new account with better rates and lower the rates on the old issues, meaning you have to keep uptodate and keep changing the account.

[dude69]

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.

Quite a few banks show 'available balance'. Including lloyds. I would personally never come close to going overdrawn on my busienss account so I wouldn't worry.

I bet they don't take their online banking down from 11pm each night like Shabbey do.

[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.

[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.

[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?

[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]

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.....

[crack_ho]

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

[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