Alliance and Leicester Savings Account Review

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1.8 stars
Average rating for this product is: 1.8 out of 5

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ALIBE's Review of Alliance and Leicester Savings Account

13th Apr 2005

Overall Rating

1 stars
  • Value for money
    3 stars
Good Points

Local


Bad Points

Staff ignorant of their own company rules and conditions.
Inability of staff to cope with new business immediately.
Multiple visits to branch to sort out matters.
Head office staff unavailable to give their own branch employees advice.


General Comments

All I wanted to do was open a fixed term ISA with the Alliance and Leicester. Funds were to come from:
a) my bank account
b) an existing ISA account with A & L
c) a transfer of ISA funds from another Building Society.

However, when I walked through the door, I was told that they could not deal with such business there and then. I would have to make an appointment. On the appointement date I turned up to find that I was going to be handled by the "mortgage specialist" who had no experience of savings.

An hour and a half later and much checking with other staff I thought the task had been completed. No - the forms had to go to head office for processing. This lead to many visits and complaints until, four months later, the balance of the transferred funds were credited to a separate account.

It is now the anniversary of opening the account and I should be able to access all the funds. No, the transferred funds cannot be touched for a further four months.

To add insult to injury, I am told they will deduct £25 per transaction if I move my savings to a different ISA provider. This means in my case £50 because, thanks to them, funds mature on different dates.

I challenged this charge, which was not in existence when I opened the account. I was advised that they were sure it applied but they would check with head office and would then ring me. I am not holding my breath.

More visits are going to be required.

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft RateOverdraft Limit
NatWeste-ISAAvailable to existing Natwest Customers Only. The longer you save the more you can earn, save up to £3,600 in a tax year. See site for details.Monthly2.00%N/A
AbbeyDirect ISASave from just £1 to receive 2.00 AER (variable) tax free.Annually2.00%N/A
NatWestCash ISAAvailable to existing Natwest customers only. Transfer your previous years ISA's into this great cash ISA. Earn up to 2.0% AER tax free.Monthly2.00%N/A