Alliance & Leicester First Saver Children's Saving Account Review

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Alliance & Leicester First Saver Children's Saving Account
1.9 stars
Average rating for this product is: 1.9 out of 5

From 2 ratings and 5 reviews

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donna6540's Review of Alliance & Leicester First Saver Children's Saving Account

9th May 2005

Overall Rating

1.5 stars
  • Value for money
    1.5 stars
Good Points

Competitive rate of interest at time of opening.


Bad Points

Your child gets charged £1 per withdrawal of their own money! Interest rates significantly reduced this summer. Customer service isn't child friendly.


General Comments

We tried to open another account for our second child and was told that an appoitment needed to be made which would take around 45 mins - not good when you have a toddler and newborn to contend with! I was appauled that a young child would get charged a flat rate of £1 per withdrawal and now they have reduced the interest rate so much that I would be surprised if anyone keeps their childs money with the A&L - this just makes me feel that our custom is no longer valued. They have offered an alternative account with a slightly better rate - but nowhere near the rates that you can get at other high street competitors.

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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