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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djferros's Review of Alliance and Leicester Savings Account

14th May 2008

Overall Rating

2 stars
  • Value for money
    3 stars
  • Type Of Account
    Easy Access
Good Points

Interest rates


Bad Points

Penalties, hard to contact them.


General Comments

I have several accounts with A&L, one of them had to be topped up every month to receive the high interest rate. I decided to set up a standing order to do this automatically. However, A&L contacted me to let me know that i was over drawn one month and had to pay £25. I was confused as i had several thousand in there.

What A&L did was take money out of my current out to go to my high interest account before accepting the standing order into it.

i.e I had less than £500 in my current account, but had a standing order to put £500 into it on the day that i also had to pay £500 into my high investment account. So I assumed that the money would go into the current account and then into the High Investment account. All these accounts are with A&L so it should have been easy. WRONG!

What A&L did was FIRST take £500 from my current account (to the high investment acc.) and then pay the £500 into the current account. With A&L (-500) + (500) = £25 overdrawn fee.

I complained and told them to just look at my account, there is thousands in their. They said they would look into this and get back to me. About a week later they contacted me and said they would waive the fee on this occasion.

3 Weeks later i got a £40 overdrawn fee! Why? Well, because they took the £25 out and didn't pay it back until a week later i became overdrawn for several days!! Remember, i'm only overdrawn because they took £25 out for being overdrawn for a split second in the first place!

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