Alliance & Leicester current account

be careful I've had an Alliance and Leicester current account and previously had it when it was Girobank. I've never had a penny interest. I looked into the interest account, I wouldn't benefit as they had annual charges that weren't covered by the interest I would have received.

How can Alliance & Leicester offer 8.5% on a current account when I receive practically nothing on my Yorkshire Bank account? I intend to change my current account ASAP as I can meet all their requirements. Are there any possible drawbacks?

I've had a Yorkshire Bank current account since I started work in 1961 and the total interest received to date wouldn't even buy me a cheap bottle of wine after 47 years. Why do these cheapskate banks have any customers left? It's apathy I suppose, and I'm guilty as anybody, but not for much longer - it's goodbye to Yorkshire! (owned by Australians).

Terry D.

Isn't that just a promotional rate for a limited time and for a limited balance only?

Chris

Yep - those terms and conditions do indeed flash up very quickly at the end of the ad :)

Still it should bag the OP more interest than he's currently receiving.

It's a 'loss-leader' to get you as a customer, and hopefully sell you other products and services. As with other such accounts you have to regularly fund it with £500/£1000 (£500 for A&L) per month, the interest is only on the first £2,500, any interest on amounts above this are minimal, and it's internet based which saves them in terms of setup and operating costs.

Toom

It's called confusion marketing, or customer abuse.

Due to all the whingers, as banks can't get their money charging people for breaking their overdraft limits as much, and now lose the interest they were getting by taking 3 days to process electronic transactions, they'll claw the money back, and I doubt any current account will genuinely get any interest soon. Beware all the extra charges they'll sneak in.

Tiddy Ogg.

Still - if you're getting nothing from your current account it is still an option.

'Nothing' seems to be a bit of a liberty.

I intend to change my account to Alliance & Leicester ASAP as I can easily meet their requirements and will never overdraw. If it doesn't work out after a year, I will simply change my account again. 8.5% is better than

Terry D.

Undoubtedly. I avoid Alliance & Leicester like the plague. Over the years I have found them to be tricky and misleading. I don't trust them any more.

JD

At 23:41:40 on 05/03/2008, Terry D delighted uk.finance by announcing:

Because they have a different business model. And there are conditions to that 8.5%.

Just out of curiosity how much do you have left in your account each month after all bills have been paid.

FWIW, Yorkshire Bank are no different to the big four with very poor products, A&L are very amateurish, their support and on-line services are a joke.