I have been utilizing the A+L Premier Direct Present Account for round six months and thought it was about time I shared my views and experiences of it.
Background
My unique motivation for opening a second present account was to maintain my private and business earnings separate. I seemed into numerous devoted business banking accounts however they typically had poor rates of interest and extra charges and it appeared the one profit I might get can be the flexibility to money checks utilizing my business title as an alternative of my actual title. Being self-employed, all my business earnings was in my actual title so I made a decision that I had nothing to lose and all the pieces to realize through the use of a private account for my business pursuits. I used to be not planning to alter my day-to-day private banking supplier – Lloyds TSB – though I’m now critically contemplating it.
About Alliance + Leicester
Initially a Constructing Society, the Alliance + Leicester floated on the London Inventory Alternate in 1997, the place it has been a part of the FTSE 100 (the highest 100 shares) ever since. It’s the UK’s seventh largest bank and has 5 and a half million prospects. They’re members of the Monetary Companies Authority Compensation Scheme, which implies that within the unlikely occasion of them going bust, account holders can recuperate as much as £35,000. In addition they subscribe to the Banking Code, which ensures that banks provide a good deal to the general public.
Opening an Account
Opening an account was comparatively simple. I utilized online and over the subsequent week or two I acquired numerous letters from A+L within the put up. The principle letter contained a welcome pack full of a number of details about the best way to use the account. Different letters included my debit card, card PIN, phone banking PIN and Web banking PIN.
That is kind of all there was to it, nonetheless I did not choose to have my wage paid into the brand new account. A+L state that their ‘Premier Switching Service’ will ensure that wage, direct debits, standing orders and so on. will all be transferred out of your current web site with out fuss, however having not skilled it, I can not touch upon this facet of the account.
Advantages
I primarily selected the Alliance Leicester Premier Direct Account due to it is table-topping 6.5% rate of interest (just lately elevated to eight.5%). Not solely is it one of the best rate of interest in the marketplace for a present account, A+L assure that this charge will stay mounted till April 2009. Sadly, this rate of interest solely applies to the primary £2,500 within the account. For something above two and half grand, the rate of interest plummets to 0.10%. This was not a serious concern to me as I solely deliberate to maintain a most £2’500 within the account at anybody time. Any additional can be siphoned off to a high-interest financial savings account.
When opening the Premier Direct Present Account, A+L additionally open a PlusSaver Financial savings account which has a 5.5% rate of interest on balances as much as £50,000. Though this rate of interest is much from poor, I have not actually used my PlusSaver as a result of higher charges I get from different establishments akin to IceSave (6.10%).
My Premier Direct Account additionally got here with a 0% overdraft facility of as much as £1000 for 12 months. The dimensions of the overdraft does differ in accordance with private circumstances but when you’ll want to borrow a number of hundred quid, this account can offer you an interest-free answer :). This was helpful for me within the first few months for one more purpose (see under).
Lastly, the account additionally has an non-obligatory ‘Reward’ bank card that earns a ‘level’ for each pound spent on it. The factors can then be exchanged for items, however having taken a glance what was on provide it did not seem to be a great deal. I made a decision to maintain with my 4% Cashback Capital One Card as an alternative. NOTE: The Capital One card is not obtainable, nonetheless the Amex Platinum is a good various.
Necessities
To open a Premier Direct Present Account, you want be a minimum of 21 years outdated and be capable to deposit a minimum of £500 every month. After I first opened the account, I did not have the earnings to meet the latter requirement (as a consequence of my wage not being paid into it). Fortuitously, I used to be in a position to make use of A+L’s variety providing of a 0% overdraft – I transferred £500 of the overdraft to my common present account and again once more. I nonetheless do not earn £500 per thirty days usually, nonetheless my stability is now giant sufficient that I can bounce the excess between the 2 accounts 자동이체.
Web Banking
For a month or two after I opened the A+L present account, I discovered that the Web Banking was fairly sluggish and infrequently I might get an error. They now appear to have sorted this out and have not skilled any issues in any respect this 12 months.
Login is available in two phases. The primary is a daily Buyer No. and Password mixture. On the subsequent display, A+L show a picture and phrase that’s chosen by the consumer the primary time they login. This helps to make sure that you’re certainly on the Alliance + Leicester web site and are’t been duped by an impostor. Additionally on this display, it’s a must to enter a PIN quantity earlier than being taken to Web banking.
The design of the A+L Web banking web site shouldn’t be one of the best I’ve come throughout – I a lot desire the simplistic design supplied by Lloyds TSB. Regardless of the design, I discovered operating the account through the Web comparatively simple and all operations are intuitive.
Abstract
The first benefit over different present accounts is the unbeatable 8.5% rate of interest however the comparatively low month-to-month deposit requirement of £500 (most banks require £1000 or £1500) and the 12 month 0% overdraft facility go an extended solution to making this the main present account for each private and business use.
All in all, I have been more than happy with the Alliance + Leicester Premier Direct Present Account since I opened it six months in the past – a lot in order that I’m now fascinated by migrating my private banking over to it.
