Current Account and Loans (Intelligent Finance)

Member Name: rodmc

Product:	Intelligent Finance
Date:	08/01/04 (454 review reads)
Rating:

Advantages: Fast, Simple to understand, Good rates of interest

Disadvantages: No access to branch network

Intelligent Finance is an internet only bank based in Scotland, actually about 1 hour from where I am writing this review.

The basic thing you have to ask yourself is why switch to Intelligent Finance, so here goes:

-Very fast service, they set everything up and transfer your direct debits etc very quickly.
-A transparent process from begining to end.
-Simple understandable products, you know what you are getting and what you will pay.
-Mortgage holders may benefit from offsetting.
-Good rates of interest for loans, credit cards and overdrafts. Ok credit interest.
-Seems quite easy to get loans from them, certainly in comparison to other lenders.
-Cash/debit card is widely accepted both at home and abroad.

I use Intelligent Finance as my main bank account, for me that means all my income goes into it and all my regular fixed expenses leave from it. I use another account for my day-to-day expenses, namely one from Alliance and Leicester which is reviewed earlier. Hence I cannot comment on the reliability of their cash point network.

Intelligent Finance are in my opinion excellent at what they say they will do, i.e. simple products which provide an Intelligent solution for todays public as such you also stumble upon the problems namely:

-No branch network! You cannot do anything at any branch of Halifax or Bank of Scotland. The nearest you get is postal banking.
-Products are very simple, you get no added perks such as free insurance.
-The telephone service is ok, but whatever you do don't forget your plan security code!
-The internet service is comprehensive enough, but they only reply to about 50% of any messages sent to them via their email system.
-Some charges for additional services are quite high, namely using your debit card abroad.

Overall, a good basic service which represents good or at worst average value for money. However when there are even small problems t
he basicness of the service can be frustrating

Summary: