My Go-To Bank for Now

I met Alfa through a previous job when we got a payroll project. They brought the card to the office, and I got it from my supervisor. But at that time, I wasn't a fan of the card because people were having trouble setting up and configuring their personal account. Some people just couldn't get it to work, and they were stuck with customer support. Some even had to go to the bank in person just to log in. Many people made mistakes with their phone numbers, which made their account inaccessible. That's a major minus for the bank, which was caused by their own careless staff. Luckily, I managed to log in successfully, but the experience left a bad taste in my mouth. They even blamed us for the mistakes, saying we were the ones who made errors when we sent the file with our employees' data. But the file was correct, and it was saved in our email. Still, the bank's staff refused to take responsibility for their own mistakes. That experience left me with a bad impression.

I was skeptical about the bank and the card, and I didn't want them to handle my payroll.

I didn't use the card for a while, just transferring money to my Sber card. But everything changed when sanctions kicked in, and Google Pay was shut down in Russia. I had all my cards linked to Google Pay, so I had to find an alternative.

At first, I used Sber's mobile app, which is similar to Sber Pay. But it only supports the Mir card, which has a ridiculous commission rate. Even if I met all the monthly spending requirements, they still charged me the commission. I was disappointed and closed the account – it wasn't worth it. I tried using my Sber Visa card, which costs around 250 rubles per year for maintenance. But I didn't want to pay that either. Then I discovered that I could link my Alfa Pay to my phone and use it to pay without any commissions. That's been two years now, and I'm really happy with it. I have both cards linked to the same account, so I can use either one to pay. The transactions and balance are all combined, which is a big plus compared to Sber. With Sber, the Mir card is linked to a separate account, which I have to top up from my Visa card.

Alfa's app is really convenient. I use it to open deposits, create savings accounts with a 4.8% interest rate, and even get cashback. I even opened an Alfa Investments account, but I only have 30,000 rubles invested, and it's already lost some value. I'm not experienced enough to handle investments, so I'm keeping it simple. The app is user-friendly for someone who understands it, but for a beginner like me, all the numbers and charts are overwhelming. Alfa even generated a login and password for me, so I can access my investments without any issues.

I've gotta say, the interest rates on these accounts are super attractive. They're one of the highest I've seen from any bank, especially when compared to Sber, where the benefits are basically just a bunch of unnecessary subscriptions. And even then, it's not like it's even close to what Alfa offers, even if you do sign up for those subs.

I love that there's a savings account option, which means I don't have to keep my money on my card like I do with VTB (either a savings account or a card, as far as I've figured out). I can transfer my money every time and earn 4.8% interest, and if I'm spending more than 20,000 rubles a month on my card, the interest rate jumps up to 11% per year. Although, it used to be even more beneficial when I was spending 10,000 rubles a month - that was way more realistic. But 4.8% interest on just the remaining balance is still pretty sweet. If I'm keeping over 100,000 rubles in my account every month and topping it up, I can even get my phone bill covered by the interest - it's a nice little perk. The interest is calculated on the minimum balance for the month, so if I start with 100,000 rubles, then withdraw 70,000, and then put it back, the interest will be calculated on the minimum balance of 30,000 rubles.

As for the accounts themselves, it's super easy and convenient. All the conditions are laid out in a table on one page, so you can easily see the interest rate and the term. It opens up quickly and easily, but the process of updating after you've opened the account and deposited money can take a bit of time. You just won't see your money right away - there's a loading screen. But don't worry, it's just a matter of 20 minutes or so, and then you'll see everything. The money gets transferred from my express account, and after the account term is up, the interest gets transferred back to my account.

But the cashback is a different story altogether - it's really underwhelming, to be honest.

I mean, in theory, they should be offering you categories that you use the most, but in reality, it's the opposite. My categories - supermarkets, gas stations, pharmacies - never show up. But hey, if I get lucky, maybe I'll get some cashback on fast food or restaurants. The rest of it is just pointless - why would I need cashback on events or taxis? Or museums, when I only work half the time? Or flowers and electronics? It's like they're programmed to give me cashback on things I don't need. I'd much rather get 100% cashback on groceries and supermarkets. And why do I need cashback on subscriptions and books? That just doesn't make sense to me...

For now, this is the most convenient and secure bank I've used. The free card maintenance is a big plus, with no complicated conditions like having to keep a certain amount on the card to avoid fees. I'm pretty happy with the service so far. If the bank keeps up this level of security, customer service, and loyalty, I'll definitely be sticking with them.

Oh, and I almost forgot - I remember there was a promotion a year or two ago where they offered 500 rubles if you left a review on some website. I wrote one and forgot about it, but then I saw the money show up on my account weeks later. So, I guess the bank does keep their promises - that was a nice surprise.

Now, about the downsides that made me drop a star:

I'm still trying to wrap my head around the fact that there are no proper bank branches in the city. You can't just walk in and get a service for a voucher, or use the bank's cash machine because, well, it's not there. I'm not sure what Alpha was thinking when they decided to 'update' their offices, making them look nothing like the rest. But, honestly, it's a total mess. The offices are basically just a showplace, like a cafeteria with round tables, but without the food. The queue is always alive, and there are only two staff members working at a snail's pace. Everyone waiting in line can hear every conversation and question being discussed. It's like there's no confidentiality at all. And to make matters worse, even getting a card in just five minutes requires sitting in line for hours. Alpha bank, take note – a bank of your stature should be providing quality services, not just pretending to.

I couldn't find where to connect my Sberbank card to the Sberbank payment system in the app. I have my Sberbank card connected, but I'm not sure where to find the option for other banks. My husband has always been able to transfer money to other bank accounts with interest through Ozon, but I've never been able to do it without interest. Then, somehow, the interest just disappeared, and from May 1st, 2024, transfers between accounts have been commission-free. Still, it was frustrating. And to make matters worse, my husband is still transferring money with interest to other bank accounts. Can someone please tell me how to connect my Sberbank card to the Sberbank payment system in the app? My husband and I have been trying to figure it out, and it's just another minus.

The screen is constantly flashing with messages like 'your credit/loan has been approved for X amount.' Even if you close the tab, the message will still pop up later. And the banners are just as annoying – they take up the entire screen, and you have to close them. It's just so frustrating. Can't we just live without all these credit offers? We're not living in a time where we need to take out loans with such high interest rates. So, even if I wanted to, I'd rather just make do and live within my means. And even on rented property.

On the plus side:

Convenient mobile banking

Free card maintenance

High interest rates on deposits

Convenient investments

They follow through on their promises

There's a cashback system that's easy to redeem

No hidden fees or tiny print

No forced services

On the downside:

I've been to two of their offices in neighboring cities, and let me tell you, they're not exactly what you'd call 'normal' office spaces. It's more like a big room where everyone's sitting in plain sight, with no separate rooms or even partitions to keep things confidential. I mean, I'd at least expect a separate room with a transparent door for two people, but nope. Even the staff is sitting at the same tables as the customers, with no dividers or anything. It's just a big, open space. And don't even get me started on the lack of tickets or any kind of system to manage the queue. You have to wait in line for up to an hour just to get a simple question answered, and then you have to wait some more for your card. It's just ridiculous. I've seen the girls behind the counter just sitting there, occasionally getting up to check on the two girls in the main room. It's like they're just going through the motions.

I'm not a fan of the constant credit/loan offers popping up on the screen, even if they are just little tabs that you can ignore. It's just annoying.

The cashback categories are also super unhelpful. It's like they're trying to give you more money back from the places you don't even use. I mean, why would I want to get more cash back from supermarkets when I could get it from bookstores or jewelry stores? Newsflash: I don't need any more books or jewelry.

I've got all the books I need at home, and I can get them for free online or at the library. And as for jewelry, I've got enough already. I don't need any more sparkly trinkets. It's just frustrating, because I end up having to use a different bank's card or pay cash instead.

I do have to say that my account info is visible on the main page, which is a bit of a concern. I'd rather not have my savings and investments on display for anyone to see. It would be better if they had a separate tab for that down at the bottom, like some other banks do.

All in all, the bank itself is pretty nice, and it's easy to use. I'd even recommend it to my mom, except for the fact that the offices are so inconvenient. I mean, I'd want to transfer her account here because of the other bank's dishonesty, but the long wait times in the office are a major turnoff. If they could just get their act together and open up some normal offices, I'd be all for it.

For now, I can still recommend the bank, but as a customer, I'd love to get some personalized offers and have a way to reach out for help. That's not happening yet, unfortunately.