I have a toyotal Corolla 1.3 GLi m reg. When the enginge is running the belts on the left hand side produce a squeeking noise not loud or hihgh pitched but it does not sound too helathy. COuld this be the cam belt or the fan belt? THe belts are set up on three "cogs" with two belts running from the central "cog" to one below it and one above it.
The cambelt is hidden away under that flat black cover on the side of the engine and I'm sure it's not that. The only time I've heard a cambelt make any noise at all is a whirring sound when a garage had replaced it and overtightened it.
I have a Corolla too and my alternator/power steering belts make a very faint, intermittent 'cheeping' sound in damp weather. The car has just been serviced (main dealer) and the garage did check these. Personally, if they're not squealing or screeching loudly then I'd put up with it. If the belts are overtightened the bearings on the alternator pulley belts and power steering pump can wear prematurely.
Starting to worry now, because I have an L-reg Corolla that's starting to squeak. But it's an 'absolute' speed' thing, rather than 'engine speed' noise (ie doesn't happen if I rev it in neutral). Never had any other problem with it otherwise.