A&L Premier Plus or Premier Direct

Chippy_Minton · 10 October 2005 at 11:44PM

grumbler wrote:

My Premier Plus is now shown online as Premier Direct too.
BTW minimum monthly funding requiremen for Premier Direct is only £500 (the same as for Premium!). Don't know whether this change affects accounts opened before ...

Quoting from a letter I received from A&L today: "However, a £5 fee will be charged to your account for each month when less than £500 is paid in to your account."

I've never paid any money in to my Premier Plus (now Premier Direct) CA! I only opened it to get the £25 + £25 (credit card) incentives and the free travel insurance, so now I'll just set up a standing order to pay in £500 every month and another one to transfer it back a few days later

.

grumbler · 11 October 2005 at 12:33AM

Chippy_Minton wrote:

Quoting from a letter I received from A&L today: "However, a £5 fee will be charged to your account for each month when less than £500 is paid in to your account."

I've never paid any money in to my Premier Plus (now Premier Direct) CA! I only opened it to get the £25 + £25 (credit card) incentives and the free travel insurance...

You were lucky! In fact they always had this fee in T&C. See for example this thread: A&L transfer money question .

so now I'll just set up a standing order to pay in £500 every month and another one to transfer it back a few days later

For me it is not clear now whether they offer free travel insurance with Premier Direct. It is odd, but on the website only pure Premium account now comes with free insurance, but not Premier Direct :mad: .
Sent a e-mail to them. Still waiting for a reply.

TheDink · 11 October 2005 at 9:09AM

I'm glad I'm not the only confused one!

I recently applied for the Premier Plus account for the 5% interest and free travel insurance. This morning I saw an A&L advert in the paper comparing Premier and Premier Direct.

The travel insurance only comes with the Premier account, which pays 1.5% and Premier Direct pays 5% but with no insurance.

I hope I still get both as that was the whole point of opening the account.

Just found this on the A&L website:
Premier Direct Current Accounts opened before 3 October 2005 (30 September 2005 for online applications) benefit from free annual multi-trip travel insurance. (For current accounts opened after this date, cover can be arranged at a premium).

If you are a Premier Direct customer who opened a Premier Direct Current Account before 3 October 2005 (30th September 2005 for online applications) find out about the travel policy and upgrade options.

If you are planning a holiday then check out our competitive travel insurance cover, underwritten and administered by Fortis Insurance. As well as providing options for both single trip and multi-trip cover we offer the following additional cover options so you can tailor cover to your individual needs.

Family Cover

Winter Sports Cover

Golf Cover

Wedding Cover

Business Equipment

Excess Waiver
For a quote or for more information just contact the Fortis Travel Insurance Team on 0845 6028002†(Lines open: 8am–8pm Mon–Fri, 9am–1pm Sat, except Bank Holidays).

dieselglider · 11 October 2005 at 5:23PM

MarkyMarkD wrote:

Diesel

There is no minimum funding amount for PlusSaver. Where do you get that idea from? I've never, ever, paid any money into our (joint) PlusSaver because, as reported earlier, the interest rate on (my wife's tax free) Online Saver is better.

As far as I can remember, when I applied online for my Premier current account a couple of years ago, it was a stipulation then about committing to a monthly credit for the PlusSaver.

MarkyMarkD · 11 October 2005 at 9:47PM

It certainly isn't an ongoing condition, so don't bother. The Ts & Cs are online on Internet Banking if you don't believe me.

As to all the "confusion" about Premier Direct and travel insurance, it's very clear.

If you opened Premier Plus, and it was migrated to Premier Direct, you DO get free travel insurance on an ongoing basis.

If you opened Premier Direct, after the new accounts were announced, you DO NOT get free travel insurance.

If you opened in the transitional period, I suppose you will have to ask - but if you got a travel insurance welcome pack, you ARE covered and will continue to be covered.

i.e. anyone who has ever had the free travel insurance keeps it UNLESS they opt to upgrade from Premier to Premier Direct after the introduction of Premier Direct.

That's how I see it, anyway.

dieselglider · 11 October 2005 at 11:05PM

MarkyMarkD wrote:

It certainly isn't an ongoing condition, so don't bother. The Ts & Cs are online on Internet Banking if you don't believe me.

Thanks, I believed you, now dutifully cancelled. :beer:

ioscorpio · 12 October 2005 at 7:36AM

I was told by Customer Services you should not cancel the plus saver account as it is linked to your premier/ premier plus/premier direct account, so if you close it you will in effect be closing your current account as well. Just leave that account open but with no money in it.
When you open a premier ?? account, a plus saver account is automatically opened with it.

Gambler · 16 October 2005 at 7:41PM

I applied a few weeks ago and got a Premier Plus Account. A week after that I applied for an account for my OH and just about to send paperwork back. It states a Premier Direct Account.

miller · 18 October 2005 at 9:18PM

MarkyMarkD wrote:

If you opened Premier Plus, and it was migrated to Premier Direct, you DO get free travel insurance on an ongoing basis.

I guess people were worried that A&L would take it away. Most T&C's state a change to your detriment should be advised in writing 30 days in advance though.

Like the letter from A&L dated "September" which arrived on the 30th of September advising of the rate cut on my Direct ISA 1 (we knew it on here beforehand, but its the principle). Those prepaid envelopes never get a postmark so there's no proof!

grumbler · 18 October 2005 at 9:26PM

I think that situation gets clearer now:

I am pleased to let you know of the following changes to your account which will take effect from the 3 October 2005.

The interest rate for our overdrafts will reduce from 7.9% to 5.9% EAR* (variable)....

The amount you are required to pay into your account will reduce from £1,000 to
£500 per month

In addition the name of your Premier Plus Current Account will change to Premier
Direct Current Account and all future correspondence will reflect this new name.

All other aspects of your account will remain unchanged.

It took them two weeks to send a e-mail!

I also received information that travel insurance remains if force as long as I don't close the account.

A&L Premier Plus or Premier Direct

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