We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Quidco £20 for opening Alliance & Leicester savings account
Comments
-
You can only have one account of anyone isse according to the A&L T&Cs.
Guess I'm lucky then. I've even spoke to A&L over the phone regarding transfers between the same type account and they never flinched. I've had multiple saving accounts at other providers of the same issue, so didn't think it would be too much of an issue, that's why I tried. Didn't think I'd get the cashback again though.0 -
Are you saying you've actually 'received' the second payment, or simply that it's 'tracked' (and may be revoked later)?antispam246 wrote: »Didn't think I'd get the cashback again though.0 -
I have a 6% Premier Direct Current Account with A&L. Now if I open the e-saver, the minimum opening deposit is £1000. This would come (either directly or via an external account) from the £2500 in the Current Account. So that would mean £1500 at 6% (paid monthly, immediately transferred out to another savings account earning 4%), plus £1000 at 3.15% (paid annually so not available to transfer to another savings account). Factor in the £20 cash back.
What I wondered was how long the £1000 would have to stay in the e-saver. Obviously if it stays in there a year, then I'd be better just keeping it in the Current Account. But if it could be moved after, say, four months to leave £1 in there, then it's more beneficial to open the e-saver through Quidco. But the longer it has to stay in to ensure the cashback is paid, the less beneficial it comes.
And there's always the risk of not tracking, not validating, not being paid, etc.
What does anyone else think?
MumOf2MumOf4Quit Date: 20th November 2009, 7pm
0 -
The break-even point (at which the loss of interest catches up with the cashback) is 271 days*.MumOf2 wrote:What I wondered was how long the £1000 would have to stay in the e-saver. Obviously if it stays in there a year, then I'd be better just keeping it in the Current Account. But if it could be moved after ...
The rate difference is 5.84 - 3.15 = 2.69.
You need to bear in mind that you are not getting 6% on the current account but 5.84% gross. 6% is just the AER, which is never if you keep the account topped up to its maximum threshold; therefore no compounding takes place.
After 135 days you will have lost £10 interest. You would not want to be waiting until they have paid Quidco, which might take 2 months, particularly if you do not know whether A&L actually will pay.
*based on gross interest ratesDagobert0 -
Thanks for the calculation, Dagobert. Also for pointing out the 5.84% interest rate - as you say, no compounding takes place in the Current Account. It's nice to move the c.£8.30 interest out each month and move it to another savings account! I think I'll leave the e-saver for now.
MumOf2MumOf4Quit Date: 20th November 2009, 7pm
0 -
YorkshireBoy wrote: »Are you saying you've actually 'received' the second payment, or simply that it's 'tracked' (and may be revoked later)?
It's tracked only right now, i'll let you know what happens.0 -
I have now applied twice for the Alliance & Leicester savings account. At the end of the process I am told I'll get an email within minutes with more instruction but I do not receive this.
I am doing something wrong?
Is Alliance & Leicester having problems?
Is Alliance & Leicester stopping this promotion?
cheers0 -
I have now applied twice for the Alliance & Leicester savings account. At the end of the process I am told I'll get an email within minutes with more instruction but I do not receive this.
I am doing something wrong?
Is Alliance & Leicester having problems?
Is Alliance & Leicester stopping this promotion?
cheers
I opened mine online on the 2nd. I never got the email they said I would. However, I did receive a letter on the 4th saying it was open. I added it to my online accounts on the 4th, it still isn't showing. The CS adviser said it took 7 days for his to appear!
How long does the £1,000 have to stay in the account? Would 24 hours do?0 -
How is anyone on here supposed to know? No-one has received their cashback yet.emeraldbugle wrote: »How long does the £1,000 have to stay in the account? Would 24 hours do?Dagobert0 -
antispam246 wrote: »Guess I'm lucky then. I've even spoke to A&L over the phone regarding transfers between the same type account and they never flinched. I've had multiple saving accounts at other providers of the same issue, so didn't think it would be too much of an issue, that's why I tried. Didn't think I'd get the cashback again though.YorkshireBoy wrote: »Are you saying you've actually 'received' the second payment, or simply that it's 'tracked' (and may be revoked later)?antispam246 wrote: »It's tracked only right now, i'll let you know what happens.
Note* May also want to re-read posts on first page for whole story.
As I promised, just got back from Egypt and this cashback via Quidco has now been validated and gone green! So it's in my payment for this month (:
As it's been awhile I guess with the issuing of the Issue 6 now? saver, I could try for a 3rd.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.6K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.6K Work, Benefits & Business
- 598.3K Mortgages, Homes & Bills
- 176.7K Life & Family
- 256.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards