Top Bank Accounts Discussion Area

ulysses76 · 24 November 2009 at 2:25PM

Sorry to go off-topic, but re the A&L Premier direct current account, can anyone tell me if the following is feasible?
I have £12000 which I can stash away, but rather than tie it up for a year or two, I wondered if I could do the following?
1: I open up an A&L Premier direct account with £2500 & then refer my wife as a friend (£25 each), who opens up an account with £2500.
2:Both open up the Abbey account with £2500 that gives 6% interest.
3: Both open up an HBOS account that pays £5/month for depositing £1000/month.
I would then set up DD's to transfer £ 1000 between my 3 accounts & the same for my wife.
By my calculations, that gives 4 x £150 for the Abbey + A&L accounts, £60 each for the HBOS accounts plus the £25 each rom A&L for refer a friend, giving a total of £770 made from £12,000 for a year as opposed to £480 if you got a fixed rate of 4%.
Do these figures add up & is it legal?

Thanks

maggienoodles · 26 November 2009 at 1:49PM

hi,

Thought it would be a good idea to let people know that my partner was in the process of switching his bacnk account from halifax/bank of scotland to alliance and leicester, before the court case result for their overdraft you had to show you were in credit for a minimum of three days out of the month, this has now changed and they want him to be able to be in creit for at least 15 days out of the month.

I am hoping to switch mine once I ahve brought my overdraft down as the charges i will pay through bank of scotland ar much higher but it looks like it is going to take me longer to be able to switch in the first place.

Does anyone know if abbey have a similar policy and what amount of overdraft will they offer you? i.e max- for alliance and leicester its supposed to be 2000, but if you ahve to be in credit so many days of the month realistaticall you only want a small overdraft or at least your paycheck to be in the account long enough before your bills come out.

Kylie · 30 November 2009 at 4:08PM

Can someone confirm these figures?

Someone with A&L refers me - I get £25 (as do they)
Quidco Cashback £50
Sign-up £100
I refer my partner £25 me + £25 him
Quidco cashback £50 for him
Signup £100

So together we make £375?

onlypaddy · 30 November 2009 at 4:37PM

yep, seems like the most profitable route

Kavanne · 30 November 2009 at 6:46PM

Kylie wrote: »

Can someone confirm these figures?

Someone with A&L refers me - I get £25 (as do they)
Quidco Cashback £50
Sign-up £100
I refer my partner £25 me + £25 him
Quidco cashback £50 for him
Signup £100

So together we make £375?

If you do the refer then you have to do it via an email link (referred a friend recently) so you can't do quidco

Mr_Curious · 1 December 2009 at 12:36AM

Hi all,

Just wanted to get the general feeling behind the Incentive saver account at LLoyds.

Im thinking of applying for it and just using it for a sizeable portion of cash (a few thousand pounds) and just leaving it for the duration of the account with no withdrawls.

Would this be wise? Are there any better options?

Help please!!

:beer:

wq0pco · 5 December 2009 at 1:34PM

Hello - 1st time poster here!! I am thinking of switching to the A & L prem curr acct to claim me 100 free notes, I do have +£500 going in (currently with Halifax & have been since 1986) but what is this "Quidco cashback" I keep seeing mentioned?

Have to say mind, reading some of the comments on here about A&L they seem to be pretty poor in terms of service and reputation. I think I will probably leave them as soon as I have claimed my free £100 to be honest.

Thanks in advance and feel free to PM directly if you want.

mrscairns_2 · 5 December 2009 at 11:21PM

Hi,

I see there is a reference to First Direct giving you a second £100 bonus for leaving. Why on earth would they do this? Can anyone shed any light?

Also are there any advantages to Alliance and Leicester over First Direct? (we can pay in the £1500 and don't usually use overdraft).

Thanks!

ronaldo746 · 5 December 2009 at 11:30PM

mrscairns wrote: »

Hi,

I see there is a reference to First Direct giving you a second £100 bonus for leaving. Why on earth would they do this? Can anyone shed any light?

Also are there any advantages to Alliance and Leicester over First Direct? (we can pay in the £1500 and don't usually use overdraft).

Thanks!

tbh i am not sure but you have to have had the account for at least 6 months while paying in the required £1500 per month. a&l have a good credit interest rate and you can get £45 for opening an account through topcashback. on top of this, you can refer a friend for which both of you can get £25. also you get free travel insurance within europe i believe.

dab43 · 6 December 2009 at 1:53PM

I have noticed on First Direct website , that they say you have to have the account for 6 months, to get £100. Yet on MSE it says only 3 months. Who is right?.

New First Direct* 1st account customers get a £100 bonus, earned by depositing at least £1,500 for at least three months. There's a second £100 on offer if you switch away from First Direct within a year, if you've maintained the monthly £1,500 deposits. The sting in the tail is, miss the min. deposits but keep the account open and you'll be whacked with a £10 monthly fee.
:rolleyes:

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