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Alliance & Leicester advice/recommendations needed please
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YorkshireBoy wrote: »It's very interesting!You'll obviously know by now if you're getting 6.50% AER on your PD account, but you'll have to wait until next October to see if they'll pay you 12% AER on the regular saver...or some other (pitiful) rate instead.
Best of luck.
Well the monthly interest for last two months is around £9 on a fairly steady balance of just under £2500 which sounds about right.
-snip-
EDIT: Looking at the interest payments, seems the rate certainly did shoot up a bit:
NET INTEREST 23SEP-10OCT: 0.27 (this was on a balance of around £1000 for only a week though)
NET INTEREST 10OCT-15OCT: 0.17 (this is interesting payment because it's only 5 days worth, 15th was probably the date I migrated to the 'Direct' current a/c)
NET INTEREST 16OCT-11NOV: 9.09 (this is more or less a full month on a balance of £2495)
NET INTEREST 12NOV-11DEC: 9.60 (this is on a balance of between £2400-2495)
-snip-
What do others get in monthly interest on their direct current a/c's at a&l?
Would be disappointed not to get the 12% pa for the regular savings... as you say only time will tell.
Cheers!0 -
@munk,
Don't forget to use the 6.31% gross p.a. rate for your monthly interest, ie for November...
£2,500 x 6.31% / 365 x 30 x 0.8 = £10.37 net of tax
EDIT: You've edited your post and I'm reminded (from my last PD account) they seem to run by statement periods, not calendar months, and sometimes very much 'ad-hoc'!
Certainly looks like you're getting the PD rate of 6.50% AER.
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Sorry about that YB! I got the math hideously wrong in my last post above and edited it quickly in the hope noone saw :eek:0
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Doesn anybody know what happens if you go up to £2600 for less than one day before taking it back down to £2500. Do you revert back down to 0.5% or whatever it is for the whole month?0
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Looking at the t&c here:
http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=prem-legals&currpage=premierdirect#pdca
it reads as though you'd only get 0.1% interest on balances over £2500 for each day you're over, not for the whole month:We work out interest each day and add it to or take it from your account each month. All balances over £2,500 earn 0.10% gross/AER (variable).
Not very specific though, best bet would be to ask customer support.0 -
it means you get 6.3 % on the FIRST 2500 then 0.1 % on the excess so only have 2500 in this acc as excess will get little interest
eg 2500 = 10 quid
has anyone got the tenner for opening the mobile bill thing , as others have said its not a bank to make a small error with , they punish u .
4800 = 11 quid0 -
why not just transfer the whole overdraft mine is £1000 to a linked esaver £65 gross interest for the year or use the linked plus account for 6% £60:beer:0
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Isn't this site about saving money and making easy money out of establishments?
In which case A&L fits the bill quite nicely as long as the accounts are ditched at the end of 12 months ( you can then reapply 3 months later if a good deal is on)
By opening one of each of the current accounts via quidco, you get £100 free money. You can earn 6.5% fixed rate on £2500 and access one of the best rates of RS for 12 months.
The downside is that both the accounts need £500 funding each but that is easy to sort via SO from an external bank account ( the loss of interest in transit is small in comparison to the £100) or for a little more effort it is possible to withdraw cash in branch or at a post office and pay back in.
You don't automatically get an overdraft. I didn't apply because I didn't want my credit rating affected and didn't get one for either account.
So in answer to OP or anyone considering these accounts, yes I would recommend A&L if you only want to use for the 12 months without switching from your main bank as there are far better ones around.0 -
Is that possible these days? From the Premier Direct online application page...sloughflint wrote: »By opening one of each of the current accounts via quidco, you get £100 free money.There is a maximum of either one Premier or one Premier Direct Current Account per customer.0 -
Unofficially yes ( I was lucky)Is that possible these days? From the Premier Direct online application page...
Why are A&L being so picky now? Other banks allow you to have more than one current account.0
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