Alliance & leceister 0% overdraft, how do i..

lyeping

I'm currently already a current account holder with A & L. But with it's new promotion of 0% overdraft for 12 months sounds too good to resist. How do I go about getting it?

MarkyMarkD

You don't. It's not available to existing customers.

koenig

I opened my A+L current account at the beginning of September would I have been given a 0% overdraft at that time?

If I do have it on my account, could I use it all to 'borrow' the full amount and put it in a savings account until the 0% interest ends, to make some interest on the money?

Thanks

Milarky

koenig wrote:

I opened my A+L current account at the beginning of September, could I use it all to 'borrow' the full amount and put it in a savings account until the 0% interest ends, to make some interest on the money?

Thanks

Yes. Remember, though, that you need to always stay within the agreed limit and that you must credit the 'agreed' amount to fund the account with [which may be more than the minimum required to 'fund' the account - it's what you put on your application you would pay in monthly] or the overdraft rate creeps back to normal. Credited amounts should be made up by either cash over the counter [not 'internal transfers'], or cheque or BACS payment or [even!] salary. Remember to make these payments at anytime between statement dates - generally in the middle is best. As soon as possible withdraw the credited amount to leave yourself just within the agreed O/D limit.

David_Mee

koenig wrote:

I opened my A+L current account at the beginning of September would I have been given a 0% overdraft at that time?

If I do have it on my account, could I use it all to 'borrow' the full amount and put it in a savings account until the 0% interest ends, to make some interest on the money?

Thanks

You can email them off the site to check what your limits are - should be £2500 fee free and interest free. They also do a savings account linked to it (not best but pretty good) and I simply moved the money from current account into that.

This then triggered them to think I was an excellent customer and offered me a credit card with £10k limit 0% for 9 months - I think fee was £35 to transfer that lot into the savings account too (If you put details on application form it was fee free )

Just got £190 interest in September and still got months to go

koenig

David_Mee wrote:

You can email them off the site to check what your limits are - should be £2500 fee free and interest free. They also do a savings account linked to it (not best but pretty good) and I simply moved the money from current account into that.

This then triggered them to think I was an excellent customer and offered me a credit card with £10k limit 0% for 9 months - I think fee was £35 to transfer that lot into the savings account too (If you put details on application form it was fee free )

Just got £190 interest in September and still got months to go

Doesn't the amount of overdraft you have on your current account depend on the amount of earnings etc, that was put on the application form?

I'm a novice when it comes to credit cards borrowing. Do you already have to have a debt on another card that is transferred to another card with 0% ?

Or can you just borrow the full amount up to the the limit you were given on the 0% card and get it put into a bank account to gain interest on it until the 0% finishes, then pay it back?

MarkyMarkD

It's not a standard £2,500 - it definitely depends on income or more specifically the amount being credited to the account.

David_Mee

MarkyMarkD wrote:

It's not a standard £2,500 - it definitely depends on income or more specifically the amount being credited to the account.

When I joined it was a straight "£2500 overdraft" on offer - things may have changed

koenig wrote:

I'm a novice when it comes to credit cards borrowing. Do you already have to have a debt on another card that is transferred to another card with 0% ?

Or can you just borrow the full amount up to the the limit you were given on the 0% card and get it put into a bank account to gain interest on it until the 0% finishes, then pay it back?

Check out the credit card articles on the site - basically some allow transfers to banks others just to cards - if they allow to bank then you can transfer, usually, 95% of credit limit (to stop you going over credit limit by mistake and swallowing gains in penalties). You stick it in highest earning account you can find then pay it back in before the deal runs out - you need to make minimum payments each month and you have to pay it off in full before 0% period ends - otherwise you get stung for penalties way in excess of gains

You need to read articles here to suss which deal is best for your cirumstances.

GIRLPOWER_2

I opened an A & L premier acc. with free overdraft, I as most stay close to the limit of the overdraft and use it to fund my savings acc.

saturday when i logged on to check acc I was 5.00 over my limit and they returned a cheque and charged me 36.00.. this was my fault but I had been confused with the running balance and available balance on the acc or I would have moved some over from the savings acc. I telephoned them and explained they refunded me the charge without me even asking and told me to move money over to cover the cheque as they try again to take the cheque out 3 days later so it would not "bounce!!"

This is the best service I have ever received from a bank acc... just wanted to share a little good news.

Milarky

GIRLPOWER wrote:

I had been confused with the running balance and available balance on the acc or I would have moved some over from the savings acc. I telephoned them and explained they refunded me the charge without me even asking and told me to move money over to cover the cheque as they try again to take the cheque out 3 days later so it would not "bounce!!"

This is the best service I have ever received from a bank acc... just wanted to share a little good news.

Girlpower,
You were fortunate that they waived the fees so readily - a lesson well learned I imagine?

On the 'available balance' point, I had a cheque that was drawn on a Monday last week, but did not show as coming off the available balance on that date. A similar thing happens with debit card witdrawals - they can't be 'seen' on the date on which they are actually taken from the account - only the following day when they have already left. With debit card withdrawals it is slightly different - in that they can be shown as 'pending' by reducing the available balance [I think it depends on the type of authorisation used, frankly, so again it may not always appear preceding the claiming of the money from your account]. Anyway, A&Ls system seems to be a day behind - unlike other banks which can show withdrawals on the date they occur - thus allowing you to make a 'crossing' payment and not be overdrawn, if necessary, by the close of business. Given their system is a bit 'idle', therefore, they may have felt vulnerable on the point that you couldn't see the a payment leaving.

tpapworth

David_Mee wrote:

You can email them off the site to check what your limits are - should be £2500 fee free and interest free. They also do a savings account linked to it (not best but pretty good) and I simply moved the money from current account into that.

This then triggered them to think I was an excellent customer and offered me a credit card with £10k limit 0% for 9 months - I think fee was £35 to transfer that lot into the savings account too (If you put details on application form it was fee free )

Just got £190 interest in September and still got months to go

Can't believe I never thought of doing this before!!!! Have just transferred most of credit limit (interest free until May) to my current account - then will transfer it into a savings account or ISA.
Worth it for the £35 fee.
Any suggestions on the best place for a short term investment??