£100 for joining Alliance + Leicester

YorkshireBoy

karie wrote: »

if you switch an account which has a very low balance and no SO/DDs on it, what will happen? technically you're still switching?

A good question!

I think they'd play hard ball. However, all is not lost. What I'd do (in fact, what I have done previously with other banks ) is to hastily set up 2 or 3 standing orders to savings accounts - maybe £10-20 each - and just let them switch these...after they've gone through at least once from the old bank

YorkshireBoy

gemmalouanna wrote: »

"You must pay in the first £500 within 11 weeks of opening the account, whether or not your salary or income is to be transferred using the Premier Switching Service."

This is strange wording....is it not just meaning that you can/cannot use the switching service to transfer your salary??

I think you're reading too much into it. Your 'income' could be from a second job, so just BACS transfer it in each month. As long as it's more than £500 you're OK. If it makes you feel better, make it for £587.73 and add the statement annotation "Widgets & Gizmos PLC"*. They don't ask for your 'main income' as many providers have done with similar offers.

Think I will ring them tomorrow to see if salary has to be transferred as people have been told different things.

I'll bet you if you call 3 times you'll get told 2 (or even 3!!) different things.


* It worked for me with FD. They paid out £100 for a BACS transfer...not a BACS Direct Credit, which is what a salary payment normally is.

gemmalouanna

Yorkshire boy: yes I think you are right, just read the info on their website and I too think that it doesn't have to be salary (unlike some people have been told) so think I will go ahead and see what happens.

JimmyTheWig

YorkshireBoy wrote: »

If it makes you feel better, make it for £587.73 and add the statement annotation "Widgets & Gizmos PLC"*.

Does that not leave you open to an investigation from the tax man if they decide to check your tax return??

nzseries1

YorkshireBoy wrote: »

What I'd do (in fact, what I have done previously with other banks ) is to hastily set up 2 or 3 standing orders to savings accounts - maybe £10-20 each - and just let them switch these...after they've gone through at least once from the old bank

I did this too :-) Another thing you can do is register your bank account with paypal. They will set up a direct debit, but will not withdraw any money using it (unless you ask them to).

simplysound_2

Hey there i have a question...


I have recently graduated and have a Natwest graduate account - with a £2000 interest free overdraft. The account is roughly £-1900 and that money's in a savings account. I want to keep this overdraft with Natwest but also want to transfer wage and direct debits to Alliance and Leicester to get the £100, can i do both?




thanks in advance

JimmyTheWig

Is part of the deal with your graduate account interest free overdraft that you pay your salary into it each month? If so, that could be a problem.

Part of the switching process asks if you want to close your old account. Obviously you'll want to say no. It has been mooted that to do the full switching process (required for the £100) you will need to say yes to this.

But if it's the account you want then I'd say go for it via a cashback site (e.g. Topcashback or Quidco) and if you don't get the £100 then you haven't lost anything...

nzseries1

JimmyTheWig wrote: »

Part of the switching process asks if you want to close your old account. Obviously you'll want to say no. It has been mooted that to do the full switching process (required for the £100) you will need to say yes to this.

I think I suggested that you have to close your old account at the start of this thread. But someone asked me where I saw this piece of information, and I couldn't find it anywhere. Indeed, nobody else has posted it as a criterion and provided a source. So I think it's more likely you don't need to close your old account.

walesrob

nzseries1 wrote: »

I think I suggested that you have to close your old account at the start of this thread. But someone asked me where I saw this piece of information, and I couldn't find it anywhere. Indeed, nobody else has posted it as a criterion and provided a source. So I think it's more likely you don't need to close your old account.

Having also joined the mad rush to open an account at A & L (moving away from HSBC), I had a letter to say A & L would send you a written notification to sign and then send on to HSBC to close the account. So yes, its up to the individual to close the account. I might keep my HSBC account open for a few months see how it all pans out with A & L, but I'm impressed so far. I can live with the clunky internet banking, the 2 different balances, the long clearing time for cheques and deposits.

nzseries1

walesrob wrote: »

...the 2 different balances, the long clearing time for cheques and deposits.

2 different balances? Don't you mean 3 different balances?

Running balance, available balance, and balance! So irritating!