New A&L 10% Regular Saver

anticlaus105

Milarky wrote:

There is nothing express here about someone with a Premier account already not being able to open a Premier Direct account [or vice versa] and Premier Regular Saver together is there?

I already have both accounts, so I'm out. But unless A&L now have rule saying that you can only have one kind of current account at a time then 'existing current account' restrictions will be leaky won't they?

Can we clarify whether having any kind of A&L Premier account already [but not both together] necessarily rules out this 10% rate?

Thanks

I had a Premier Plus account. This was recently renamed to a Premier direct accout and the amount to be paid in pm reduced to £500 and the interest rate on overdraft (after free period) reduced accordingly.

It doesn't say anywhere but do I still get free travel insurance? I still have the policy valid to 28/06/06. Will this renew or be cancelled at that date?

Is it really worth closing and re-opening just to get 10% reg sav if I loose the travel insurance?. I already have Cheshire 8% at £500 pm and 2x Derbyshire 5.4% @ $1000 each pm.

grumbler

anticlaus105 wrote:

It doesn't say anywhere but do I still get free travel insurance? I still have the policy valid to 28/06/06. Will this renew or be cancelled at that date?

See my post #21 in A&L Premier Plus or Premier Direct thread.

Is it really worth closing and re-opening just to get 10% reg sav if I loose the travel insurance?.

Extra 5% on average balance £1625 is about £81 before tax. I think annual worldwide insurance will cost you more - if you really need it.

grahalex

Can't see any sign of this account on the A&L website.

anticlaus105

grumbler wrote:

See my post #21 in A&L Premier Plus or Premier Direct thread.
Extra 5% on average balance £1625 is about £81 before tax. I think annual worldwide insurance will cost you more - if you really need it.

Cheers. That clears it. Guess it depends on how long I keep the account as after 2-3 years free travel insurance will probably outweigh the extra interest.

Do you get another £25 for signing up if you close an account and open another?

BTW: I'm sure others will follow A+L soon so may just wait a bit n see.

Mr_Mumble

anticlaus105 wrote:

Is it really worth closing and re-opening just to get 10% reg sav

It doesn't look like you'll be able to get the 10% reg sav. Bbc money box mentioned anyone who had an "account" with A&L within three months isn't eligible. The radio programme was more specific "that rate is not available for existing customers or indeed anyone who has held an Alliance & Leicester current account within three months".

With the offer ending November 30th this can't be gotten around, "brand new customers only"!

lipidicman

Money Box sounded pretty vague to me:

'"that rate is not available for existing customers or indeed anyone who has held an Alliance & Leicester current account within three months".

They did not define 'existing customers'. Did they mean 'existing current account customers', or is this to include those with other (savings) accounts?

Usually I find that Moneybox dont put things quite as clearly as Martin does. Moneybox is like a rambling old uncle giving you financial advice, always amusing but sometimes not that helpful!

isasmurf

lipidicman wrote:

They did not define 'existing customers'. Did they mean 'existing current account customers', or is this to include those with other (savings) accounts?

Their press release (in a table that Martin hasn't quoted) states the account is only available to "new Premier or Premier Direct customers". From that I imply that customers with only savings accounts can apply for the current/regular saver accounts.

mary

lipidicman wrote:

OK, I heard 'new customer' on the radio. So it seems the deal is that you must open a new current account at the same time? Fine. Transfer £500 a month into the new current account, £250 then goes to the online saver and £250 to the online saver. Easy money!

Okay, so do you for instance recommend paying £500 into your newly opened Premier Direct account on say, the 26th of the Month A, then transfer on the 1st of Month B half of that money into your new Regular Saver and with the other £250 return it to your High interest savings account with another bank for most of Month B. Then start the whole cycle over again on 26th of Month B. That way you fulfil the £500 to be paid in each month, even if you take half of it back out again and reuse it in month B, as well as fulfilling the £250 per month for the Regular Saver and gain the full month' s interest from the 1st of the month.

Paul_Herring

mary wrote:

Okay, so do you for instance recommend paying £500 into your newly opened Premier Direct account on say, the 26th of the Month A, then transfer on the 1st of Month B half of that money into your new Regular Saver and with the other £250 return it to your High interest savings account with another bank for most of Month B.

No - I think the point was, move 500 in on (say) 26th, then 250 to A&L regular savings on 1st, and 250 to (in my case if I were to do this) Halifax regular savings. Would just mean reorganising the DD from TSB to A&L if I were to do this. If you had no other regular savings then, yes, move the other 250 back to your savings account.

mary

Paul_Herring wrote:

No - I think the point was, move 500 in on (say) 26th, then 250 to A&L regular savings on 1st, and 250 to (in my case if I were to do this) Halifax regular savings. Would just mean reorganising the DD from TSB to A&L if I were to do this. If you had no other regular savings then, yes, move the other 250 back to your savings account.

Many thanks for that. Yes, you're one step ahead of me. I do have a Halifax Regular Saver as well, and that would work in nicely, which also comes out on the first of the month.