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A&L Overdraft Terms
Cardinal-Red
Posts: 664 Forumite
Hi all! Just a quick query.
My wife and I have a joint current account with A&L - Premier Plus I think it's called? No fees but lots of "perks"
We have never used our overdraft before but because of our wedding (:beer:) over the last few weeks we've dipped into our overdraft now.
I rang A&L to ask them about charges when we were deciding how to finance the last bit of the wedding and it breaks down as:
- 50p a day irrespective of amount overdrawn
- upto a maximum of £5.00 a month in any billing period (I think 24th - 24th)
Our limit is £4000.
So my question is, once we get back into credit, what's to stop me moving £3600 into my cash ISA, paying £5 a month (annual cost £60) and getting the interest (@6.00%, yearly £216)?
Just wondering! :-)
My wife and I have a joint current account with A&L - Premier Plus I think it's called? No fees but lots of "perks"
We have never used our overdraft before but because of our wedding (:beer:) over the last few weeks we've dipped into our overdraft now.
I rang A&L to ask them about charges when we were deciding how to finance the last bit of the wedding and it breaks down as:
- 50p a day irrespective of amount overdrawn
- upto a maximum of £5.00 a month in any billing period (I think 24th - 24th)
Our limit is £4000.
So my question is, once we get back into credit, what's to stop me moving £3600 into my cash ISA, paying £5 a month (annual cost £60) and getting the interest (@6.00%, yearly £216)?
Just wondering! :-)
The above facts belong to everybody; the opinions belong to me; the distinction is yours to draw...
0
Comments
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Nothing at all.Cardinal-Red wrote: »So my question is, once we get back into credit, what's to stop me moving £3600 into my cash ISA, paying £5 a month (annual cost £60) and getting the interest (@6.00%, yearly £216)?
Just be very careful not to dip into unauthorised overdraft territory because the charges are very high...
£25 payment review fee
£5 per day fee
Easy to rattle up £100+ in charges if you take your eye off the ball.0
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