A & L 0% overdraft question?

Grade_A_Reject

YorkshireBoy wrote: »

You should be able to make around £150 net of basic rate tax per year from stoozing the £3K, giving a net return of £90.

Then again, if you closed the account and re-applied again in 3 months you'd get all the benefits again, including 8.5% AER (if you wanted it) and another £50 from Quidco et al. If the £100 switching offer was still on, that's the icing on the cake because you'd be £60 up...plus they'd waive the £5 per month charge for using the overdraft in the first year again if you went that way rather than using it for the 8.5% AER.

The £500 can come from anywhere, and is necessary to avoid the £5 per month underfunding fee. Although it's not a pre-requisite for the overdraft facility, a lack of funding may trigger a review/removal on demand of said facility.

Thanks YB. Hmmmm. ....plus the £100 for moving away from FD, although I must admit so far FD's service has been fantastic (more like a concierge than a bank), just a pity they don't do credit interest.

I might route my £500 going to my Halifax regular saver through the A&L account. FD to A&L to Halifax to Halifax Regular Saver. Easy. *cough*

YorkshireBoy

Grade_A_Reject wrote: »

Thanks YB. Hmmmm. ....plus the £100 for moving away from FD, although I must admit so far FD's service has been fantastic (more like a concierge than a bank), just a pity they don't do credit interest.

I'm actually having second thoughts about moving away as well. Two things are stopping me at the moment...they want to give me a £10K slow-stoozing card (with no external CRA search), and the possibility of more referrals. Plus, I may need to re-mortgage soon and they seem to have a good (fee-free?) offset product.

Re your 'concierge' statement. I sent FD a secure message today, BH Monday evening, and they rang me back with an answer within 10 minutes. Pretty impressive!

Thankfully, I've only credited 7 salary payments so I have another 4 months to decide.

I might route my £500 going to my Halifax regular saver through the A&L account. FD to A&L to Halifax to Halifax Regular Saver. Easy. *cough*

FD=>A&L is instant with FP's, but A&L=>Halifax is still 3-4 days at present.

Richard019

YorkshireBoy wrote: »

Possibly. My 28 year-old current account doesn't show either. I think the cut-off was 1998 (coinciding with the DPA revamp), although some people have reported accounts opened after this date still do not show.

It's a strange setup though, because I have a £250 overdraft with FD yet they've told both Experian and Equifax I don't have an overdraft facility because they've reported it at £0.

It doesn't sound like you, but is that you're using £250 of your overdraft or that you have the facility?

At the start of the year I had 2 Natwest accounts with a combined available overdraft of £2,700. My credit file though just showed the £1,000 I was actually using.

YorkshireBoy

Richard019 wrote: »

It doesn't sound like you, but is that you're using £250 of your overdraft or that you have the facility?

Sorry, it should read overdraft facility...although I could use it because it's 0%.

Of the 7 current accounts I have that are reported to one or more CRA, only one has an overdraft facility. That account shows as...

"Overdraft Balance £0 Overdraft Limit £3000"

All the others just state...

"Overdraft Balance £0"

...including the FD account with the £250 facility, which I thought was strange! Maybe if I used it, the actual 'limit' would be reported as well?