0 % overdraft - Alliance & Leicester Premier Current Account

oliver_m_2

Hi there,

I have recently opened a Alliance & Leicester Premier Current Account.
Mainly because of the great 0 % overdraft in the first year: See below which
I have copied from their web site:

Get a 0% EAR typical overdraft. No interest or usage fees on arranged overdrafts for the first 12 months from when you open the account (not including customers who are moving from another Alliance & Leicester current account). After 12 months, the 0% overdraft continues but a usage fee of 50p a day (up to £5 a month) applies if you use the arranged overdraft. Maximum overdraft limit is £2,500.

I have used their switching service and furthermore Alliance & Leicester
also offered to match the overdraft limit I had with my old bank.

Well, my overdraft limit with my old bank is £10,000 (ten grand).
And indeed, they have matched it - my arranged overdraft with Alliance & Leicester
is now £10,000.

Now, I'm wondering whether the 0% overdraft offer is applicable to the full £10,000?
The offer is a bit unclear about that. First, it is saying that the offer is applicable
to the arranged overdraft. But they are saying that the maximum overdraft is £2,500.
However, my overdraft limit is way beyond £2,500.

Once again the question:
Is the 0% overdraft offer applicable to the arranged overdraft of £10,000?

Thanks,
Oliver

YorkshireBoy

I have the same overdraft facility, and mine will shortly be winging it's way to an account paying 6.5% AER.

The entire £10K is 0% for the first year, and will cost you 50p per day (max £5 per month) from the second year onwards.

If you want the 'official line', ring A&L on 0500 959595 and ask for the switching team.