making cash with A and L's premier direct account

fric

I have just joined the forum after reading Martin's money diet so apologies if these questions are obvious.

I have recently opened a premier direct current account with Alliance and Leicester.

I have also increased my overdraft with my current provider from £1000 to £6000 as A and L say they will match it.

Here is my idea. Live in the red for one year by linking the premier direct current account to high savings accounts with easy access such as ING direct and keep moving sums monthly into higher regular saver accounts such as Halifax at 7% and Scarborough at 6%. Pay everything back when the deal ends.

One could make £300 in a year rather than make money from the interest rate which is limited to £2500 when in the black.

Any thoughts?

Fric

dixie_dean_2

Yeah, that would work. I'd put as much as possible into an ISA though. the only problem with this is that A and L are a bit slack in sorting out the increased overdraft. they still haven't sorted mine out and i think they only say they will "try" to match your existing overdraft. Has anybody had there overdraft matched and if so what's the highest amount?