A&L Prem 21

The_MoneySavingKid

I am planning to open a Prem 21 when I turn 16 (December),the reasons being it offers a rate of 10% plus cashback (sshhhhh!).
Now I just want to make sure I am not missing anything out,so I have had a look at the site for the T&C's which I found.
Premier 21
If you apply for the Premier 21 Current Account, you must be aged 16 - 20 will be when I apply and living in the UK.Yep We pay 9.57% GREAT gross (fixed) before deductions a year on credit balances of £1 Easy... up to £1,000 (10.00% AER fixed), for 1 year. After that, rates will revert to the Bank of England base rate less 1%. We work out interest each day and add it to your account each month. All balances over £1,000 won't be that high! earn 0.10% gross/AER (variable). You must have an email address.yep You will need to have internet accessyep to get the full benefit from this account and to see your statements or any changes to terms and conditions of the account. Applicants must not currently hold a Premier 21 Current Account and must not have held a Premier 21 Current Account in the 3 months preceding a new Premier 21 application Nope. Credit cards, personal loans, overdraft and 'access to your last few pounds facility' are only available if you are aged 18 or over and are subject to status.Not interested in getting owing money anyway..don't need debt or anything of the sort,couldn't even if I wanted to.. Credit will depend on your financial and other circumstances. We can refuse your application. If we do refuse your application, we may give you an alternative account and we will send you the associated terms and conditions.


To be able to have a Premier 21 Current Account you must be aged between 16 and 20will be and pay in your earnings. This could be your wages, allowances or other regular money that you may receive.can I just transfer money from another bank (which I have enough for)?
Is there anything else?
Don't plan to get caught out.Whatsoever.

masonic

I don't think you're missing anything. A&L typically count any credits from non-A&L accounts towards their monthly funding requirements. You could set up a couple of standing orders to transfer a small sum to another bank and back once a month, or withdraw some money at a cashpoint and pay it straight back in at the counter if you wanted.

emma396

indeedy. paying just £5 is fine as well if u say that's your only income. my bro has a prem 21 account, he keeps the balance at 1k, tranfers some money in each month, then straright back out, therefore maxing out the 10% on 1k.