Is A&L Premier Direct 8.5% better than a savings a/c?

tara747

Well?

I'm thinking of opening one. It has to be better than an easy access savings a/c at around 6% - for up to £2,500 anyway and most of my savings above that are tied up in fixed rates a/cs and ISAs!

Thoughts?

pmorrison_2

I would say so - I have had one for 6 months or so and had no problems. i always keep the balance at £2500 and then any extra goes into savings accounts. You also get a linked savings account (although the rate is now only 4% I think, down from 5.25%) which you can keep any overflow money in

tara747

I'll just keep it topped up to £2,500 - I need to lodge £500 to it each month and then I will just transfer that back to my main a/c at the Halifax which is (I think) still paying 5.12%... but it may have dropped!

nzseries1

As tara says, you need to pay in £500 per month. But just pay it straight out again into a savings account.

kostigovs

I put the maximum £2500 as soon as I opened the account and they pay you the interest on a monthly basis. Because of the £10 monthly "administration" fee 2 months on the balance is currently less than I actually deposited.

To be fair I only opened it to gain access to the 1 year 7.5% fixed rate bond that was linked to it

pmorrison_2

kostigovs - I think that you are talking about a different account, the Premier Direct account does not have a monthly charge and has an interest rate of 8.5% for a year vbmenu_register("postmenu_15652395", true);

tara747

kostigovs wrote: »

I put the maximum £2500 as soon as I opened the account and they pay you the interest on a monthly basis. Because of the £10 monthly "administration" fee 2 months on the balance is currently less than I actually deposited.

To be fair I only opened it to gain access to the 1 year 7.5% fixed rate bond that was linked to it

What???

Please say this is not true.

pmorrison_2

tara747 wrote: »

What???

Please say this is not true.

The Premier Direct Current Account is definetly free, Ive never had to pay and there is nothing about this on the website. I think this might refer to the Premier Current Account but Im not certain

KTF

They will apply the £10 fee if you dont pay in £500 a month.

tara747

KTF wrote: »

They will apply the £10 fee if you dont pay in £500 a month.

OK.

Thanks! :beer:

barginunter

I opened a current account a few months ago and got access to a 12% regular saver. I put £500 every month into current a/c and then £250 transfers to the 12% saver. I've also got the e-saver account which is good except you lose interest any month but July that you withdraw funds.