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A&L overdraft question

medic1978
medic1978 Posts: 515 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Budgeting & bank accounts
Hi
I recently opened the A&L Premier account and have an interest free overdraft. If I use the overdraft in full, do I have to put the account into credit each month?
Or can i just deposit £500 per month and then withdraw as necessary?

e.g overdraft £1500, balance -1500

do i need to deposit £1500 each month to keep the interest free overdraft

or is a £500 deposit per month ok?

thanks

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    medic1978 wrote: »
    ...do I have to put the account into credit each month?
    No. :)

    I'm currently stoozing a £10K A&L overdraft at 6.30% fixed, and only reducing it by £5 per month (have to show willing! :D).
  • secondtoughest
    secondtoughest Posts: 234 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I've got the 0% overdraft with A&L which expires in April.

    Do you think they'd let me extend the interest free period? If not I'll just pay it back but I just wondered how flexible they were.
    2016 diet challenge 16lbs/42lbs lost

    2014 MFW #114: £5000 overpayments made
    2015 Savings Challenge #65: £6000 saved
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    secondtoughest wrote: »
    Do you think they'd let me extend the interest free period?
    Doubtful, but it's only 50p/day (max £5/month) from year 2 onwards isn't it?
  • secondtoughest
    secondtoughest Posts: 234 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Good point!
    2016 diet challenge 16lbs/42lbs lost

    2014 MFW #114: £5000 overpayments made
    2015 Savings Challenge #65: £6000 saved
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