question regarding Alliance and Leicester Premier Direct

alexl

hello can anyone tell me - i read somewhere I think it the A&L website, that if you fail to pay at least £500 a month, a charge of £5 is incurred on the account. What I want to know is if anyone knows whether they also do not give you your month's interest if you fail to pay in five hundred, for example if you were expecting to earn £10 interest would you effectively get only £5 with the charge being incurred, or would they not give you £10 interest AND chrage £5 to ensure a steady stream of money to them.

any help would be much appreciated, ta

sutton111

Say you get paid £350 per month are you allowed to draw out £150 and then pay in back in a couple of days later to boost the paid in to 500? is this allowed?

alexl

yeah i think so , the problem is for me is I am abroad and so obviously this is not easy as there are no A&L branches in ITaly!!
. I can pay in £500 pounds from another account for the next six months or so, but if the they charge £5 is taking and you are allowed to keep the interest I may as well fill uip the £2500 allowance because I would make about 11 pounds (8% of £2500 = £200 = £16 a month minus £5).

i suppose i could pay out and then pay back in, although maybe they would see what i was doing? i suppose regardless youre still 'technically' sticking to the agreement...

YorkshireBoy

alexl wrote: »

...for example if you were expecting to earn £10 interest would you effectively get only £5 with the charge being incurred

You'd see a credit for £10 and a debit for £5.

sutton111 wrote:

Say you get paid £350 per month are you allowed to draw out £150 and then pay in back in a couple of days later to boost the paid in to 500? is this allowed?

Yes.

sutton111

Yorkshireboy does this harm your internal score?, with abbey you have to have over £500 PM to get a visa debit card, will this be a way of boosting your account turn over?

alexl

thats a job question , i didnt think of that; would it affect a persons credit report as a missed payment?

System

sutton111 wrote: »

Say you get paid £350 per month are you allowed to draw out £150 and then pay in back in a couple of days later to boost the paid in to 500? is this allowed?

yes its allowed i was told to take money out of the atm then re deposit into the acc !! i only wanted a basic acc so i declined and opened their basic acc it doesnt get the better interest rate but i dont have to prat around withdrawing/redepositing money to avoid charges.

garreh

I've just opened A&L Premier Direct Current Account and am worried about migrating from my Abbey Electron card to this because of the min £500-pay in monthly.

Although I'm on a steady wage and can pay in £950 each month, I'm still not keen on the terms. Only reason I liked it is because of high fixed rate interest, but then after a year it goes to bank of england rate 1% less, yet will it still impose the £500 monthly pay in?

One thing on the A&L website is it says...

Cash, cheques and your salary all count towards this monthly amount, and they can be spread out over a month

So if you pay in £1000 one month, does that mean you've already qualified for next month?

It's a little confusing

Essenchill

garreh wrote: »

So if you pay in £1000 one month, does that mean you've already qualified for next month?

It's a little confusing

No, it wouldn't count for the next month. It would start a fresh the next month and you'd need to credit £500 again.