A&L Premier Direct Current Account

etybolik

This account, as with others, offers a good rate of 6.5% on balances up to £2500 but 0.1% for balances above that. My question is, if your average balance is, say, £3000 do you get 6.5% on the first £2500 and 0.1% on the next £500 or do you receive 0.1% on the full £3000 as the balance is over £2500, which seems to be the way in which HBOS works for its current accounts.
I see Abbey offers 6% on the first £2500 and 2.5% on balances higher than £2500 - again, if you have an average of £3000 would you only get 1.5% on the full balance or 6% on the first £2500 and 1.5% on the excess?
Thanks

YorkshireBoy

etybolik wrote: »

...if your average balance is, say, £3000 do you get 6.5% on the first £2500 and 0.1% on the next £500...

Yes.

or do you receive 0.1% on the full £3000 as the balance is over £2500, which seems to be the way in which HBOS works for its current accounts.

I think you're wrong there with the HBOS current accounts. At least my Halifax HICA doesn't operate that way.

I see Abbey offers 6% on the first £2500 and 2.5% on balances higher than £2500 - again, if you have an average of £3000 would you only get 1.5% on the full balance or 6% on the first £2500 and 1.5% on the excess?

Abbey operate the same as HBOS & A&L, as in my reply to your first question above.

The underlying rate on the Abbey account, if you select the 'preferred in-credit rate, is 1.5%. This is boosted to 6% (on the first £2,500 and if you switch to them) for the first 12 months. If you don't switch to them, it's boosted to 6% on the first £1,000 only (and anything over this earns 1.5%).

In all cases, you must credit the account with £1,000 per month.