ALLIANCE & LEICESTER cURRENT ACCOUT OFFER

alangroves

This is my first time posting an item so I apologise in advance if I am in the wrong place.

Afew weeks ago Martin quoted A&L as a best buy to transfer your current account to. One of the new bits was they would match your overdraft limit.

I applied and they eventually agreed tothis but only after I threatened to e mail Martin about the problem, (well done Martin) a friend I recommended is also going through the same grief.

The moral is keep pushing don't give up I understand the manager of the local branch took my case to a director.

JollyNolly

When I applied they said they would match my overdraft if I could send them a recent (i.e. less than 3 months old) statement showing my agreed overdraft, and that the account had been in credit on at least two separate days. In my case, applying for the A&L account was specifically part of a plan to get back into credit, as it offers a free overdraft for 12 months, followed by an interest rate far lower than I was paying on my previous account. So, no, I didn't have a statement showing credit for two separate days. However, they offered me £2K overdraft which I have accepted because it does allow me to use the £2K as an interest-free loan while I work at reducing my overdraft.

tipsychick

It's probably worth point out that the free overdraft is only up to £2.5K and lasts until Dec 06. I think Barclays are doing a free overdraft up to £5K.

JollyNolly

I'm not often right about things, but in this case have a look at http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=premier-direct&ct=curracchome and I think you'll find you do get 12 months at 0%. When I applied for my account I was offered a match on my previous overdraft - the lady on the phone told me I'd get the £2900 that I wanted, but sadly failed to mention the condition about having been in credit for two days. It's also worth remembering that A&L expect you to pay in £500 a month, Barclays ask for £1000, I think.

tipsychick

I actually applied for this in Dec 05 which means the twelve months for me will be up in Dec 06 - so you're right that the 0% deal lasts for twelve months from account opening. If you go to (2) on the link you've given, the free overdraft for twelve months is only on overdrafts up to £2,500.00. Definitely you need to service the A&L account with £500.00 a month and with Barclays it is a £1,000.00. My point really was if you want more than £2,500.00 free and can meet the criteria, then Barclays does offer a £5,000.00 free overdraft as opposed to only £2,500.00 with A&L. A&L might match your overdraft if it's over £2,500.00 but it won't be free, although 5% or whatever is not bad at all on anything over £2,500.00.

JollyNolly

You're right, although I think A&L will actually give you a free overdraft over £2500 so long as you can meet their criteria (like the two days in credit one) and probably also so long as they like what they see when they check out your credit rating. I suppose we should be "current account tarting" as well as "credit card tarting" - but it all gets very complicated! I think I also have a long-held dislike of Barclays, ever since I discovered that they were supporting apartheid in South Africa in the eighties (giving away my age here!). So I moved to Lloyds, only to find that they were supporting Pinochet in Chile. I'm sure A&L are also doing something horrible, but I do have a smile account to make me feel warm inside!