A few newbie questions about the A&L switching deal

septih

Hi there,

I've finally gotten around to learning a bit more about finance and the deals, etc now that I have a job with a decent salary. I did economics A-Level but that hasn't stopped me being confused about a few things. Anyway, I noticed this £100 reward deal on the front page and have a few questions.

My current situation is this:
I have a natwest student/graduate account which I use for all my transactions, an old empty first reserve account and a credit card account which I don't use.
I have two direct debits, one to oxfam for £5 a month on the 2nd of each month and the other to paypal every 6 months (last in jan).
I have one standing order to my landlord that goes out on the 1st of the month.
My salary comes in on the last friday of the month using automated credit.

The questions:
1) Am I still in time for this deal? I know it finishes on the 2nd of april, but what has to happen before then? Just me signing up, or them accepting me?

2) What will get transferred over if I use the online A&L tool? Just the DDs? the standing order? My salary automated credit?

3) I assume due to the 2k 0% overdraft I don't have to worry about the impending DD or S/O going out?

4) With referrals, how do they match up? I know there's the quidco one, plus personal referals, all on top of the £100 incentive. I've read a couple of things about them conflicting, but they seem to get the money in the end, but has this led to A&L changing their terms (which I couldn't find on the webpage for the offer) to stop people getting so much? Also how does the personal one work? I saw someone mention a link, wouldn't that ruin the quidco one?

5) The £500 in each month thing, not too fussed about it, but how does it work? For example could I put in £500 which would count for the first month, then next month take it out and put it right back in and have it count for that month? I'm guessing this is rather a moot point as if the S/O goes across i'll need to be putting in around £400 a month just for rent.

6) My natwest account (with maestro) would remain open and usable right? *paranoid*

7) Is the general idea here that you open the account, get the rewards within 4 months then leave it to rot? Or is there some longer obligation?

I hope that's not too complicated or too many questions, I'm still rather daunted by this all, but I should really get used to it. I'd appreciate any help greatly!

- Tim

Hazzanet

Septih wrote: »

The questions:
1) Am I still in time for this deal? I know it finishes on the 2nd of april, but what has to happen before then? Just me signing up, or them accepting me?

I believe so; so long as you've been accepted by A&L and an account has been opened I cannot see any reason why you cannot take advantage of the deal.

Septih wrote: »

2) What will get transferred over if I use the online A&L tool? Just the DDs? the standing order? My salary automated credit?

DD's, SO's and any Bill Payments you have set up on internet banking. The salary transfer is optional I believe. You MUST use their transfer service for all DD's and SO's to qualify for the deal.

Septih wrote: »

3) I assume due to the 2k 0% overdraft I don't have to worry about the impending DD or S/O going out?

Assuming you qualify for that size of overdraft, then yes. The o/d is subject to status.

Septih wrote: »

4) With referrals, how do they match up? I know there's the quidco one, plus personal referals, all on top of the £100 incentive. I've read a couple of things about them conflicting, but they seem to get the money in the end, but has this led to A&L changing their terms (which I couldn't find on the webpage for the offer) to stop people getting so much? Also how does the personal one work? I saw someone mention a link, wouldn't that ruin the quidco one?

Not sure, I've not used the RAF deal, but I got the £100 from A&L and the £50 from quidco.

Septih wrote: »

5) The £500 in each month thing, not too fussed about it, but how does it work? For example could I put in £500 which would count for the first month, then next month take it out and put it right back in and have it count for that month? I'm guessing this is rather a moot point as if the S/O goes across i'll need to be putting in around £400 a month just for rent.

From what I can see they just look at the account turnover so as long as >£500 has been paid in from outside of A&L you won't have to pay the £5 underfunding fee. There's confusion about whether this is measured over statement month or calendar month, but assuming the transfers happen on the same day each month, there shouldn't be a problem.

Septih wrote: »

6) My natwest account (with maestro) would remain open and usable right? *paranoid*

Unless you instruct A&L or Natwest to close it, then yes.

Septih wrote: »

7) Is the general idea here that you open the account, get the rewards within 4 months then leave it to rot? Or is there some longer obligation?

General consenus is to open it, take the £100, milk the 12 month fee/interest free overdraft and then leave. If you choose to keep it after the incentive is paid, you still need to keep the £500 pm going in, or else you get the underfunding fee kicks in. Some people have converted to the 'standard' current account where there's no minimum pay in, but I don't know whether this affects the fee free o/d.

septih

Cheers for your reply, I'll have a look in greater detail when I get back from work.