Alliance & Leicester - Deposit £500 a month

Yuzo

i am due to get my paper work through for my new premier current account early next week and was wondering a few things about the monthly deposits (i have opened an account for the free £100 when switching current accounts).

in the small print on their website it says:

"for Premier Current Account you have funded at least £500 within 11 weeks of opening the account."

i thought it was £500 a month? ... this says 11 weeks..... or this this just the first payment which gives people time to get started?

... but the original 11 weeks runs into August,... so will the date of my second due £500 be expected in August? (at the end of the original 11 weeks for first payment).

or will my next £500 payment be due the next full month from 1 June - 30 June?

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i hope i havnt totally confused everyone here

cifpower

You have to fund it initially with £500 within 11 weeks and once you do that it will be every month thereafter

Yuzo

cifpower wrote: »

You have to fund it initially with £500 within 11 weeks and once you do that it will be every month thereafter

so the month of my second £500 debit will be after the 11 weeks?... or from the day my account first reaches £500?

MumOf2

If you open the account through Quidco you receive £50 incentive. I did this (without switching), deposit £500 a month and then debit it back to the source account and it seems to work OK. It pays 5% interest on up to £2,500 for the first 12 months, so really worth getting that amount in if you can.

masonic

Yuzo wrote: »

so the month of my second £500 debit will be after the 11 weeks?... or from the day my account first reaches £500?

The '11 week' condition refers only to your first payment. For example, if you make your first payment during one month, your second payment must be made by the end of the following month. Whether 'month' refers to 'account month' or 'calendar month' is unclear.

Yuzo

i was also wondering about the "transfer your direct debits and standing orders" service, in order to get the £100.

i was told i will get a form through the post asking me which direct debits to transfer from my current bank,

... do you have to transfer all of your direct debits? .. or can i just choose 1?

masonic

Yuzo wrote: »

... do you have to transfer all of your direct debits? .. or can i just choose 1?

Sadly, you have to transfer them all now to get the £100 payment.

Yuzo

ahh ok, thanks for help.

do i also have to transfer all my standing orders aswell as my direct debits?

masonic

Yuzo wrote: »

do i also have to transfer all my standing orders aswell as my direct debits?

I think you have to agree to transfer them, but you are in control of your standing orders. If you want them to keep coming out of your existing account, just delete them from A&L when they appear. You can then check you still have them set up in your existing account. If not, set them up again.

Yuzo

i have just got all my paper work through,

i got a "switching service authority form" in the welcome booklet, which looks pretty standard that they send to everyone.

because i applied online, do i still need to sign and complete this in order to complete the switching service?

Fire_Fox

Yuzo wrote: »

ahh ok, thanks for help.

do i also have to transfer all my standing orders aswell as my direct debits?

No, you should receive a form to tick the boxes for which SOs and/ or DDs you want to transfer. As long as you transfer some you will receive the switching bonus payment.