A&L Premier Direct Current Account 8.5%

antispam246

My 1 year bonus of 8.5% interest is about to end can anyone tell me what happens to interest rate on this account after?

Also, as the 8.5% ends on the 9th of June and the interest is paid around the 25th, assuming the rate is really low after the 9th, would it be best to move the £2500 to one of my savings accounts at 3% to top it up or would it be best to leave it with A&L till I get my next interest payment?

johnmoney05

Give them a call, and tell them you are closing the account to see if they will offer you the current offer of 6%....last year worked, not sure if it will work for this year.

td_007

It slips back to 1% gross.

I would leave it till the interest is paid and then move the money. They now have a offer of 6% current account- wonder if you close your present account, will they allow you open a new one immediately?

apt

No you have to wait 3 months.

Milarky

You'd phone up A&L to close the account. But it is possible that, to retain you as a customer, they will offer you that 12 months rate (currently 5%) not to close [That's how I got my current 8.5%] anyway!

antispam246

I'd like to keep the account open, unless I can re-open for better rate, in which case I'd obviously do that instead. Basically I can top up to £7500 at 3% or potentially get £2500 at 6%. I'm sure the former works out better even if I did get the 6%, right?

dave_dph

My 8.5% ran out on the 4th June. I just phoned them to cancel and they offered exactly the same as they offered to mom a few months back. They downgrade you to a basic current account which you can keep at zero balance with no monthly funding. After one month you give them a call and ask to upgrade to whichever premium account you want. The premiere direct account has been increased to 6% from today - I guess in a months time it may have gone down again, who knows!

In the end I cancelled. I said that I would open a new account if I needed to. The guy did say that you have to wait 90 days before you can open another PD account. They have always said this though. I remember it was written into the T's & C's last year, but I closed one account at 6.5% and opened a new one at 8.5% a couple of weeks later!

antispam246

Just to update, I called today. I asked to close my account, they suggested I downgrade to the basic current account, I accepted. I asked about re-applying for PD later, they should it would be fine, although didn't specific a time. So, i'll give it a month and re-apply through a cashback site.

Thanks again.

td_007

Update: Called up to enquire if I could have new 6% rate as the 8% is coming to an end but was told NO & if I close it I would have to wait 3 month to open a new one. So went online and trasfered out all my money from the current a/c (as I did not want to bother with them sending me a cheque on a/c closure, depositing it somewhere and then waiting to get hold my money). Called back again to close the a/c and was put through someone in Leeds who said that I was a "fantastic" customer and they would not like to lose me.

They offered me the 6% a/c but they went through the process of closing the 8% a/c & open a normal current a/c(day 1) and then close it and open the 6% a/c (day 2). All the time a/c no. online access etc. remain unchanged. And now I have transitioned to the 6% a/c :-)

easymoney1964

td_007, are you using the a/c as a simple savings a/c, or do you use it like a normal current a/c with DD's & SO's.
The reason I ask is I have just opened a Lloyds Vantage a/c purly to use as a savings a/c, is the Aliiance a/c same?

td_007

easymoney1964 wrote: »

td_007, are you using the a/c as a simple savings a/c, or do you use it like a normal current a/c with DD's & SO's.
The reason I ask is I have just opened a Lloyds Vantage a/c purly to use as a savings a/c, is the Aliiance a/c same?

I used/continue to use as savings - so always had 2.5K in it for the last year. Had £500 circulating through it to keep with t&c and no other outgoings.