massive 6% interest

MAXIMUM

Try an Alliance & Leicester Premier Direct current account. Open it with £2300.
On (say) the 20th of the month have a standing order for £500.00 paid from that account to your existing everyday account then on the 21st have another standing order for £500.00 from your everyday account back to the A & L. You're remaining within the rules.
The same can be done with an Abbey current account.
If you go over £2500 on either of the above accounts the rate goes back to something silly. The interest gets paid into the account hence the caution of only putting in £2300. Also the Abbey account has to have £1000 moved around every month, but, hey, check it out, and it can all be done online.

Bean_69_99

ive always wondered if this was possible within the rules?

Couldnt you pair up a regular saver type account with a minimum pay in account (for example) and just switch the balance to ensure you get the max interest on the lot?

Milarky

This has to come from a non A&L source. So paying money in and out of an 'existing everyday account' also with A&L probably won't work (to avoid the £5 monthly fee)

..or have I missed something?

MAXIMUM

I don't think you can do it through an existing A&L account, my everyday account is with Nationwide and all seems fine.
According to the A&L 'your guide to our fees' leaflet, the only account that has charges is their Premier 50 current account.

YorkshireBoy

Post relates to the A&L account:

MAXIMUM wrote: »

If you go over £2500 on either of the above accounts the rate goes back to something silly.

But only on that amount over £2,500. The first £2,500 still earns 6% AER.

The interest gets paid into the account hence the caution of only putting in £2300.

So you're giving up 6% AER on £200 just so you don't get only 0.1% AER on the £10 or so (after tax) monthly interest payment?

Better to keep £2,500 in there at all times and shift (£510 out) or spend the £10 interest each month surely?

MAXIMUM

Thanks YorkshireBoy, wasn't sure about that as the lady I spoke to seemed a little vague to say the least.:T

Jimmy-p_3

Open up one account yourself, then when account number comes in open up another for partner/wife and by you reccomending them you get £25 each into your accounts, only outlay is the first £2500 each with the same £500 floating in the accounts each month with online transfers

anselld

MAXIMUM wrote: »

Try an Alliance & Leicester Premier Direct current account.

Open through TopCashback and get £55 cashback too! Effectively this pushes the A&L Rate above 8%

Fire_Fox

Jimmy-p wrote: »

Open up one account yourself, then when account number comes in open up another for partner/wife and by you reccomending them you get £25 each into your accounts, only outlay is the first £2500 each with the same £500 floating in the accounts each month with online transfers

No you can't - the £500 transfer has to come from outside Alliance and Leicester.

LongTermLurker

Milarky wrote: »

This has to come from a non A&L source. So paying money in and out of an 'existing everyday account' also with A&L probably won't work (to avoid the £5 monthly fee)

..or have I missed something?

I'd forgot about the fee

Stopped using the account last month. They didn't charge me in July, but I've just managed to squeeze a FP in this month, just in case :cool: