Alliance & Leicester - Overdraft for Stooze.

Hi all,

First time stoozer, I had a quick look on the forum, and understand the concepts etc. Couldn't see any thoughts on the current A&L £2000 0% overdraft for 12 months.

The way I see it:
Month 1
Open account - pay in £500
Pay myself £2,500 (into my mortgage offset account)

Month 2-12
Pay in £500 on the 2nd
Pay out £500 on the 5th

Repay the overdraft at the end.

This does seem too easy a way to get a free £2000 loan for 12 months or am I missing something?

Also do you rekon my other half could also apply and get a £2000 overdraft or would they only allow 1 per household?

Cheers in advance,

Replies

  • CannyJockCannyJock Forumite
    3.8K Posts
    Not one per household, you and your other half an get one - any reason why you'd each only apply for one account? - they used to have an "overdraft matching" offer where you could get more than 2k :)

    In principle, what your suggesting will work - just ask YorkshireBoy ;)
    "A child of five could understand this. Fetch me a child of five." - Groucho Marx
  • mbbettermbbetter Forumite
    187 Posts
    Sounds great - thank you for your reply CannyJock, I appreciate the help, I can see this stoozing really paying off. They are also offering a Santander 0% card at the same time so I may do a bit of research on how I could exploit that.

    Are you suggesting that I could get more than 2 accounts here? Sounds interesting.

    I don't currently have an overdraft (well maybe £200) so not sure how that could match that.

    Cheers
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    CannyJock wrote: »
    In principle, what your suggesting will work - just ask YorkshireBoy ;)
    My A&L O/D stooz is still running some 18 months later.

    I'm paying a fiver a month for it these days, but £10K still makes me £240 a year after tax and fees in a couple of LTSB Vantage accounts. :D
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