A&L £50 how easy is it to open the account

ringers

I applied on line on Wednesday. pack came yesterday, PIN number today. Very speedy!
1 question though.
If I go into a bank to open an account I have to take photo ID and proof of address. Online I haven't had to produce anything. Doesn't this leave them open to money laundering?
Baffled of Leicester

beckie

davidlizard wrote:

2. Re the £50 recommend a friend, be aware of the time limits that apply from opening the account to paying in the qualifying monies (typically salary) into it. There are plenty of threads on this forum concerning the payment of the £50.

im thinking of opening an A&L a/c and was wondering what the time limit is, as i'm starting a new job on the 22/8, but i wont be paid until 26/9.

Can anyone tell me when i should apply for an account, bearing in mind the dates above, so that i dont miss out?

Thanks in advance xx

YorkshireBoy

ringers wrote:

If I go into a bank to open an account I have to take photo ID and proof of address. Online I haven't had to produce anything. Doesn't this leave them open to money laundering?

No. They can very often validate your ID from the credit searches (of Experian/Equifax etc), which show up Electoral Roll information etc.

I opened a Nationwide FlexAccount earlier this year in branch. I was armed with a variety of ID, for both name and address, but they didn't ask to see any of it because, they said, "it's OK, the 'system' has found you".

YorkshireBoy

beckie wrote:

im thinking of opening an A&L a/c and was wondering what the time limit is, as i'm starting a new job on the 22/8, but i wont be paid until 26/9.

Can anyone tell me when i should apply for an account, bearing in mind the dates above, so that i dont miss out?

You have to make your first credit (of at least £500) within 8 weeks of opening your account. You then have to credit the account with at least £500 each month, otherwise they apply an 'under-funding' charge of £5 (each month) to the account. You should be able to work back from that for your application date (unless you can fund the account from elsewhere in the interim).

Once you've submitted your referral voucher, your £50 incentive will be paid within a further 8 weeks.

A couple of points...

1. There's rumour of a 6% paying version being launched next month, so you might want to hold fire for 2 or 3 weeks, and

2. You don't have to wait until your account is funded before sending in your referral voucher. You can do this as soon as you receive your welcome pack.

masonic

pennies2pounds wrote:

Hi to one and all.

The referrers board is over there ---->

There is a whole thread packed with offers of various different 'deals'.