A & L 12% Regular Saver

humfer

Tassotti wrote:

Annoying isn't it. Might call CS and make a large complaint , and maybe even a very large withdrawal from my saver plus (like all of it) just to show how dissatisfied I am.

Just seems to create more people who will purely open the current account just to get access to the regular saver and not much else - a bit like me I suppose. Could you not open another account in a partners names? Or if you have been with them more than a year, cancel the account and then reapply in 3 months for a new one

amcluesent

>Total £254 gross - £203 net basic - £152 net higher<

Once 'prudent' Gordon has creamed off the tax, it's really not a lot for the time and effort required...plus the implicit 'lock-in' of the £3000 to maximise the benefit.

masonic

amcluesent wrote:

>Total £254 gross - £203 net basic - £152 net higher<

Once 'prudent' Gordon has creamed off the tax, it's really not a lot for the time and effort required...plus the implicit 'lock-in' of the £3000 to maximise the benefit.

It seems like about 1-2 hours work to me. Not worth it - how much do you get paid an hour?

amcluesent

I know my view comes from the 'let them eat cake' school....

Net income, maybe £22/hour, so I would be £108 ahead after 12 months, assuming a perfect performance by all parties. As my Gran would say, many a meekle makes a muckle, but I can decrease my costs by £2/week by not buying the Evening Standard and picking up one of the free papers now being given out at London stations...:beer:

tomstickland

My calculator says that 12% ..... is exactly 12%.

Yes, the reg saver account pays 12%, but if you start off with a lump sump of £3K then the money not in the reg saver has to sit somewhere else at a lower rate. The effective rate is then close to the average of two, meaning you can make around 8.5% before tax if you take the money out of a 5% payer. It's still a good rate, ahead of most ISAs.

There's no con with reg savers, I've got one and think it's great BTW.

Milarky

2.2 The Account is for a fixed term of 12 months from the date of the first payment due into your Account. At the end of that fixed term, the balance and accumulated interest will be transferred to your Current Account and Your Account will
be closed.

2.3 Your interest will be calculated up to and including the day of the first anniversary of the first payment into Your Account.

6.1 The operation of the Account requires You to transfer by way of monthly direct transfer from Your Current Account to the Account an amount of between £10 and £250 that cannot be changed during the term of the Account.

6.3 No other deposits other than those made by monthly direct transfer as detailed in.

If you open a premier current account today, does the first payment into the regular saver (see above) have to be set up in advance -eg for 1st October? They appear to fix the end date from the first payment so it looks as though both the amount and dates (although it does not mention dates) of all payments have to be fixed. So do second and later payments have to be transferred on the same day of the month as the first payment? Applying now (early in the month) means the second payment cannot be made very close to the first unless A&L allows you to vary the Standing Order date (eg from 28th back to 1st) so as to bring them together and earn you more interest (as well as qualifying for 13 payments within the period). I am sure this question has come up with the 10% regular saver discussions (as with other RS accounts discussed) also, but does anyone have a definite answer to it?

Thanks

M

UPDATE: Well according to the man whom I just spoke to on the phone the date can't be changed once set up either - so it will be exactly 12 payments with an average of 6.5 months at 12 percent (see above sums)

Can report than I got accepted very easily and go an overdraft (£450) too