a&l new prem direct 6.1

humfer

humfer wrote:

Don't think they will allow you to have 2 current accounts - however could be wrong - let us know what they say

May have misread this - I had thought the OP was asking if they could have 2 current accounts at the same bank?? Sorry about that.

Jake'sGran

Barter wrote:

Hi Jake'sGran,

We have more than 2 current accounts & it was not an issue when we opened our A&L one, so there shouldn't be a problem for you, as long as you fund the account as per requirements.

HTH.

I was going to put the full £2500 in at the outset and then not have any dealings with it afterwards. After £2500 is in the account it no longer attracts the 6.1% as I read it? Have I got something wrong here?

masonic

Jake'sGran wrote:

I was going to put the full £2500 in at the outset and then not have any dealings with it afterwards. After £2500 is in the account it no longer attracts the 6.1% as I read it? Have I got something wrong here?

You will also need to transfer £500 per month into the account (meaning, with a £2500 balance, you would also want to transfer £500 per month back out).

YorkshireBoy

Jake'sGran wrote:

I was going to put the full £2500 in at the outset and then not have any dealings with it afterwards. After £2500 is in the account it no longer attracts the 6.1% as I read it? Have I got something wrong here?

You still have to fund the account with a minimum of £500 per month, otherwise they'll charge you a £5 per month 'underfunding' fee.

The interest rate paid on balances over £2,500 is 0.1%.

kate682

I am annoyed and cross with A&L. Applied for a Premier Direct 6.1% account as recommended by this site, had an immediate response informing me that i was turned down but that they were opening a standard current account for me. Livid that they would immediate instigate an inferior product on me without either my consent or wish. Any advice. another thing, they refuse to tell me why I've been refused. I think its a con.

YorkshireBoy

kate682 wrote:

I am annoyed and cross with A&L. Applied for a Premier Direct 6.1% account as recommended by this site, had an immediate response informing me that i was turned down but that they were opening a standard current account for me. Livid that they would immediate instigate an inferior product on me without either my consent or wish. Any advice.

A&L say that you'll be offered an alternative account, if you don't meet the criteria for the Premier Direct...

The right to decline any application is reserved. If your application for a Premier Direct Current Account is declined you may be offered an alternative current account and other products and receive the associated Terms and Conditions.

Premier Direct Current Account important information

However, this substitute account will not be opened unless you sign and return the credit agreement.

another thing, they refuse to tell me why I've been refused. I think its a con.

They don't have to tell you why you are not being accepted, although they may suggest you take a look at your credit reports. At the end of the day, it's not "a con" - you simply didn't meet their strict criteria. Having said that, why not appeal their decision? There have been reports on these boards of people being accepted 'second time around'.

pfpf

YorkshireBoy wrote:

A&L say that you'll be offeredHowever, this substitute account will not be opened unless you sign and return the credit agreement.

hi YB. i did post this elsewhere but no one seemed to pick up on it.

both my OH and I have opened an A&L account in the last month, both accepted and all dealt with quickly, im very happy.

remember this is 2 x current accounts, and at no time did we have to send in ID OR sign anything.

does this seem odd or is it the norm for A&L?

i cannot believe you can open a current account, or any other finacial product without at least a signature.

i thinking more about the DC and the cheques, dont they need a signature on file to compare against incase of a dispute?

what do you think?

YorkshireBoy

pfpf wrote:

what do you think?

I think it's very odd.

When my wife and I opened our Premier Direct accounts, we each had to sign and return a 'credit agreement' (from memory, a 3 or 4 page document containing a summary of the T&C's, a privacy statement, and our account numbers, amongst other things IIRC), before they formally 'opened' the accounts.

Don't get too hung up on the fact that you didn't have to send any ID in. We've opened 2 x A&L, 2 x Barclays, and 1 x Nationwide (along with several credit cards) this year and never had to submit any ID. I believe this is because they were able to 'verify' our identities from the credit search and electoral roll information.

Jake'sGran

YorkshireBoy wrote:

You still have to fund the account with a minimum of £500 per month, otherwise they'll charge you a £5 per month 'underfunding' fee.

The interest rate paid on balances over £2,500 is 0.1%.

I think this has decided it for me. What is so attractive about 6.1% when it only applies to 5 x £500. Over the year the total rate on 12 x £500 is what???
Can't be bothered working it out at the moment (got neck ache). Looks like I won't be applying after all. In response to what another poster has said they accepted me straight away and did ask for present current account details.

YorkshireBoy

Jake'sGran wrote:

What is so attractive about 6.1% when it only applies to 5 x £500.

I agree it's not as appealing as it was earlier this year.

At least back then, you could 'lose' £250 of your £500 in the regular saver and had a choice of whether to move the rest to either the 5.2% paying ISA or the 5.15% paying OS2 account (or as it's turned out now, the 5.45% ISA or the 5.40% OS2 ).