a&l new prem direct 6.1

KTF

Jake'sGran wrote:

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.

The current account is capped at 2500 to stop people using it as an instant access saver account. It isnt a regular saver account. The £500 is meant to simulate wages going into the account to make it look like you are using it (and therefore meet their criteria.

If you want a regular aver you would be better to open their normal current account and get the 12% regular saver instead.

humfer

KTF wrote:

The current account is capped at 2500 to stop people using it as an instant access saver account. It isnt a regular saver account. The £500 is meant to simulate wages going into the account to make it look like you are using it (and therefore meet their criteria.

If you want a regular aver you would be better to open their normal current account and get the 12% regular saver instead.

Agree - and I reckon its probably the best overall account. Unless you ensure you have £2500 inthe current acccount at all times, once all your DD's come out each month, you probably don't each interest on a great deal. Probably works best for some, but not for me

masonic

humfer wrote:

Unless you ensure you have £2500 inthe current acccount at all times

Even if you were able to keep your balance at £2500 in the 6.1%, you could earn more interest overall by instead opting for the regular saver and feeding it from another savings account.

humfer

masonic wrote:

Even if you were able to keep your balance at £2500 in the 6.1%, you could earn more interest overall by instead opting for the regular saver and feeding it from another savings account.

Agreed. Thats why the wife has selected the 1.5% account with the 12% regular saver. The £500 a month is coming from our Lloyds current account at 4% which although could be bettered is still pretty good