A&L account, £500 funding requirement, free travel insurance, cheap overdraft

tobiascurious

Does anyone know if there are any plans to amend the funding requirement or withdraw the travel insurance for these accounts?

I'm concerned because I can see Santander require £1,000 per month funding and don't give travel insurance

adindas

Dear tobiascurious and others

Do you pay monthly fee for your A&L a/c in order to get this benefit ?
I am asking because I also have a/c and tranfer monthly £500.00 in order to get hight interest rate for the balance up to £2500,00.

Is there any travel insurance with this a/c ??

Thank You
ADINDAS

tobiascurious wrote: »

Does anyone know if there are any plans to amend the funding requirement or withdraw the travel insurance for these accounts?

I'm concerned because I can see Santander require £1,000 per month funding and don't give travel insurance

apt

The A&L current account which offers European travel insurance does not pay a high rate of interest. I think the rate is 0.5%. Santander have not announced anything, but the fact that the bank is not offering 'free' travel insurance with its new current accounts does suggest that it might be phased out. But if it is you do have the option to switch to Nationwide to get travel insurance, although the funding requirement is £750 rather than £500 per month.

dgrego123

i dont think theres going to be any changes to those acounts currently.
santander have said there not going to change current terms and conditons.
the acounts are just being discontinued so u can no longer open them as new accounts.

ses6jwg

The only change I am aware of that is coming in from November is :

- Premier Direct will pay no interest on balances above £2,500 (currently 0.1%)
- Premier will pay no interest on balances at all (currently 0.5% up to £2,500, 0.1% above)
- Premier 50 current account fee to increase to £12 per month and pay no interest above £2,500 (currently £10 and 0.1%)

adindas

Thank you for the info. I have premier direct a/c, pay £500 monthly when it is still under A&L and get 5% interest. I open it in October 2009.
I just check it in September I still get this interest. I believe this will drop next month is not it.

Is there any chnace we could close it and start a new one again ?

ADINDAS

apt wrote: »

The A&L current account which offers European travel insurance does not pay a high rate of interest. I think the rate is 0.5%. Santander have not announced anything, but the fact that the bank is not offering 'free' travel insurance with its new current accounts does suggest that it might be phased out. But if it is you do have the option to switch to Nationwide to get travel insurance, although the funding requirement is £750 rather than £500 per month.

tobiascurious

Yes, thanks

Any thoughts on whether a&l or nationwide travel ins is better?

dgrego123

adindas wrote: »

Thank you for the info. I have premier direct a/c, pay £500 monthly when it is still under A&L and get 5% interest. I open it in October 2009.
I just check it in September I still get this interest. I believe this will drop next month is not it.

Is there any chnace we could close it and start a new one again ?

ADINDAS

Because the account has now been discontinued you wouldent be able to close and open a new one to get the higher rate of interest.
yes your right you will lose the higher rate of interest as its only aplicable a year from acount opening. if your looking to gain a better rate you would have to close that and have a look into the picr account offred by santander

adindas

Dear dgrego123
Thank you fofr thei nfo. I already have PICR current a/c. I wiill start adding up DD and SO in my existing A&L. As in october, the interest will drop, I will use this a/c to switch it using "transfer service" to othe banks wich will give switching cash incentive.

ADINDAS

dgrego123 wrote: »

Because the account has now been discontinued you wouldent be able to close and open a new one to get the higher rate of interest.
yes your right you will lose the higher rate of interest as its only aplicable a year from acount opening. if your looking to gain a better rate you would have to close that and have a look into the picr account offred by santander