A & L Premier Direct Current Account

Snoozehughes

Well I applied and just got this letter back "Unfortunately we are unable to offer you a Premier direct current account. However we would like to offer you a current account."

I don't want that (obviously as I didn't appy for it :rolleyes: ) and when I rang apparantly I have to write in to cancel, which is annoying as I know with others you can cancel over the phone after confirming security.

The 6% interest was really appealing so I tihnk I'll be applying for the next best in terms of interest. Anyone know which account this is??

YorkshireBoy

Snoozehughes wrote:

The 6% interest was really appealing so I tihnk I'll be applying for the next best in terms of interest. Anyone know which account this is??

Other MSE's have successfully appealed A&L's decision to decline the Premier accounts. Why not go down that route first?

In terms of interest rates elsewhere...

Halifax might be worth a look.
Abbey have a 6% intro rate I believe.
LTSB pay a 'reasonable' rate on their Classic Plus if you can pay in £1K a month.

Snoozehughes

I checked out the abbey one and its only 6% on balances up to £1000, mine will be more than that.

I want an account which I can manage online, which gives me a debit card I can use in every place on the high street.

Also I'd want my interest to be paid in monthly, do you get charged any tax on this interest??

I've heard that icesave is about the best for making a profit out of these banks at about 5.5% or so, is that right?

Essenchill

Quick query for anyone that used the A&L switching service. In order to match the overdraft of my previous account I sent through my statement from my old bank. Stupidly, stupidly, stupidly, stupidly I didn't take a copy of it and sent the original!

Anyone who's done it before, do they return it to you?

I have read and re-read the instructions and no where does it say they cannot return it and nowhere does it say they will return it...

I suppose I can request another copy from my bank (any branch of the bank?) or should I contact A&L and see if they can return it (and what number would I contact?!)

Thanks :eek:

mleonard79

Hi Essenchill,

I'm not sure whether they send them back as my bank does not put the overdraft limit on statements so I had to ask for a letter stating it which I just sent in and didn't expect to be returned. I assume you should be able to get it back by phoning them up - try 0800 068 8638 then press 2 to go through to the current accounts dept (I don't use the 0845 or 0870 nos!) and ask to talk to the switching team to see if you can get it returned.

If they can't return it - which bank are you with? Most charge you to get another copy of your statement. If you have internet banking with the bank you're with why don't you just go online and print off a copy of your statement? Good luck with it anyway.

Regards

Michelle

Essenchill

Will give both of those a go, will enquire with A&L first and then enquire with my old bank to see if there are charges if necessary.

Many thanks!

JohnPQuercus

Snoozehughes wrote:

I've currently got a bog standard HSBC current account and am looking for something with a higher rate of interest.

Obviously this A&L option with 6.1% AER appeals a lot, it sounds quite a bit better than most others and can be accessed online which is what I was looking for.

I am aware that I would have to pay in £500 per month and that isn't a problem. The 0% overdraft is great too, I got charged £50 a few months ago by HSBC!!

I was wondering if any of you have this account and if there are any pitfalls which might not seem obvious to me right now.

Thanks for your input.

Beware of this account !!

We opened an account a few weeks ago and now we are getting threatening letters saying we are overdrawn by £118.00, despite the fact we have not used any of the services nor have we put any money into the account.

And now they refuse to close the account until we pay off this 'debt'.
What kind of scam is that?
http://img.moneysavingexpert.com/smilies/angry-smiley-030.gif
:mad:

Essenchill

mleonard79 wrote:

Hi Essenchill,

I assume you should be able to get it back by phoning them up - try 0800 068 8638 then press 2 to go through to the current accounts dept (I don't use the 0845 or 0870 nos!) and ask to talk to the switching team to see if you can get it returned.

Thanks Michelle, I phoned them up and had it posted back, arriving 2 days later, so thanks very much for pointing me in the right direction!

When I phoned they mentioned about calling into a local branch for a financial review and additionally, if wanted, quotations to move financial services I have already with other companies over to A&L. For doing the financial review you get £25. For switching services to A&L you get £50. I said not at the moment due to complicated circumstances right now, but if other people want to do this, you should maybe ring and ask about a financial review...

MarkyMarkD

JohnPQuercus wrote:

Beware of this account !!

We opened an account a few weeks ago and now we are getting threatening letters saying we are overdrawn by £118.00, despite the fact we have not used any of the services nor have we put any money into the account.

And now they refuse to close the account until we pay off this 'debt'.
What kind of scam is that?
http://img.moneysavingexpert.com/smilies/angry-smiley-030.gif
:mad:

I haven't a clue what type of scam this is. Can I suggest that you look at your online statement and tell us why you are overdrawn by £118?

It sounds most likely that you have set up (or transferred) some direct debits without realising it and that the transactions have either occurred or been rejected leading to charges. But your statement will show this quite obviously.

4 x rejected transaction charges = £116 which could lead to a £118 overdraft with a little bit of interest on top.

jonnyb1978

After reading on MSE about reclaiming bank charges and having been thinking about changing my bank anyway from Halifax. I applied to A&L Premire Account and recieved an email instantly saying i shall hear something within the next 48 hours. Whilst reading another email straight afterwards i got another one off A&L saying i have been accepted.. Very quick indeed.

Now im just wondering whether i really do want it. A fresh start i guess.