A&L Premier Direct and Premier Current Account?

rangers_fc

Ok I beleived you could hold only 1 regular saver with A&L until maturity then that this option was closed to you without closing youre premier Direct account for 3 months and reapplying. So I visited my branch today with the intention of closing my Premier Direct Account for the 3 month period. However the teller assured me I could have another year regular saver if I opened a Premier Current account this account has a inferior interest rate to the PDCA account, however if this allows you to hold a 12% regular saver it may be worth the effort has anybody any knowledge of this loophole or has the teller been misadvised.If this is the case it looks like a good deal to gain a second year regular saver at a good rate. Looking at the terms and conditions this option does not seem to exist however the adviser at my branch seemed to think this would work anybody got any expeirience with this

masonic

Well, AFAICT, you would be eligible for the Premier Current Account, but there are additional conditions attached to the regular saver itself (e.g. you must not have held any current account with A&L in the previous 3 months). I imagine the teller has looked at the terms of the PCA and assumed the regular saver would automatically be part of the deal. However, I would be delighted to be proven wrong .

System

I have not long ago got off the phone from someone at A&L. They gave me a courtesy call to remind me that my regular saver had now matured. I told them i was one step ahead of them and was transfering it into another account. She was keen to get me to invest it in one of their other products but i told her i wasnt keen on the interest rate on the Direct Saver and the only way they would keep my custom was by allowing me to fund another regular saver (preferably the 12% one). She didnt know if this was allowed but she told me she would send me some information in the post. I told her she better make it quick because once the transfer of my money has gone through i will be closing the account, save paying the underfunding fee for not paying money into the account. Anyway, she gave me a freephone number to ring 0800 0686699 to talk through my decision. I am going to see what comes through the post before i decide what to do next. Anyway, it might be worth you giving them a call.

mary

I've just closed my account (Regular Saver for 10% upon maturity & Premier Direct Account) for the same reason. However, the guy at the call centre told me to simply apply on line and quite often they slip through unnoticed. But it does categorically say in the blurb that you must not have had a current account with them in the last 3 months, which blatantly I have. My current account takes 10 days to close down, as they appear to have to wait for any cheques you may have written after closing the account (which some naughty people do) to reach their destination and then bounce back because there is no money in the account. Once that has happened then the account is regarded as fully closed on their system. I would be tempted with the 12% account, but don't know quite what to do.

System

the guy at the call centre told me to simply apply on line and quite often they slip through unnoticed.

Yes but is it worth the risk of opening the account to be told that you cant open the regular saver. Seems like a lot of hastle and a credit search to be told that you cant.

mary

Do they do credit searches to open a savings/current account - in my naivety I thought they did them for credit cards???

Sillychuckie

was a branch visit required to close these accounts or is it entirely possible to do over the phone?
I'll be closing mine shortly, just curious.

System

A letter in the post closed mine. I shall also be closing this account by letter.

YorkshireBoy

mary wrote:

Do they do credit searches to open a savings/current account - in my naivety I thought they did them for credit cards???

My Experian report shows the following 'typical' search types...

Alliance & Leicester - Direct ISA 2
Searched by........Alliance & Leicester Giro
Application Type...Identification: Money Laundering Prevention*

Alliance & Leicester Premier Direct
Searched by........Alliance & Leicester Giro
Application Type...Current Account

Egg Credit Card
Searched By........Egg Banking PLC
Application Type...Credit Card

The first search does not affect your credit rating at all, because it is not visible to other providers searching your file for credit purposes. It is classified as an 'unrecorded enquiry'.

The second two searches will, to varying degrees, affect your credit rating.

* Sometimes shown as "Identification: Generic Check", depending on the provider - again though, classed as an 'unrecorded enquiry'.