A&L Premier/8.1% ISA am I missing something?

bobnoyb

From advise pages "....this account is far from a best buy although it does offer a 0% overdraft". what am I missing here? I had one of these Premiers last year for the Recommend-a-freind bonus + free worldwide insurance, closed it when that ended. As I recall all A&L require is £500 a month in, (in cash at any Post Office) which you can take out immediately the very next day. The tiny, tiny loss of interest in cycling £500 is more than made up by permanently maxing the free overdraft facility and of course your market leading 8.1% ISA. OK so you have to actually remember the £500 a month and that the free overdraft ends after 12 months. Apart from that why isn't this a no-brainer ISA best buy? Oh and lets not forget there’s still the free (European only) travel insurance. So before I apply for this, somebody enlighten me what subtle A&L catch/trick am I missing here?

masonic

You're not missing anything. It's a good place to put new ISA funds if you can put up with the hassle of running the current account. Martin's point is that there are better current accounts around, but there is nothing to stop you doing exactly as you say and only use it to transfer the necessary money in and out, and take advantage of the free overdraft / insurance.

meanmachine_2

SOunds to me like a ridiculous amount of hassle to be tied to a current account that is actually quite poor.

The ISA accepts no transfers so you're looking at, what, £50? Offset by poor current acount interest and the bother of moving all of your direct debits, changing credit card etc etc

masonic

meanmachine wrote: »

...and the bother of moving all of your direct debits, changing credit card etc etc

But you don't have to do any of that, do you?

bobnoyb

meanmachine wrote: »

SOunds to me like a ridiculous amount of hassle to be tied to a current account that is actually quite poor.

The ISA accepts no transfers so you're looking at, what, £50? Offset by poor current acount interest and the bother of moving all of your direct debits, changing credit card etc etc

I have no intention of 'switching' my current account to A&L, perish the thought!! I 'use' banks (for offers/freebies) not the other way round. And my calc. of Interest v Hassle, is based on 6K x 8.1% (i.e. 06/07 + 07/08) add £25 (recommend a friend). + free insurance/overdraft for year.

BTW Apologies for posting in wrong place, dumbass nube error

KTF

masonic wrote: »

But you don't have to do any of that, do you?

Correct. You dont have to switch.