Changing Banks - Help wanted!

jamesp31

Im with Natwest, just sent off the letter asking for my charges to be refunded going back 6 years. Now I need some help from you guys!:

I want to set up the 'parachute' account as reccommended, but I want the super snazzy Alliance & Leicester Premier Direct account which Martin thoroughly recommends for people in my situation (always ending up overdrawn). I applied online, and was rejected, still waiting to find out why, however it may be because I stated I would only pay in a around £500 and would need an overdraft, so maybe that went against me. What I want to know is this:

1. Are they likely to change their minds if I pay my whole monthly salary in - £1300 per month) and switch all my direct debits across, but still leaving my natwest account open while I await a response;

2. When setting up these second accounts, should we be switching everything across, or just pay in enough into the new account to keep it going?

I hope someone can help me, I currently have the natwest advantage gold and it seems I could save £££s if I could get the A&L premier direct account.

Thanks
James

jamesp31

Can anyone help with my above post please?!

trinidadone

interesting read, I actually have the snazy current account you mention with A&L, but my understanding is you must set up your salary to go into your account, so that might be the reason why you was rejected. a few months ago, i also reclaimed 50 quid from A&L and set up a parachute account with Lloyds. they pay rubbish interest, but i did not have to move any DD or set up bacs salary, hoipe this is helpful

Hotdog_2

Hi Jamesp31

I used the A&L account as my parachute account because it was recommended by Martin Lewis. I actually went into the bank and set it up without needing to deposit anything at the time. I just assured that my salary would go in monthly and that it would be at least £500 a month which is all they ask. I was accepted with a free overdraft facility for a year which I used to pay off my Natwest overdraft. I'm gradually moving my DD over to my new account. Try going into your local branch, if you are rejected again then they will be able to tell you why. I can't see why they would reject you, they want you as a customer after all!!

jamesp31

thanks for the replies peeps, they are meant to be sending me out a letter so I will wait to see what it says, then I may go to my local branch.

Hotdog, have you found, or are you finding that you are saving money by switching to A&L?

mleonard79

Hi Jamesp31,

There is no stipulation in the T&C's for the Premier Direct Account that says you are obliged to pay in your salary so you shouldn't be rejected on that basis. The only rule is that you must pay in £500 p/m and many people use this account as a second bank account for the benefits attached to it without paying in their salaries or switching many direct debits etc as the monthly funding criteria is actually very easy to get around.

Your credit rating may have something to do with the rejection but I would wait and see what the letter says and try to appeal it. I have heard of a few people successfully appealing rejections but I'm sure it's all very individual. Good luck with it.

Regards

Michelle

Hotdog_2

Hotdog, have you found, or are you finding that you are saving money by switching to A&L?[/QUOTE]


It's early days yet as I only switched about two weeks ago but as I was paying Natwest £12 a month, at least I'm saving that much, plus an interest free overdraft is saving pennies as well! I'm trying to persuade friends to open one up as well because then we both get £25 cash. Can't be bad!

mleonard79

I'm trying to persuade friends to open one up as well because then we both get £25 cash. Can't be bad!

Don't use those £25 vouchers you might have been sent in your welcome pack to refer any friends Hotdog as the incentive was put back up to £50 on the 2nd of April (you can download £50 vouchers on the A&L website.)

Regards

Michelle

Hotdog_2

mleonard79 wrote: »

Don't use those £25 vouchers you might have been sent in your welcome pack to refer any friends Hotdog as the incentive was put back up to £50 on the 2nd of April (you can download £50 vouchers on the A&L website.)

Regards

Michelle

Thanks Michelle You Star!!! I think my friends havn't applied just yet so I'm going to pass on the good news!

mleonard79

No problem Hotdog - hate to see anyone use the old vouchers as A&L have a habit of still sending them out for a good few weeks after they've changed the amount! good luck with it

Regards

Michelle