A&L's whopping 12% reg. saver

craigsmidge

After reading through most of the small print for this regular saver offer, I'm still unsure of the viability of this offer...

As some of you may be aware, it requires one to sign up for a 'Premier Current Account' and deposit £500 monthly (without fail). This is then linked to the 'Premier Regular Saver' which pays 12% on the balance of this saver account that can have up to 250 deposited monthly.

Does anyone know if this initial requirement of 500/month needs to stay in the current account? or would it be possible to do the following...
deposit 5-hundy from abbey current acc (say), then split this balance by sending 250 to the linked reg. saver, then send the other 250 back to the abbey acc, repeating this process each month... (assuming sufficient funds in abbey current acc.)
This way, it seems it would mean all conditions are satisfied and a good 10-11% interest earned after considering interest lost during money transit.

Has anyone got such experience with A&L's reg. saver??
Any thoughts are welcomed. (Personally i've 40k+ to invest and am simply trying to find the best rates I could achieve.. and yes, already taken advantage of my ISA allowance )

Cheers guys/gals

masonic

Yes, once it appears in your current account, it can be transferred out straight away. It might be worth finding a second regular saver to send the other £250 on to, rather than transferring it back to the original account.

craigsmidge

thanks masonic,
do u/does anyone know of any catches to the 12% reg. saver then?.. i'm jus concerned as not many people seem to have mentioned it, when it currently seems the best offer

Cheers
Craig

masonic

I think not many people have mentioned it because most have already gone with one of A&L's previous offerings and therefore don't qualify as a new customer for this one. The regular saver got pulled earlier this year before A&L's 8.1% ISA was launched. It was only reinstated about a month ago, when they withdrew the ISA. There are lots of older threads about it. The current account and need to transfer in £500 is the only catch. If you can put up with that, then it's well worth having.

craigsmidge

nice one. thanks!

corngoat

Hi craigsmidge. What you say in your first post is exactly what I do but with my HSBC current account - no problems at all and have been doing this for 4 months now.
:beer:

mary

I did the same last time with the old Regular Saver for 10%. I then became an old customer and am now back again as a new customer using the same format with the new 12% regular saver. There are no catches.