A&L Premier Direct

chelseablue

Is the A&L Premier Direct account worth switching to?

Im currently with Nationwide but the interest on A&L is about 2% higher, if that makes much of a difference?

I'll be paying in £1500 per month

Also I read you dont get a monthly statement in the post? Is there still one generated that you can print from online banking? and are these acceptable if a mortage provider wants to see bank statements?

Also when is the interest paid? I couldnt see this info on the website

Basically: Is it worth changing?

Thanks!

Stephen_Leak

I'd have to say "yes", as I've got one!

You can download statements anytime you want in any of the usual formats - Excel (.csv, .xls), Money, etc. You also get a reminder e-mail once a month, about 3 weeks through the month, just after the interest is added.

I suppose that online statements could cause problems, if someone wants "normal" statements. However, with the increase in "internet-only" accounts they are going to have to allow for these sooner or later.

therivierakid

When I got a mortgage about 6 months ago the provider happily accepted online statements printed out from my then bank, Halifax.

I switched to A&L. Very happy so far. It's certainly nice to see the price of a round of drinks appear in my account every month!

Definitely switch!

YorkshireBoy

chelseablue wrote: »

...are these acceptable if a mortage provider wants to see bank statements?

Depends on the mortgage provider. However, A&L will supply copies (at £5 a time!).

Also when is the interest paid? I couldnt see this info on the website

Monthly (it's in the terms and conditions ).

chelseablue

Thanks for the replies

Just noticed that Abbey are paying 8% for 12 months!

Whats the catch with that?

YorkshireBoy

chelseablue wrote: »

Just noticed that Abbey are paying 8% for 12 months!

Whats the catch with that?

Your reason for changing banks now is the interest rate paid. Are you planning on changing current accounts every year?

Since most of these accounts limit your high interest to the first £2,500 only, the difference between 4.5% and 6.5% is around £40 per year after tax - and only if you can maintain £2,500 at all times...and how many of us can do that on our normal day-to-day current account?

Have you considered the Halifax high interest current account? It pays 6.17% AER on the first £2,500 and doesn't have a 12 month introductory rate.

chelseablue

YorkshireBoy wrote: »

Your reason for changing banks now is the interest rate paid. Are you planning on changing current accounts every year?

Since most of these accounts limit your high interest to the first £2,500 only, the difference between 4.5% and 6.5% is around £40 per year after tax - and only if you can maintain £2,500 at all times...and how many of us can do that on our normal day-to-day current account?

Have you considered the Halifax high interest current account? It pays 6.17% AER on the first £2,500 and doesn't have a 12 month introductory rate.

So many different accounts, I think I need a lie down!

I am planning to keep the Nationwide account open, I have two jobs so the 2nd job money will be in there and I'll use that for my bills and spending money.

The higher interest current account will have my main job money in which I shouldnt be touching, so a permanent balance of £1,500.

If the Abbey account really is 8% (sounds too good to be true!) would it be better to open that for a year and when the 12 months is up open a different one and close the abbey one?

Sorry for waffling, hope I've made sense!

Beate

The A&L Premier Direct Current Account pays 6.5% on the first £2,500, you have to fund it with £500 a month, but that can immediately be transferred out again. It comes with a Plus Saver inbuilt that pays 5.25% at the moment.

Nationwide requires no monthly minium input, but pays 4.25% on the first £3,000 in the FlexAccount if you fund it with more than £1,000 every month. If you fund it with less than £500 a month, the interest drops to 0.25%, if you fund it with between £500 and £1,000, you get £1.25%. If you do not want to lose this interest, it would be advisable to keep Nationwide as you main account, and use A&L soleley to stash money away (the £500 a month input could be transferred back to Nationwide every month if need be).

To be honest, that's what I do. A&L is used as my cash stash and for nothing else. You could also apply for the Direct Saver which pays 6.3% on your money, no interest on months with withdrawals though, so only really good for longterm savings you don't need right now.

Btw, I would not touch Abbey with a bargepole if I was you. They try and rake you in with great interest rates, but that 8% Account is only valid for a year. I have been reading more and more disturbing things about this bank in the recent weeks, from not sending new debit cards in time so leaving you without access to cash for weeks, to failing Internet banking, and the need to tell them if you go abroad, otherwise they might think your account is being used fraudulently by foreigners or something. There have been reports from people who could not use ATM machines abroad because of this.

McSaver

I would say yes if you want to earn cashback and DONT spend any money whilst abroad.

chelseablue

I think I've decided to open a Halifax high interest account as the A&L one is only offering that rate until Oct 2008.

Whats the customer service like with Halifax, not that I need to go in there, but if you need to call them for anything?

chelseablue

chelseablue wrote: »

I think I've decided to open a Halifax high interest account as the A&L one is only offering that rate until Oct 2008.

Whats the customer service like with Halifax, not that I need to go in there, but if you need to call them for anything?

hmmm or maybe A&L as just remembered you get better interest rates on their mortgages if you have a premier current account