A&L Could this work?

sav4it

I'm cheesed off at A&L restricting which current account can access their regular savers since last year.
Could this work to access regular saver and get a better rate of interest on a current account?
1.Open a Premier (P) with associated RS and a Premier Direct account (PD)
2. Fund PD with a nominal amount greater than £250 ( for clearing purposes)
3. Draw £500 cash from external source and from this pay £250 into each A&L current accounts
4. At the same time draw out £250 cash from PD and pay into P.
So far £500 funding requirements ( external/cash)have been met for both accounts, I think.

5.Via online banking, transfer surplus £250 from P to PD to earn higher interest leaving just £250 ready to be swept into the RS.
Each month repeat 3 ,4,5.

Does this work in principle? Anyone tried it?

noh

Im sure it would work but it seems to be an awfull lot of effort for very little reward.
Why not open the Premier account fund it with £500 a month transfer the surplus £250 into the linked Plus Saver account which pays 5.25% then at the fourth month open a Direct Saver at 6.3% with the £1000 minimum required. You can do all this online looks alot easier and I doubt there is much difference in the amount of interest earned.
Edit just calculated that this way would earn approx £1.31 less gross interest than your suggestion.
Nigel

masonic

sav4it wrote: »

1.Open a Premier (P) with associated RS and a Premier Direct account (PD)

It used to be the case that you couldn't open both, but I don't see that restriction any more where it used to be.

What you're suggesting will work, if you can indeed open both accounts. You could achieve what you are trying to do using a series of standing orders if you are very careful when setting them up.