Top Bank Accounts Discussion Area

RobinH_2

Certainly just grabbing the First Direct £200 with limited transferring etc is my plan. 1501 goes in each month and out again with standing orders as soon as it shows. Each transfer takes a few days though dont forget, so one bank or other has the interest during that time. As the First Direct account has a free £250 over draft you can leave it in £200 or so debt for the rest of the month (and I do). The proof will be in the pudding of course, in about 4 months time when I have achieved the 6 months of runnning the accont like this. We we get the £200 or will there be some technicality? I certainly do see the bank to be excellent on customer service etc, so there is the odd feeling of doing one over on them, but hey, they set the rules (offer)!

Gambit

Fliken wrote: »

It would be interesting to know if most of these new account sign up offers require all direct debits and standing orders to be "switched" though. Ideally I'd like to leave them with the account I have now, and only open the First Direct account for the free £200! (Sign up and leave before a year)

I'd give them a call and just ask them what you would need to do to qualify for the offer as you want to keep your other account open. If they do require a DD to be set up, you could always just change one over to keep them satisfied.

I always change my DDs as it normally just takes a call to the company and its done. I NEVER use the transfer services offered by banks as they normally say it will take a few weeks whereas when I do it myself it takes just a few minutes and then I know it's been done. My experience of transfer services is that the banks take too long to do it or get it wrong.

faithless

I wanted the £200 from First Direct but I don't earn £1500 a month, so thought I'd check to see if I could have my salary paid in and then top it up to £1500 p/m going in with tranfers from other accounts.

I rang First Direct and asked if I could transfer other 'income' from monthly interest payments, in to top it up, but they said this wouldn't qualify for the £100 sign up as the £1500 had to be your salary, although it would mean that I satisfied the requirement of £1500 going in each month so I wouldn't be charged for using the account.

Just thought I'd post in case anyone else was thinking of doing the same thing.

steviehud37

A&L Premier Direct Account

Am thinking of opening A&L current account

Could anybody help me the following Questions?

Do you have to set up any direct debits/Standing orders for bills etc ?

You have to transfer £500 every month. Does it have come from your companies wage dept?or could you have 2 current accounts and transfer £500 into A&L?


Interest free overdraft for first year-So has long has i dont go over my agreed overdraft (£2500) i wont be charged a penny for the first year?
eg No hidden fees for using a ATM while overdrawn?

The following year i will be charged £5 per month if am overdrawn ?NO extra charges?

Anybody used it for Stoozing ? Does it work?

Thanks in advance

Stevie

johnmoney05

Do you have to set up any direct debits/Standing orders for bills etc ?

No.

You have to transfer £500 every month. Does it have come from your companies wage dept?or could you have 2 current accounts and transfer £500 into A&L?

So long as £500 goes in and not from A&L.

Interest free overdraft for first year-So has long has i dont go over my agreed overdraft (£2500) i wont be charged a penny for the first year?

Yes. Well, within your agreed limit.

eg No hidden fees for using a ATM while overdrawn?

No.

The following year i will be charged £5 per month if am overdrawn ?

Yes. 50p a day. £5 is maximum.

NO extra charges?

No.

Anybody used it for Stoozing ? Does it work?

Yes. But their inerest rate is 8.5% for balance up to 2.5K. So I don't know how you want to do it for stoozing. Considering you might not get 2.5K overdraft, and you need to transfer in £500 every month. You better use it as a saving account.

If you just want to use their overdraft for stoozing, you better apply the Premier Current Account alongside of 12% regular saving account.

Remember apply through Quidco to get £50.

GEODE

Hi, Does any one know if the A&L 8.5% current account has any exit penalties after the first 12 months or if it has any penalties if we keep transfering money to other accounts i.e. since we have to deposit £500 every month, can we then immediately transfer the £500 into another account/bank that offers a higher interest on any amount over the maximum £2500 allowed by the A&L's top rate?

Fliken

Surely steviehud37's idea of using the A&L account for stoozing makes sense?

Yes, the account has a great 8.5% interest, but if you leave your cash in another account making say 6.5% (Kaupthing Edge), then you will gain slightly less interest than A&L, however you will more than make up for this with the £2500 you've "stoozed".

You'd loose out on around £50 having your cash in K Edge instead of A&L, but your stoozed cash (assuming you get the full £2500 overdraft) would earn you around £162.50! yeehaa :T

Fliken

Oh, and can anyone confirm that it's alright to pay in £500 to the A&L account, and then remove it a few days later? Therefore leaving a balance of around -£2495 pretty much the whole year?

PROLIANT

I have recently opend a current account with A&L and i am pleased with it so far, they were the only bank who would give me a cheque book and VISA debit card, I have just recovered from ID theft and this has took me over a year to get sorted out so I have to thank them for giving me the facilities that i required.

cnorm161

Hi all

I am an Alliance and Leicester customer, and I have to say one of the main problems with this account is that cheques have to be posted and go through Royal Mail, even if you go into an A&L branch. My husbands wages cheque has got lost in the post and now we don't have enough in our account to cover any of our outgoings for a week. I rang A&L and explained the situation hoping that they would at least stop any charges been incured and perhaps extend my overdraft for a week, no chance! I was told it wasn't there fault that the cheque had gone missing and the only thing they could offer me was a loan for a thousand pounds to be paid over 12 months. I only wanted it for a week! The adviser didn't know whether to call me sir miss mrs or madam and really didn't have a clue. I was eventually transferred to the loans department they were told I wanted a loan for 12 months (try 1 week) and were going to charge me nearly 20% interest. Anyway as a result of this I will be switching banks hopefully to try and find a bank that cares, anyone know of one?

Claire